The Board of Governors of the Federal Reserve System requested comments on a proposal to enhance risk-based capital requirements on financial holding companies engaged in activities related to physical commodities and merchant banking investments.

Treasury Secretary Jacob Lew testified that "the financial system [is] safer, more resilient, and supportive of long-term economic growth" as a result of the creation of the Financial Stability Oversight Council.

The Board of Governors of the Federal Reserve System published an International Finance Discussion Paper examining the cross-border effects of international banking regulation.

Members of the House Subcommittee on Capital Markets and Government-Sponsored Enterprises heard testimony on (i) a FINRA registration proposal, (ii) the money market fund rule, (iii) bond market transparency and liquidity, (iv) the Treasury trade reporting proposal, (v) the "materiality" standard, and (vi) the Public Company Accounting Oversight Board.

FINRA notified member firms that the Securities Industry/Regulatory Council on continuing education released the Firm Element Advisory in a new online format.