The NFA has submitted to the CFTC proposed technical amendments to NFA Compliance Rule 2-7, Registration Rules 201, 203 and 501, and the Interpretive Notice to Registration Rule 402 regarding CTAs trading primarily in securities. The proposed amendments have to do largely with issues of terminology. Pursuant to the "ten-day" provision of CEA Section 17(j), the NFA will make these proposals effective ten days after receipt of submission, unless the CFTC decides to review the proposals for approval. View letter in full here (links externally to NFA website).

The Federal Reserve Board published in the Federal Register its requested comment on a proposed rule to amend Regulation HH to set out the conditions and requirements for an FRB to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council. The proposed rule, which implements provisions of Dodd-Frank Section 806, would also authorize a Reserve Bank to pay interest on the balances maintained by a designated financial market utility just as a Reserve Bank is able to pay interest to

Comptroller of the Currency Thomas J. Curry gave a speech at the Institute of International Bankers' Annual Washington Conference discussing the increasing attention that the OCC has paid recently toward operational risk in large banks, including with respect to debt collection practices, trading operations, the Bank Secrecy Act ("BSA") and Anti-Money Laundering ("AML") compliance, and mortgage servicing. In particular, Comptroller Curry highlighted the operational risk that arises from a failure to maintain adequate BSA and AML compliance programs. By way of example, Comptroller Curry cited

SIFMA submitted comments to the CFTC requesting additional no-action relief from certain recordkeeping requirements under Subpart F of the Internal Business Conduct Rule. In the letter, SIFMA requests that the CFTC's Division of Swap Dealer and Intermediary Oversight confirm it will not recommend that the CFTC take enforcement action against a firm not in compliance with certain requirements of Subpart F described in this letter. More specifically, SIFMA's requests were that: the CFTC not take any enforcement action against any firm not in compliance with the requirement to record (a) landline

The SEC published a request for assistance in determining whether to make new rules for broker-dealers and investment advisers when they provide personalized investment advice about securities to retail customer. Among the specific topics as to which the SEC has requested information are the following: Types of retail customers who use broker-dealers for advice vs. those who use investment advisers. Types of services and information and types of service providers available to retail customers. Costs of providing services to retail customers, particularly personalized services. Information