The CFTC issued new final rules addressing the manner in which swap dealers hold collateral posted by their counterparties. The new rules will become effective (i) as to new counterparties, 180 days after the final rules are published in the Federal Register and (ii) as to existing counterparties, 360 days after such date. The rules require that a swap dealer (i) notify its counterparty before entry into any uncleared swap that the counterparty has the "right" to require that any initial margin posted by the counterparty be segregated, (ii) that the swap dealer identify at least one

The SEC has published a report, on administrative proceedings from the April 2013 to September 2013 period, which identifies a number of pending matters before administrative law judges. The report is published pursuant to SEC Rule 900, which requires the SEC to issue a six-month status report on its administrative proceedings. See: SEC Administrative Proceeding Report.

The SEC has released its notification of an immediately effective FINRA filing that institutes proceedings to determine whether to approve or disapprove a proposed rule change relating to participation on the Alternative Display Facility. On September 10, the SEC extended the time period in which to either approve, disapprove or institute proceedings involving the proposal until October 30, 2013. See: SEC Notice. Related news : FINRA Proposed Rule Change: Participation on the Alternative Display Facility (July 18, 2013).

The Senate Banking Committee held a hearing entitled, "Housing Finance Reform: Essential Elements of a Government Guarantee for Mortgage-Backed Securities." This hearing, as well as previous hearings, focused on the future of housing reform, particularly Senate Bill 1217 ("S. 1217"), entitled, "Housing Finance Reform and Taxpayer Protection Act of 2013," which was introduced by Senators Corker (R-TN) and Warner (D-VA). The legislation is intended to strengthen the United States' housing financing system by replacing government-sponsored enterprises ("GSEs") Fannie Mae and Freddie Mac with a

SIFMA and the sponsors of tender option bond ("TOB") programs provided comments to the Office of the Comptroller of the Currency ("OCC"), the SEC, the Board of Governors of the the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Federal Housing Finance Agency ("FHFA"), and the U.S. Department of Housing and Urban Development ("HUD") on the Agencies' proposed rule for credit risk retention. Together, SIFMA and the TOB entities represent participants in the municipal securities industry and the interests of many of the TOB Program sponsors currently in the