The Federal Reserve Board ("FRB"), FDIC, Officer of the Comptroller of the Currency ("OCC"), SEC and CFTC (the "Agencies") issued final rules implementing Section 619 of the Dodd-Frank Act, commonly known as the "Volcker Rule." In addition to the final rules, the FRB issued an order further extending the conformance period provided under Section 619, which was previously set to expire this coming July, for one additional year. As a result, covered banking organizations will have until July 21, 2015, to fully conform their activities and investments to the Volcker Rule's requirements

FINRA has released a podcast which highlights new and updated topics intended to help firms develop their firm element training programs. FINRA has included several investor advisories regarding options such as designating an additional index for calculating conventional equity option position limits. Additionally, FINRA noted that the SEC approved its Limit Up/Limit Down Plan, which addresses market volatility. FINRA explained that it has modified its trade reporting rules, which require member firms to report OTC transactions in equities to FINRA "as soon as practical" but no later than 10

The Asset Management Group of SIFMA ("SIFMA AMG") and the Managed Funds Association ("MFA") have submitted comments to the CFTC requesting interpretive guidance and relief on the application of CFTC Rule 1.35(a) ("Records of Commodity, Interest and Related Cash or Forward Transactions") to asset managers. SIFMA AMG and the MFA request that the CFTC guidance and relief take one of the following forms (expressed in order of preference): exempt Asset Managers that participate on swap execution facilities ("SEFs") from the oral and written recordkeeping requirements; suspend and repropose the Rule

The FDIC's Advisory Committee on Systemic Resolution is scheduled to meet on December 11, 2013, to discuss and receive updates on Dodd-Frank Title I ("Financial Stability") and bankruptcy of a systemically important financial institution, Title II ("Orderly Liquidation Authority") authorities for the resolution of Systemically Important Financial Institutions by the FDIC, Moody's recent action on U.S. bank holding companies, and international coordination on the resolution of global systemically important financial institutions. See: FDIC Press Release; Agenda for the Meeting.

The SEC approved a temporary exemption from the deadline for filing the Consolidated Audit Trail ("CAT") National Market System ("NMS") Plan pursuant to Rule 613(a)(1) of Regulation NMS ("Consolidated Audit Trail"). Under the temporary exemption, SROs do not have to submit the NMS plan to govern the creation, implementation and maintenance of a CAT and central repository. The SEC stated that granting the exemption is appropriate in light of the need for the SROs to establish a deadline for finalizing and submitting bids to the request for the proposal. The exemption will expire on September 30