SIFMA released a statement regarding impediments to the return of private capital funding mortgage credit submitted at the Financial Services Committee's April 24th hearing. Lofchie Comment: The gist of the statement was that government policy will be largely determinative of the structure of the mortgage market, but that no one knows what that policy is. See: Submission for the Record (April 24, 2013). See also: Hearing entitled "Building a Sustainable Housing Finance System: Examining Regulatory Impediments to Private Investment Capital".

ISDA announced the publication on its website of the Derivatives/FX Prime Brokerage Business Conduct Allocation Protocol. The protocol is relevant to CFTC-registered Swap Dealers only, and provides for the allocation of responsibilities between the prime broker and the executing dealer as required in CFTC's No Action Letter 13-11. CFTC-registered swap dealers must agree to the allocation prior to May 15th. See: Derivatives/FX Prime Brokerage Business Conduct Allocation Protocol. See also: ISDA FAQ; Adhering Parties. See also: Relief (Conditional and Time-Limited) for Swaps Prime Brokerage

The Managed Funds Association ("MFA") submitted a comment letter in response to the SEC's request for comments as to whether the SEC should institute a larger tick size for small issuers, with the goal of encouraging market makers to provide research as to, and liquidity in, small stocks. Generally, the letter expresses some skepticism as to the idea of widening the tick size. However, if the SEC determines to try an experiment by doing so, the MFA letter sets out a general methodology of how such a test might proceed. View letter in full here (links externally to MFA website). See also: SEC

The Municipal Securities Rulemaking Board ("MSRB") announced that additional information about new issues of municipal securities is now available on its Electronic Municipal Market Access ("EMMA®") website. See: MSRB Notice 2013-11: Enhancements to New Issue Information on EMMA. See also: Press Release.

The SEC charged the City of Harrisburg, Pennsylvania with securities fraud for misleading public statements made by city officials when the city's financial condition was deteriorating and financial information available to municipal bond investors was either incomplete or outdated. The SEC’s order requires Harrisburg to cease and desist from committing or causing violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Harrisburg agreed to settle the charges. This is the first time that the SEC has charged a municipality for misleading statements made