The MSRB issued a regulatory notice requesting comment on a proposal to establish a historical data product to provide institutions of higher education with post-trade municipal securities transaction data collected through the MSRB's Real-time Transaction Reporting System ("RTRS"). The RTRS Academic Data Product would allow academic researchers to distinguish transactions executed by a particular firm. Comments must be submitted by September 14, 2015. Lofchie Comment: It seems a great idea for the regulators to attempt to benefit from academic expertise, particularly expertise in dealing with

In a recent decision stemming from the private merger transaction of Dell, Inc., the Delaware Court of Chancery ruled that certain shareholders lost their appraisal rights due to technical changes in the way their shares were held by their custodian banks. Under Delaware law, for a shareholder to preserve its appraisal rights, the "holder of record" (not the beneficial owner) must continuously hold the shares through the effective date of the merger. The court found that under Delaware law, the holder of record is the person "appearing on the corporate records as the owner of stock," and that

SEC Commissioner Luis A. Aguilar discussed the potential benefits of shortening the securities settlement cycle for the secondary securities market from three days to two days. According to Commissioner Aguilar, benefits of shortening the settlement cycle include: (i) mitigating counterparty and other risks, (ii) lowering margin requirements for clearing agency members, (iii) reducing pro-cyclical margin and liquidity demands (especially during periods of market volatility) and (iv) bringing U.S. settlement procedures more in line with global standards. The Commissioner noted that although

In a letter sent to four financial regulatory agencies, U.S. Senator Elizabeth Warren and Representative Elijah Cummings criticized the Congressional repeal of Section 716 of Dodd-Frank. According to the letter, the American people and their elected representatives lack adequate information about the risks of the repeal. Without that information, the two lawmakers wrote, "the country risks moving blindly" toward a "financial meltdown." Senator Warren (D-MA) and Representative Cummings (D-MD) sent the letter to the Board of Governors of the Federal Reserve, the Office of the Comptroller of the

In an editorial published in The Hill, SIFMA CEO and President Kenneth E. Bentsen argued that the DOL's "best-interest proposal" for financial advisers could limit American citizens' investment choices and prevent them from accessing the advice they need in order to save for retirement. S ee: Mr. Bentsen's Statement. Related news: ACLI Criticizes DOL's Proposed Fiduciary Rule (June 30, 2015); U.S. Department of Labor Issues Proposed Rule Regarding Fiduciary Definition (April 14, 2015).