SIFMA submitted an amicus brief to the U.S. Court of Appeals regarding whether the safe harbor provision in Bankruptcy Code Section 546(e) ("Limitations on Avoiding Powers") is applicable to certain transfers made by Bernard L. Madoff Investment Securities ("BLMIS") to BLMIS customers. SIFMA argues that it is inequitable to allow certain payments to stand, as dictated by Section 546(e), which limits the bankruptcy trustee's powers to avoid transfers that are made as "settlement payments" or in connection with a "securities contract." See: SIFMA Amicus Brief. Related news: Judge Enters Default

NASAA expanded its annual listings of the financial products, practices and services, which it believes threaten to trap unsuspecting investors, including small business owners. Andrea Seidt, NASAA President and Ohio Securities Commissioner, expressed concern for NASAA members regarding the lifting of the 80-year-old ban on the advertising of private offerings mandated by the JOBS Act. Ms. Seidt stated that the new general solicitation rules could create opportunities for unregulated third parties to provide ancillary services. Persistent investor threats in 2013 include: private offerings

IOSCO has published a Report on the Second IOSCO Hedge Fund Survey, which gathered data from hedge fund managers and advisers about the markets in which they operate, as well as their trading activities, leverage, funding and counterparty information. The survey serves as part of IOSCO's effort to support the G20 initiative to mitigate risk with hedge fund trading and traditional opacity. The survey tracked hedge funds since September 2012 covering the following areas: Qualifying funds Assets under management Fund domicile Investment strategy Use of leverage and market exposure Liquidity risk

IOSCO published the Securities Markets Risk Outlook for 2013 and 2014, which highlights important trends, vulnerabilities and risks in securities markets that may be of concern from a systemic perspective. The information and data from the Outlook was compiled by the IOSCO Research Department and the Committee on Emerging Risks, and identifies four main risks related to: the low interest rate environment; collateral management; the derivatives markets; and a reversal of the capital flows of emerging markets. See: IOSCO Securities Markets Risk Outlook 2013-14; IOSCO Press Release.

CFTC Commissioner Bart Chilton delivered a speech, on October 9 before the National Association of Credit Management, which focused on the changing environment of the financial sector and places where improvements should be made. Commissioner Chilton spoke about the the financial sector's "unfortunate state of affairs," discussing many banks that have violated trading laws in recent years, such as the London Whale case and the LIBOR manipulation cases. To address these negative developments, Commissioner Chilton suggested updating the penalty regime by imposing greater monetary fines and