FINRA has released a podcast featuring a discussion with Executive Vice President Dan Sibears and Senior Vice President Mike Rufino about examination approaches, common findings and effective practices for complying with FINRA Rule 2111 ("Suitability"). The suitability rule, which became effective on July 9, 2012, "requires a firm or associated person to have a reasonable basis to believe that a recommended transaction or investment strategy involving a security is suitable for a customer" based on information obtained through "reasonable diligence" to acquire a customer's investment profile

The Board of Directors of the MSRB (the "Board") has announced that it is seeking qualified applicants to fill seven positions on the Board beginning on October 1, 2014. The MSRB is seeking to appoint three public members and four regulated members, one of whom must be affiliated with a municipal advisor. Applicants representing regulated entities must be affiliated with a broker-dealer, bank or municipal advisor registered with the MSRB. Applicants representing the public must not be affiliated with municipal securities dealers or municipal advisors. See: Submit an Application; Press Release.

Chairman Gary Gensler sent a final note to the CFTC thanking the staff and congratulating the agency for its efforts during Gensler's time as Chairman. As of noon on January 3, 2014, Mark Wetjen became acting CFTC Chairman. Subject to Senate confirmation, Tim Massad will become the CFTC Chairman in the coming months. See: Gensler's Final Note to CFTC Staff. Related news: Chairman Gensler's Departing Remarks (with Lofchie Comment) (December 27, 2013); CFTC Names Mark P. Wetjen as Its Acting Chairman (with Lofchie Comment) (December 16, 2013); Timothy Massad Nominated for CFTC Chairman (with

The SEC announced that George S. Canellos, co-director of its Enforcement Division, will leave the agency later this month after four-and-a-half years of service in senior leadership positions. See: Press Release.

The SEC has published an additional interpretation (Interp. 105.06) to its Exchange Act Compliance and Disclosure Interpretations in regard to Rule 13d-5(b) ("Acquisition of Securities"), as to the circumstances in which the formation of a group results in attribution of beneficial ownership to each member of the group. See: Updated SEC Compliance and Disclosure Interpretations.