The MSRB published its 2013 Annual Report which, in very good summary form, describes its high-priority areas and activities, including regulatory efficiency, financial disclosure by state and local governments, municipal market transparency and the regulation of municipal advisors. The report also includes financial highlights for the organization for the fiscal year that ended September 30, 2013, and a link to access fully audited financial statements on the MSRB website. See: MSRB 2013 Annual Report. See also: MSRB Financial Statements for Fiscal Year Ending September 30, 2013.

The CFTC published a request for comments regarding the Staff Advisory issued on November 14, 2013, in the Federal Register. The CFTC is soliciting comments regarding the activity in the United States of swap dealers ("SDs") and major swap participants ("MSPs") registered with the CFTC that are established in jurisdictions other than the United States, whether or not affiliates of a U.S. person, a "non-U.S. SD" or "non-U.S. MSP." Comments are due on March 10, 2014. See: 79 FR 1347. Related News: CFTC Issues Advisory on Applicability of Transaction-Level Requirements in Certain Cross-Border

The SEC has issued a rule amendment regarding the duties of the SEC's General Counsel. The amendment adds language, to Part 200 of Title 17 of the Code of Federal Regulations, which specifies that the SEC's General Counsel is responsible for providing advice to SEC attorneys on professional responsibility issues relating to their official duties, investigating allegations of professional misconduct by SEC staff and, where appropriate, making referrals to state professional boards or societies. Additionally, the amendments include several minor corrections to provisions that relate to the

SIFMA submitted comments to the SEC on the proposed National Market System ("NMS") Plan for governing the process of selecting a plan processor and developing a plan for the Consolidated Audit Trail ("CAT"), pursuant to Exchange Act Regulation NMS. According to the comment letter, SIFMA supports the development of the CAT and believes that it will provide an "invaluable opportunity to enhance the information capture and reporting structure that exists today." SIFMA also supports the basic mechanics of the selection process set forth in the Proposed Plan - in particular, the steps that the SROs

SIFMA submitted comments to the SEC regarding a rule proposed by the New York Stock Exchange, LLC ("NYSE") to establish an institutional liquidity program on a one-year pilot basis. Under the proposal, as a one-year pilot program, NYSE would add the new NYSE Rule 107D to establish an Institutional Liquidity Program ("ILP") to attract buying and selling interest to NYSE for NYSE-listed securities by facilitating interactions between institutional customers and providers of liquidity exceeding minimum size requirements. In the comment letter, SIFMA stated its support for competition in the