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International Organization of Securities Commissions October 20, 2011 The Technical Committee of the International Organization of Securities Commissions (" IOSCO ") has published its Final Report on Regulatory Issues Raised by the Impact of Technological Changes on Market Integrity and Efficiency. The Report analyses the most significant technological developments that have arisen in financial markets in recent years and their impact on market integrity and efficiency. The Report contains Recommendations aimed at promoting market integrity and efficiency and to mitigate the risks posed to the

The FSOC Annual Report makes for a pretty good read, or at least skim for those topics relevant to the reader. The report covers a broad range of topics from implementation of regulation to potential new regulation, to areas of economic concern both in the United States and internationally. The heart of the report is Section 3, which contain's FSOC's annual recommendations. The recommendations relate to matter such as (i) money market mutual funds (which are reported to a hot political topic at the SEC), (ii) tri-party repo (a related item was in yesterday's news), and (iii) clearing house

The Managed Funds Association ("MFA") announced the development of a Hong Kong Client Electronic Trading Services Representation Template intended to assist members with streamlining representations to dealers with respect to electronic trading services. MFA developed the Client Electronic Trading Services Representation Template based on Code of Conduct, Schedule 7, Section 2.2 regarding minimum client requirements for DMA services. MFA stated that the Client Electronic Trading Services Representation Template may be helpful to members that are asked to make electronic trading services

The SEC adopted revisions to the Electronic Data Gathering, Analysis and Retrieval System ("EDGAR") Filer Manual and related rules to reflect updates to the EDGAR system. The revisions primarily introduce new submission form types MA, MA-A, MA/A, MA-I, MA-I/A, and MA-W to support the registration of municipal advisors. Additionally, various other forms were updated. The system was updated on March 3, 2014. See: Text of Final Rule .

FINRA issued a regulatory notice requesting comment on a proposed rule to implement the Comprehensive Automated Risk Data System ("CARDS"). Initially, FINRA released CARDS as a concept proposal in Regulatory Notice 13-42. CARDS is intended to enhance investor protection and ensure market integrity by allowing FINRA to identify and quickly respond to high-risk areas and suspicious activities not identified through its current surveillance and examination programs. The proposed rule reflects comments received on the concept proposal. According to FINRA, the rule proposal would be implemented in