The MSRB seeks public comment on whether to require a broker, dealer, or municipal securities dealer to seek "best execution" of customer orders for municipal securities. The proposed rule would augment the existing requirements to trade at fair and reasonable prices. In addition, the MSRB is interested in commentary that could provide detailed guidance to dealers on how "best execution" concepts would be applied to municipal securities transactions. Comments should be submitted no later than October 7, 2013. See: MSRB Notice 2013-16. See also: SIFMA Proposes "Execution with Diligence"

The MSRB has proposed a rule consolidating MSRB Rule G-18 ("Execution of Transactions") and Rule G-30 ("Prices and Commissions"). The proposed rule would also streamline existing guidance currently set forth in MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities"), maintaining the substance of previous rules but centralizing them under one heading. The MSRB requests comments no later than September 20, 2013, focusing on burdens and benefits of the consolidation. See: MSRB Notice 2013-15.

SEC granted Barclays an exemption from Rule 101 ("Activities by Distribution Participants") and Rule 102 ("Activities by Issuers and Selling Security Holders During a Distribution") of Regulation M under the Exchange Act to permit certain Barclays Affiliates to continue conducting specified transactions outside the U.S. See: SEC Exemptive Relief Letter.For a full description of Regulation M, see the Trading Chapter of the Guide to Broker-Dealer Regulation.

Former SEC Commissioner Troy A. Paredes made a very brief statement on his departure from the Commission and congratulated newly confirmed SEC commissioners Mike Piwowar and Kara Stein. See: Paredes' full statement. See also: Senate Confirms White, Stein, and Piwowar to SEC Posts.

The CFTC issued a correction to a cross-reference in CFTC Rule 37.702 and related guidance. The rule and guidance applies to the registration and operation of swap execution facilities. See: 78 FR 150.