The U.S. Senate Banking Committee held a hearing to consider nominations to the Board of Governors of the Federal Reserve System ("FRB"), U.S. Department of Housing and Urban Development ("HUD"), and National Credit Union Administration Board ("NCUA"). The following persons were nominated: Dr. Stanley Fischer to be a Member and Vice Chairman of the Board of Governors of the FRB (view testimony); The Honorable Jerome H. Powell to be a Member of the Board of Governors of the FRB (view testimony); The Honorable Lael Brainard to be a Member of the Board of Governors of the FRB (view testimony); Mr

The U.S. Senate Committee on Foreign Relations reported out a bill introduced by Senator Menendez authorizing sanctions against Ukrainians and Russians responsible for threatening violence or undermining peace in Ukraine, as well as those responsible for "significant corruption" in Ukraine and Russia. While the bill has yet to be assigned a number, a copy of it is attached below. There is also attached a resolution passed by the Senate on March 11 condemning "illegal Russian aggression in Ukraine" that, among other things, urges President Obama "to use appropriate diplomatic and economic

New SRO rules and rule proposals were announced by the SEC. Click on the links below to view the SEC's notices of the rule changes for the week of March 10 - March 14: Trading ISE: Effective Immediately - Rule Change to Permit Market Makers to Enter Opening Only Orders in Appointed Options Classes (see also Exhibit 5) CME: Effective Immediately - Rules Changes Regarding Implementation of Rules to Address Third Party Swap Execution Platforms ISE: Proposed Rule Change Related to Complex Orders NYSE: Proposed Rule Change to Adopt the Bond Trading License and the Bond Liquidity Provider Programs

The House Financial Services Committee passed five bills with bipartisan support that are intended to provide regulatory relief to smaller businesses and community financial institutions. The five bills primarily relate either to mortgage finance or to easing SEC registration requirements for small issuers. H.R. 4167, the Restoring Proven Financing for American Employers Act (53-3) would amend the Bank Holding Company Actto allow banks to invest in collateralized loan obligations ("CLOs") issued before January 31, 2014. The bill also would clarify the definition of ownership interest in a

FINRA filed with the SEC an immediately effective rule that amends FINRA Rule 6432 ("Compliance with the Information Requirements of SEA Rule 15c2-11") to require members to certify that they have not accepted and will not accept any payment or other consideration for market-making from issuers and related persons. Comments must be submitted on or before 21 days from publication in the Federal Register. Lofchie Comment : It might be a good thing to allow issuers to provide support to market makers, subject to some regulatory scheme that would prevent market makers from touting the stock