The Public Company Accounting Oversight Board ("PCAOB") has filed two separate releases with the SEC proposing rules regarding examination and compliance reports for broker-dealers pursuant to the Sarbanes-Oxley Act. In the first release, the PCAOB proposed rules on Attestation Standard No. 1 ("Examination Engagements Regarding Compliance Reports of Brokers and Dealers"), and Attestation Standard No. 2 ("Review Engagements Regarding Exemption Reports of Brokers and Dealers"), as well as related amendments to the PCAOB standards. Both of the proposed attestations focus on auditor review of a

The Managed Funds Association ("MFA") submitted comments to the UK Financial Conduct Authority ("FCA") regarding the proposed guidance on implementing the remuneration provisions of the Alternative Investment Fund Manager's Directive ("AIFMD"). In the comment letter, the MFA encouraged the FCA to: limit the remuneration provisions to EU Alternative Investment Fund Managers ("AIFMs") and not extend the rules to delegates of EU AIFMs; amend the FCA's suggested implementation approaches to determine what payments are made in connection with a person's ownership interest in an AIFM to better

Mercatus Scholar and former Congressional Staffer Hester Peirce has published an article discussing the ways in which Dodd-Frank expanded and enhanced the regulatory authority of the Board of Governors of the Federal Reserve System ("FRB") over banking institutions, financial firms and their subsidiaries. According to the article, Dodd-Frank gave the FRB new authority over several types of institutions, including: certain financial market utilities; institutions engaged in payment, clearing and settlement activities designated as systemically important by the Financial Stability Oversight

FINRA has filed a proposed rule with the SEC to amend FINRA Rule 6700, which governs the dissemination of information on Asset-Backed Securities transactions. The major import of the rule changes is to reduce the time between trade execution and report. The proposed rules changes would also make a good number of technical changes to the relevant trade reporting rules. As part of these changes, FINRA proposes to rename the broad group of securities currently defined as "Asset-Backed Securities" to "Securitized Products." FINRA would then more narrowly define "Asset-Backed Securities"

The CFTC has published a correction that shortens the comment period for the proposed rule requiring that CFTC-registered firms become members of a registered futures association; i.e., the National Futures Association. Comments should be submitted by January 7, 2014 (not January 17, as originally stated). See: 78 FR 67985. Related news: CFTC Proposed Rule: Membership in a Registered Futures Association (Fed. Reg. Version) (with Lofchie Comment) (November 8, 2013).