SIFMA Listed Options Trading Committee submitted comments to the SEC and all U.S. Options Exchanges ("Exchanges") regarding the proposal to create a permanent Penny Trading Program ("Penny Program") to replace the current Penny Pilot Program. In the letter, SIFMA recommended that Arca and the other Exchanges submit a proposed rule change to the SEC that would create a permanent Penny Program. SIFMA stated that it is critical for each Exchange to adopt uniform rules with respect to the number of multiply-listed options classes that trade in pennies and the methodology to move classes in and out

SIFMA submitted an amicus brief to the U.S. Court of Appeals in support of Household International Group ("defendant") regarding the Glickenhaus Institutional Group's ("plaintiff's") attempt to expand implied private action under Exchange Act Section 10(b) ("Manipulative and Deceptive Devices") by diluting "the requirement of loss causation" and extending liability to secondary actors who did not "make" actionable statements. SIFMA explained that the plaintiff's actions are impermissible, stating that it submitted the brief because the court's decision cannot be reconciled with the Supreme

SIFMA submitted two separate comment letters to the SEC regarding the proposed rule changes to modify the NYSE ArcaBook fees and the Nasdaq Last Sale product, respectively, petitioning for the SEC to temporarily suspend both rule changes and institute proceedings to disapprove them. According to the letters, both proposed rule changes were filed by Nasdaq for immediate effectiveness; however, the rule and Nasdaq's actions are inconsistent with the standards established by the decision in NetCoalition v. SEC and, therefore, the SEC should "immediately suspend the effect of this and other

The U.S. Department of the Treasury and Internal Revenue Service ("IRS") released the last substantial package of regulations necessary to implement the Foreign Account Tax Compliance Act ("FATCA"). The proposed and temporary regulations make additions and clarifications to previously issued FATCA regulations and provide guidance to coordinate FATCA rules with preexisting due diligence, reporting and withholding requirements under other provisions of the Internal Revenue Code ("Code").The new regulations include over 50 separate amendments and clarifications to the FATCA regulations issued in

In three separate comment letters, SIFMA, the Asset Management Group of SIFMA ("SIFMA AMG") and ISDA submitted comments to the CFTC on the proposed Position Limits for Derivatives and Aggregation of Position Limits rules ("Proposal"). SIFMA and ISDA submitted both a legal analysis of the Position Limits for Derivatives Proposal and comments, stating that they remain "deeply concerned" with many aspects of the Proposal and continue to challenge the fundamental premise on which the CFTC argues that it has authority to impose position limits under Dodd-Frank. The groups stated that they do not