The SEC approved a FINRA rule change to update the Discovery Guide used in customer arbitration proceedings. According to FINRA, the Guide supplements the discovery rules contained in the FINRA Code of Arbitration Procedure for Customer Disputes. The rule change to amend the Guide provides general guidance on electronic discovery issues and product cases, and clarifies the existing provision relating to affirmations made when a party does not produce documents specified in the Guide. See: SEC Order of Approval. See also: FINRA Proposed Rule Change to Amend the Discovery Guide Used in Customer

The CFTC asked for public comment on the amendments requested by Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, Inc., New York Mercantile Exchange, Inc., Commodity Exchange, Inc., and the Board of Trade of Kansas City, Missouri, Inc. (the "Exchanges") to existing Rule 538 of the Exchanges' rulebooks and the CME Group Market Regulation Advisory. The Exchanges requested the elimination of the use of transitory Exchange for Related Positions ("EFRP") transactions wherein the execution of an EFRP is contingent upon the execution of another EFRP or related position

FINRA issued an Investor Alert titled "Private Placement - Evaluate the Risks before Placing Them in Your Portfolio" to caution investors that placing money in private placement portfolios can be a risky investment that has the potential to tie up money for a long time. In the alert, FINRA explains that a private placement is an offering of a company's securities that are not registered with the SEC, and are not offered to the public at large. Private placements are offered pursuant to Securities Act Regulation D ("Rules Governing the Limited Offer and Sale of Securities without Registration

The National Futures Association ("NFA") released a notice regarding new recordkeeping requirements under NFA Compliance Rule 2-10(a) ("Recordkeeping") and CFTC Rule 1.35(a) ("Records of Commodity, Interest and Related Cash or Forward Transactions"), as well as guidance for other CFTC registrants on complying with the new recordkeeping requirements. NFA Compliance Rule 2-10(a) provides that each member should maintain records which are necessary and appropriate to conduct its business, including the records required to be kept by CFTC Rule 1.35(a). CFTC Rule 1.35(a) was amended in December

The IntercontinentalExchange's ("ICE") Market Regulation Department issued an Exchange Notice to provide guidance on the use of electronic systems in connection with Exchange for Related Position ("EFRP") transactions under ICE Rule 4.06. Rule 4.06 permits the execution of privately negotiated EFRP transactions which meet all requirements set out in the Rule regarding the simultaneous exchange of a futures position for a corresponding related position. According to the notice, it is inconsistent with Rule 4.06 to facilitate the execution of EFRP transactions in exchange-traded products on a