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SEC Release No. 34-64884 ; SR-FINRA-2011-033 July 14, 2011 The SEC declared immediately effective a FINRA proposal to adopt new FINRA Rule 0180, regarding the application of FINRA's rules to security-based swaps. The new rule seeks to provide relief akin to what the SEC has already provided, e.g., the rule does not grant relief from certain FINRA conduct rules. In particular, the new rule does not exempt security-based swaps from (i) FINRA Rule 2010 (standards of commercial honor and principles of trade); (ii) FINRA Rule 2020 (antifraud rule); (iii) FINRA Rule 3310 (AML program); and (iv)

OCIE Staff Summary Report on Issues Identified in Examinations of Certain Structured Products Sold to Retail Investors July 27, 2011 The Staff of the SEC's Office of Compliance Inspections and Examinations issued a summary report identifying various concerns relating to structured products marketed to retail investors. The report takes a generally critical view as to whether these products are suitable for retail investors and makes a number recommendations for broker-dealers marketing structured products, including: (i) adequate procedures and controls; (ii) requiring sales representatives to