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The MSRB is requesting comment on a concept proposal intended to strengthen protections for individual investors by establishing new account opening and supervision requirements for broker-dealers effecting online transactions in municipal securities with individual investors, which for purposes of this notice would be any natural person other than a sophisticated municipal market professional ("SMMP"). A dealer that effects transactions in municipal securities with individual investors solely through electronic means, such as a web portal where individual investors could purchase and sell

The SEC's Office of Investor Education and Advocacy manages a retail-oriented web site. The attached bulletin provides information as to the contents of the services for retail investors available on the site, including the following: Learn how to help avoid investment fraud; Learn how markets work; Educate yourself about investment products; Access investor alerts and bulletins; Use roadmap to saving and investing; Review investing-related publications and research studies; Learn how to choose and work with investment professionals; Access EDGAR (SEC's online database of company filings)

The CFTC Division of Swap Dealer and Intermediary Oversight (DSIO) issued the attached letter providing temporary no-action relief from certain requirements in the de minimis exception from the definition of the term "swap dealer". The no-action relief would allow non-financial entities that are active in the physical energy markets to deal in swaps with special utility entities in an aggregate gross notional amount of up to $800 million per year and not be required to register as swap dealers. There are a number of conditions to the relief, including that the utility entity be using the swap

SIFMA submitted the attached comments to the MSRB on revised draft rule amendments and on a revised draft interpretive notice on retail order periods (see MSRB 2012-50 ) which propose amendments to MSRB Rules G-11 (on primary offering practices), G-8 (on books and records), and G-32 (on disclosures in connection with primary offerings), as well as an interpretive notice concerning the application of MSRB Rules G-17 and G-30 to retail order periods. SIFMA stated that it supports the proposed rule changes to the extent they would protect dealers that "follow issuers' instructions, clarify issuer

The CFTC issued an amended no-action letter addressing the pay-to-play rules applicable to swap dealers who conduct business with certain governmental special entities. The original CFTC Letter (12-33) was issued on November 20, 2012. The pay-to-play rules in CFTC Rule 23.451 ("Political contributions by certain swap dealers") restrict a swap dealer from engaging in certain activities with a governmental special entity, if the swap dealer (or a covered associate of the swap dealer) made or solicited contributions to an official of that governmental special entity during the preceding two years