The SEC announced the appointment of Karen L. Martinez as director of the Salt Lake Regional Office. Previously, Ms. Martinez was the assistant director and supervised the enforcement program in the office. In her new role, Ms. Martinez will oversee both enforcement and examinations. See: SEC Press Release.

SIFMA provided comments to the IRS on final regulations for cost basis reporting by securities brokers and basis determination for debt instruments and options. The primary request in the letter was to allow brokers to delay implementation, given the complexity of the new reporting requirements and all of the other new legal requirements imposed on financial institutions. See: SIFMA Comment Letter; SIFMA Press Release.

SIFMA provided supplemental comments to the U.S. Treasury and IRS on the final regulations implementing the provisions of FATCA that were included in Section 501 of the Hiring Incentives to Restore Employment Act ("HIRE Act"). In the supplemental comment letter, SIFMA expanded on three specific issues mentioned in its earlier comment letter filed on June 21, 2013: the "reason to know" standard, which SIFMA states is excessively broad and should be revised, or its implementation should be delayed; the ability to rely on documentation collected by or certifications provided by other persons

In a speech at a workshop held by the New York Fed, Fed Governor Jeremy C. Stein delivered a speech discussing "fire sales" in securities financing transactions and laying out a case for further policy attention to the issue. Governor Stein began by discussing the welfare economics of fire sales, explaining that a forced sale of an asset is not just an event that leads to prices being driven below long-run fundamental values, but one that involves market failure or externality of the sort that might elicit a regulatory response. Governor Stein stated that by itself, the existence of

The MSRB withdrew its rule filing with the SEC on proposed amendments to MSRB Rule A-3, on membership on the MSRB Board of Directors. According to the MSRB press release, the amendments faced unexpected opposition despite the MSRB's intended goal of attracting additional investor experience to its Board. The MSRB states that it will reconsider alternatives to address the need for greater investor representation. Related News: The MSRB Submits Rule Change as to Membership on Its Board (July 8, 2013); MSRB Files Proposed Change to Rule A-3 (July 24, 2013).