A new SRO rule has been announced by the SEC. Click on the link below to view the SEC's notice of the rule changes. NYSE: Effective Immediately - Rule Change Amending Section 902.03 of the Listed Company Manual to Specify How the Initial Application Fee Is Treated for Certain Issuers That Do Not Immediately List a Security for Which They Already Paid an Initial Application Fee (See also Exhibit 5)

The CFTC has approved final rules to impose enhanced risk-management standards for systemically important derivatives clearing organizations ("SIDCO"). The rules were adopted in part pursuant to Section 807 of Dodd-Frank. The CFTC said that the adoption of these rules is intended to provide that SIDCOs are consistent with the Principles for Financial Market Infrastructures, thereby enabling them to continue to be Qualifying Central Counterparties for purposes of international bank capital standards. The final rules: Increase financial resources requirements for SIDCOs that are involved in

The SEC Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert to put broker-dealers on notice that they are required to institute procedures to detect and prevent options trading strategies that circumvent Regulation SHO ("Regulation of Short Sales"). The alert begins by describing a number of options trading strategies that appeared to evade certain Regulation SHO requirements. The alert then describes strategies used by broker-dealers to detect and prevent trading intended to avoid the rule, as well as summarizes related enforcement actions. Lofchie Comment: The

In response to a joint request from SIFMA and the Financial Information Forum, the SEC has issued an order temporarily exempting certain broker-dealers and transactions from the recordkeeping and reporting requirements of Rule 13h-1 ("Large Trader Reporting") under the Exchange Act. The SEC has extended the compliance date for the broker-dealer recordkeeping, reporting, and monitoring requirements, and has established a two-phased approach to implementation of broker-dealer requirements under Rule 13h-1. The exemptive order also establishes a new third phase for full implementation of Rule 13h

The NFA has issued a notice reminding swap dealers (SDs) and major swap participants (MSPs) to submit policies and procedures relating to the reconciliation requirements set forth in CFTC Regulation 23.502 ("Portfolio Reconciliation"). CFTC No-Action Letter 13-40 deferred the compliance date for the portfolio reconciliation requirements until August 23, 2013. SDs and MSPs are required to submit policies and procedures relating to those requirements to the NFA Registration Documentation Submission System by that date. See: NFA Notice I-13-21.