ISDA announced the publication on its website of the updated ISDA General Disclosure Statement and updated Annexes for the interest rate, foreign exchange, equity, credit and commodities asset classes, as well as a new annex for asset-backed securities (together, the "ISDA DF Disclosure"). View disclosures here (links externally to ISDA website).

The 2013 FSOC (Financial Stability Oversight Council) Annual Report was developed collaboratively by the members of the Council and their agencies and staff. Under Dodd-Frank, FSOC must make recommendations to promote market discipline, maintain investor confidence, and enhance the integrity, efficiency, competitiveness, and stability of U.S. financial markets. In its third annual report, the Council's findings and recommendations are organized around seven themes: The vulnerability to runs in wholesale funding markets that can lead to destabilizing fire sales; The housing finance system that

CFTC Commissioner Scott D. O'Malia delivered a speech highlighting what he viewed as some of the principal failures of the CFTC's rulemaking. The problems he claimed in the speech were: (i) the recordkeeping rules do not work and the CFTC is not able to use the information it receives; (ii) there is not even draft guidance on how substituted compliance should be implemented and the expiration date of the CFTC's guidance is nearing; (iii) the CFTC's rules on business conduct fail to take into account how market participants actually trade; and (iv) the CFTC does not perform any meaningful cost

The SEC announced that starting on May 25, 2013, the fee rates applicable to most securities transactions will decrease from $22.40 per million dollars to $17.40 per million dollars. See : Order - Adjustments to Fee Rates.

The MSRB Board of Directors held its quarterly meeting April 24-26 in Alexandria, VA, where it focused on efforts to consolidate numerous interpretations of a rule that forms the basis of a dealer's obligation of fair dealing. The MSRB has been working to restate certain interpretive guidance associated with MSRB Rule G-17on fair dealing into new or revised rules. The outcome of these efforts is expected to be a comprehensive package of rules that clarifies Rule G-17 obligations and that is expected to be filed with the SEC later this year. At this meeting, the Board: Incorporated comments