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Commentary by Bob Zwirb

The CFTC voted unanimously to amend regulations to provide additional clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap transactions. The proposed amendments would also "improve the efficiency of data collection and maintenance associated with the reporting of the swaps." The proposed amendments would modify Part 45 of the CFTC's regulations, which implements the requirements of Section 21 of the Commodity Exchange Act. The CFTC stated that the proposed rules would: Clarify which entity has the obligation to choose the swap data

The MSRB has requested comment on revised amendments to MSRB rules which are intended to address concerns that new issues of municipal bonds are not being distributed among different types of investors according to the preferences of the state or local government issuing the bonds. The proposed rule changes are designed to ensure that dealers (i) honor the wishes of their state and local government clients, and (ii) engage in fair pricing practices for retail investors. In March 2012, the MSRB sought comment on proposed amendments to MSRB rules concerning retail order periods. Following the