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The SEC's Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about exchange-traded funds ("ETFs"). This Bulletin discusses only ETFs that are registered as open-end investment companies or unit investment trusts under the Investment Company Act of 1940. [Lofchie Comment: Firms that sell ETFs should review this document carefully (as well as the FINRA Regulatory Notice linked below), even though it is intended for members of the general public, and consider, for example, whether the prospectus for any ETF has adequately discussed topics of the type

ISDA announced today the launch of the August 2012 Dodd-Frank Protocol. The Protocol is designed to allow swap market participants to simultaneously amend multiple ISDA Master Agreements for the purpose of facilitating compliance with Dodd-Frank regulatory requirements. To facilitate these delivery requirements, ISDA and Markit launched ISDA Amend, which automates the information-gathering process and provides sharing of submitted data and documents to permitted counterparties. The Protocol will be open until ISDA designates a closing date. [Lofchie Comment: Cadwalader served as counsel to

Further Definition of "Swap," "Security-Based Swap," and "Security-Based Swap Agreement"; Mixed Swaps; Security-Based Swap Agreement Recordkeeping -- Joint final rule; interpretations; request for comment on an interpretation (CFTC/SEC - Fed. Reg. Version) The Commissions' definition of "swap" is now in the Federal Register. Accordingly, the effective date of many of the CFTC Rules, which were due to come into effect in a specified number of days after such publication, may now be determined. [Steven Lofchie Comment: The definition of "swap" has been narrowed somewhat from the proposed version

The CFTC published the Real-Time Public Reporting of Swap Transaction Data ("Real-Time Public Reporting") Rule and an accompanying preamble in the Federal Register on Monday, January 9, 2012 (77 FR 1182). This document makes editorial corrections to language in the preamble relating to the reporting of certain swaps between a bank and its affiliates that conflicted with the rule text of the final rule. Effective Date : August 13, 2012. Cross-Reference(s) : 75 FR 76139 (Real-Time Public Reporting of Swap Transaction Data); 75 FR 76930 (Real-Time Public Reporting of Swap Transaction Data

The SEC is forming a new group to analyze trading data and monitor the markets. Gregg Berman, the senior adviser to the director of the division, will head the team and has said he plans to bring on board hires with quantitative math experience, programming skills and market knowledge. The group will also examine policy, market structures and other issues. It is expected to start with six members, including two current SEC staffers within the division.