The MSRB filed several amendments with the SEC for proposed rule changes to Rule 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"). The proposed revisions will help address concerns that new issues of municipal bonds are not being distributed among different types of retail investors according to the preferences of the state or local government issuing the bonds. Examples of the proposed changes include: Rule G-11: Adds several new definitions because of

Linked below is an article entitled "Exchange Rising," which originally appeared in the Energy Metro Desk. This article discusses the recent trend of intermediaries to register as DCMs rather than SEFs due to the costs and legal complexities of the CFTC's new SEF rules. Lofchie Comment: The fundamental argument made in the article is that the CFTC has so overregulated "swap execution facilities" that it is simply not worthwhile to register an entity in that category. This is another replay of "futurization"; i.e., the CFTC's new regulation of swaps is so onerous that the market does everything

The CFTC certified that the requirements of the CEA and CFTC regulations were met by Eurex Deustchland's MSCI World Index, MSCI Europe Index, MSCI Japan Index, and MSCI All Countries Asia Pacific ex-Japan Index futures contracts. Accordingly, these contracts may be offered or sold to persons in the U.S. See: CFTC Press Release.

The FDIC has announced that James Wigand, Director of the Office of Complex Financial Institutions ("OCFI"), plans to retire. The FDIC Board of Directors has approved the appointments of Arthur J. Murton as the new Director of OCFI and Diane Ellis as the new Director of the Division of Insurance and Research ("DIR"). The appointments of Mr. Murton and Ms. Ellis will be effective July 28, 2013. Mr. Wigand will serve in the Office of the Chairman as a Senior Advisor until September 30, 2013. Click here to learn more (links externally to FDIC website).

The CFTC's DMO issued a time-limited no-action letter providing temporary no-action relief to entities that have been operating pre-Dodd-Frank trading platforms. The no-action letter allows a swap trading facility to continue operating as it currently does until October 2nd, which is the date on which the CFTC's new SEF rules are scheduled to become effective. See: CFTC Letter 13-28.See also prior letter replaced by this letter: CFTC Letter 12-48.