The SEC settled charges against six firms for short-selling violations in advance of stock offerings. The settlements are part of the SEC's ongoing enforcement initiative to impose penalties for violations of Rule 105 ("Short Selling in Connection with a Public Offering") of Regulation M ("Distributions"). The SEC investigations found that the six firms engaged in short selling particular stocks immediately before they bought shares from an underwriter participating in follow-on public offerings. Each firm agreed to settle the SEC's charges and pay a combined total of more than $2.5 million in

The SEC granted a temporary, limited and conditional exemption to a nationally recognized statistical bond rating agency from Securities Exchange Act Rule 17g-5(c)(1)("Conflicts of Interest"). The rule to which the exemption applies prohibits a nationally recognized statistical rating organization ("NRSRO") from issuing a credit rating where the issuer soliciting the rating was the source of 10% or more of the total net revenue of the NRSRO during the most recently ended fiscal year. The exemptive relief will give the NRSRO the opportunity to continue to diversify its business beyond

SIFMA expressed support for MSRB's proposed amendments to MSRB Rules G-20 ("Gifts, Gratuities and Non-Cash Compensation") and G-8 ("Books and Records to Be Made by Brokers, Dealers and Municipal Securities Dealers"). In its comment letter to the SEC, SIFMA supported the extension of limits on gifts, gratuities and non-cash compensation to municipal advisors, but reiterated its previously stated objection to longer record retention requirements for dealers than for municipal advisors.

In a paper titled "Brokers, Advisors and the Fiduciary Standard," University of Kentucky scholar Nathaniel P. Graham examined the difference between the customer complaint rates of brokers and advisors. He concluded that the mix of products and services offered by employers accounts for the difference, and found that fiduciary standards do not appear to affect the rates of misconduct. Due to the differing activities between those representatives who do not provide investment advice and those who do, higher rates of customer complaints against advisors (Mr. Graham referred to them as "advisors"

The CFTC Division of Market Oversight ("DMO") extended existing time-limited no-action relief for swaps executed as part of certain package transactions. The relief isgranted by CFTC Letter 14-137 from requirements under CEA Sections 2(h)(8)("Exception") and 5(d)(9) ("Designation of Boards of Trade as Contract Markets"), and CFTC Rules Parts 37.3(a)(2) ("Requirements and Procedures for Registration") and 37.9("Methods of Execution for Required and Permitted Transactions"). The CFTC claimed that this extension of time-limited relief would "enable the Division to continue to further assess the