The Board of Governors of the Federal Reserve System ("FRB") is requesting comment on a proposed rule that would implement Dodd-Frank Section 622("Concentration Limits on Large Financial Firms"). Section 622 prohibits a financial company from combining with another company if the ratio of the resulting financial company's liabilities exceeds a certain percentage of the aggregate consolidated liabilities of all financial companies. Specifically, Section 622 of Dodd-Frank added Section 14 to the Bank Holding Company Act to establish a financial sector concentration limit; this limit would

The Managed Funds Association ("MFA") submitted comments to the European Commission of the European Union ("EU") on its consultation paper on FX Financial Instruments. In the letter, the MFA states, among other things, that complying with different regulatory regimes on a cross-border basis is becoming increasingly challenging, and stated that international coordination is of "paramount importance" to ensure that regulatory overlaps are avoided. The MFA recommended that the EU align its definition of "spot FX" with the CFTC's definition, which the MFA believes follows market practice

SEC Commissioner Daniel Gallagher delivered remarks at the Annual Rocky Mountain Securities Conference, focusing on enforcement issues and the need to eliminate repeat offenders. Commissioner Gallagher stated that the SEC has been struggling for decades to find the best approach to root out recidivist misconduct. He referenced a report released 20 years ago called the "Large Firm Project," which reviewed the hiring, retention, and supervisory practices of nine of the country's largest broker-dealers. According to Commissioner Gallagher, the problems identified in this report, such as

FINRA filed with the SEC a proposed rule change to adopt current NASD Rule 2440 and Interpretive Material ("IM") 2440-1 and IM-2440-2 as FINRA Rule 2121 ("Fair Prices and Commissions") and Supplementary Material .01 and .02 (relating to mark-ups), without making any substantive changes to the rules. FINRA also proposed to update references and cross-references within the Supplementary Material and other FINRA rules accordingly. See: Text of Proposed Rule Change.

The CFTC approved the application of ICAP Global Derivatives Limited ("IGDL") for temporary registration as a swap execution facility ("SEF"). IGDL is a private limited company registered in the United Kingdom and is a wholly-owned subsidiary of ICAP Holdings Limited. See: CFTC Letter of Approval.