SIFMA and Government Finance Officers Association's ("GFOA") Governmental Debt Management Committee provided joint comments to the SEC on the proposed rule changes filed by the Municipal Securities Rulemaking Board ("MSRB"). The comment letters recommend that MSRB-proposed rule amendments to Rules G-8 ("Books and Records to Be Made by Brokers, Dealers, and Municipal Securities Dealers"), G-11 ("Primary Offering Practices"), and G-32 ("Disclosures in Connection with Primary Offerings"), all of which include provisions specifically tailored for retail order periods, be subject to public comment

FINRA released the second podcast in a two-part series on topics for firms to consider when planning their Firm Element training, as identified in the CE Council's Spring 2013 Firm Element Advisory. Click here for FINRA's Spring 2013 Firm Element Advisory Podcast, Part II. See also: Spring 2013 Firm Element Advisory Podcast, Part I.

Commissioner Daniel M. Gallagher and Commissioner Michael S. Piwowar issued separate dissenting statements about their concerns regarding the re-proposed risk retention rules. Commissioner Gallagher stated that the re-proposed risk rules ensure that the vast majority of mortgages in the U.S. will be owned by the government. He explained that this introduces another "flawed government imprimatur of creditworthiness" into the markets, which creates disincentives for proper risk management and due diligence in the mortgage markets. Commissioner Gallagher also noted that the re-proposal abandons

The NFA issued an Interpretive Notice regarding NFA Compliance Rule 2-9 ("Supervision") and its requirement for all financial institutions, including futures commission merchants ("FCMs") and IBs, to establish anti-money laundering ("AML") programs. The purpose of the Interpretive Notice is to highlight the minimum standards of AML programs and provide NFA Member FCMs and IBs with additional guidance on satisfying the requirements of NFA Compliance Rule 2-9(c). Compliance Rule 2-9(c) states that AML programs must, at a minimum, include internal policies, procedures, and controls; a designated

The NFA submitted to the CFTC its proposed amendments to NFA's Code of Arbitration regarding the consolidation of arbitration claims involving customer segregated funds losses. See: NFA Proposed Amendments.