The SEC approved a FINRA-proposed rule amending the Code of Arbitration Procedure for Customer Disputes to simplify arbitration panel selection procedures. More significantly, it allows the customer to select a panel that has no members from the financial industry. Lofchie Comment: Is there evidence that panels from the securities industry are systematically biased against customers, or that panels with industry members are more likely to reach a result that is both unfair to the customer and arguably incorrect? In the absence of such evidence, it is odd to exclude from an arbitration panel

This is an updated version of the Delta Strategy Group's estimated implementation timeline for the various CFTC rules, including the "Made Available to Trade" Rule. Click here for the updated Implementation Timeline from Delta Strategy Group. See also: Previous Implementation Timeline; Trading Timeline; Timeline for CFTC Implementation of Key Provisions of Dodd-Frank (Provided by Delta Strategy Group) (May 30, 2013); Core Principles and Other Requirements for Swap Execution Facilities (Final Rule; Fed. Reg. Version) (June 4, 2013); Process for a Designated Contract Market or Swap Execution

MSRB filed a proposed rule change with the SEC to amend Rule G-11 ("Primary Offering Practices"). The proposed rule amendment would prohibit, with carefully defined exceptions, broker-dealers and municipal securities dealers from providing consents to changes in a bond authorizing document. Additionally, the proposed rule change would enhance protections for existing owners of bonds by prohibiting changes to authorizing documents consented to by a dealer in lieu of bond owners. See: Text of Proposed Rule Change. See also: MSRB Releases Report on Municipal Bond Continuing Disclosure Documents

FINRA approved a proposal requiring securities representatives who are changing firms to disclose to customers whose accounts they seek to transfer to the new firm any recruitment compensation paid to them as an incentive to move to the new firm. If approved by the new firm, representatives would be required to disclose for a full year their recruitment compensation, including signing bonuses, up-front and back-end bonuses, loans, accelerated payouts, and transition assistance, to any customers that chose to follow them to their new firm. Firms would also be required to make certain

The CFTC approved the application of TeraExchange, LLC for temporary registration as a swap execution facility ("SEF"), pursuant to CFTC Rule 37.3. See: CFTC Letter to TeraExchange; CFTC Press Release. See also: CFTC Issues Notice of Temporary Registration as SEFs to SwapEx, LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corp. (September 13, 2013); CFTC Issues Notices of Temporary Registration to TW SEF LLC and DW SEF LLC as Swap Execution Facilities (September 9, 2013); CFTC Issues Temporary Registration as Swap Execution Facility to Bloomberg (with Lofchie Comment) (July 31, 2013).