SEC Commissioner Kara M. Stein delivered remarks to the American Bar Association Business Law Section's Federal Regulation of Securities Committee Fall Meeting on how regulators should proceed to ensure efficient regulation in capital markets. Commissioner Stein stated that the SEC should begin by completing statutorily mandated rules such as the Volcker Rule. Stein conceded that finalizing this rule has not been an easy task since five federal agencies are charged with implementing the rule. Additionally, Stein noted, "The rule we are evaluating now is not the rule that I would have written,"

SEC Commissioner Michael Piwowar gave a speech focusing on the SEC's enforcement as well as its rulemaking programs. On the subject of enforcement, Commissioner Piwowar first discussed informal and formal orders of investigation. He explained that informal investigations do not need SEC approval, but generally rely on voluntary information. Formal investigations, on the other hand, need SEC approval to authorize members of the staff to conduct investigations, including the administration of oaths and affirmations and the power to subpoena. Commissioner Piwowar went on to explain that, in 2009

SEC Director of the Division of Investment Management ("IM") Norm Champ spoke at the American Law Institute Continuing Legal Education Group ("ALI CLE") 2013 Conference on Life Insurance Company Products regarding recent industry developments, related disclosure issues, and developments with regard to mutual fund directors. Director Champ began by discussing relevant industry trends, including the development of deferred annuity riders. According to Mr. Champ, these offer investors the ability to build a stream of future annuity payments over time rather than in a single, lump-sum purchase

The Managed Futures Association ("MFA") submitted a comment letter to the CFTC in response to the "made available to trade" ("MAT") submissions of Javelin SEF, LLC; trueEX, LLC; and TW SEF LLC for certain interest rate swap products. The MFA letter proposed that the CFTC phase in the trade execution requirement on registered swap execution facilities ("SEFs") and designated contract markets ("DCMs") by product and transaction type for the rates asset class, beginning with outright, spot-starting, USD and EUR swaps at the benchmark tenors in the fixed-to-floating interest rate swap class. This

FINRA filed a proposed rule with the SEC regarding amending Form BR. The proposed rule change would make the following amendments: eliminate Section 6 (NYSE Branch Information); add questions relating to space-sharing arrangements and the locations of books and records; modify existing questions and instructions in order to provide more detailed selections for describing the types of activities conducted at the branch office; and add an optional question to identify if an office is an "Office of Municipal Supervisory Jurisdiction." See: Text of Proposed Rule Change; FINRA Press Release.