The SEC has announced that Michael J. Osnato, Jr. has been named chief of the Enforcement Division's unit that conducts investigations into complex financial instruments. Mr. Osnato previously served as an assistant director in the SEC New York Regional Office. According to the SEC, the Complex Financial Instruments Unit is composed of attorneys and industry experts working to investigate potential misconduct related to asset-backed securities, derivatives and other complex financial products. The unit was created along with four other specialized enforcement units in 2010 and was formerly

The National Futures Association ("NFA") has issued a notice to members indicating that the NFA is implementing new reporting requirements effective January 14, 2014. According to the notice, the new requirements are intended to improve the NFA's ability to risk-monitor futures commission merchants ("FCMs") for which the NFA is the designated self-regulatory organization ("DSRO"). Under the new reporting requirements, FCMs for which the NFA is the DSRO will be required to report certain specified information to the NFA on a daily, monthly or quarterly basis through the daily segregation report

The NFA has issued a Notice to Members to alert them to the new notification and report filing requirements under the CFTC's final regulations regarding enhanced Customer Protection Requirements. These requirements become effective on January 13, 2014. See: NFA Notice to Members I-13-46. Related news: CFTC Publishes Final Rules Enhancing Customer Protections (Fed. Reg.) (November 14, 2013); CFTC Approves Final Rules Enhancing Customer Protections (with Cadwalader Memo on the Rule and Delta Strategy Group's Summary of Meeting) (October 31, 2013) House Ag Hearing on CFTC Customer Protections

The SEC's approval of amendments to FINRA Rule 8312 ("FINRA BrokerCheck Disclosure") has been published in the Federal Register. The amendments permanently make publicly available in BrokerCheck information about former associated persons of a member firm who has been the subject of an investment-related civil action brought by a state or foreign financial regulatory authority that has been dismissed pursuant to a settlement agreement. See: 79 FR 417. See generally: Lofchie's Guide to Broker-Dealer Regulation; Employees Chapter (accessible to Cabinet subscribers only). Related news: SEC

FINRA has released a podcast summarizing the latest FINRA notices, news and compliance resources for December 2013. See the links below for topics in the FINRA podcast that were previously covered in the Cabinet News. See: FINRA Podcast. Related news: FINRA Files Amendment to Proposed Rule Change Relating to Wash Sale Transaction, Self-Trades and FINRA Rule 5210 (December 4, 2013); FINRA Files Proposed Rule Change to Update Rules Governing ADF (December 20, 2013); FINRA Fines Broker-Dealer Firm for Sales of Non-Traditional ETFs and Mutual Fund Switching (with Lofchie Comment) (December 5, 2013