Subject to extensive conditions, the SEC Division of Investment Management granted no-action relief permitting an advisory firm or its affiliated broker-dealer to buy fractional shares from advisory clients without trade-specific disclosures and consent.

The MSRB Directors debated an initiative to improve investor guidance of transaction costs in municipal securities.

Federal Reserve Bank of New York President and CEO William C. Dudley voiced optimism about the "substantial progress" made in "strengthening the global banking system." He cited the establishment of capital and liquidity standards for internationally active banks, and recent steps taken to respond to cross border failure of systemically important financial firms.

The Federal Housing Finance Agency reminded certain financial companies to provide results of their annual stress tests in order to determine whether they have the necessary capital to absorb losses as a result of adverse economic conditions.

The SEC created an online Registration Fee Estimator to assist companies in calculating fees for certain submissions to the Electronic Data Gathering and Reporting database.