SIFMA released a paper summarizing SIFMA's current positions on selected tax policy issues that may come before the Committee as it considers how to reform the Internal Revenue Code. The White Paper covered the following principal topics: Taxation of Financial Products Financial Services Industry Considerations in Addressing the Tax Treatment of Debt and Equity International Tax Reform Tax Classification of Independent Contractors Financial Transaction Tax ("FTT") Retaining Tax Incentives for Retirement Savings Capital Gains and Dividends Federal Tax Exemption for Municipal Bond Interest Bank

FINRA has proposed amending FINRA Rule 5250, which prohibits any payment by issuers or issuers' affiliates and promoters to a member for publishing a quotation or acting as a market maker, to allow arrangements that are provided for by the rules of a national securities exchange. The proposed amendment reflects the fact that exchanges have implemented and are considering means of incentivizing market-making, including the use of voluntary programs that would be funded through fees by issuers or affiliates of issuers. View Proposed Rule Change here (links externally to FINRA website).

The Commission is amending its regulations to reflect the reassignment of responsibilities, including delegations of authority, resulting from its recent reorganization of Commission staff, which involved the replacement of the former Division of Clearing and Intermediary Oversight with two newly established divisions: The Division of Swap Dealer and Intermediary Oversight and the Division of Clearing and Risk. Effective Date: April 16, 2013. View Final Rule in full here (links externally to CFTC website).

The Committee on Banking, Housing and Urban Affairs will meet in open session to conduct a hearing on "Oversight of Federal Housing Finance Agency: Evaluating FHFA as Regulator and Conservator." View Release in full here (links externally to Senate Banking website).

CFTC Commissioner Scott O'Malia delivered a speech criticizing much of the CFTC's rulemaking and activities, including in the areas of swap data reporting, futurization, SEFs, position limits rule and cross-border guidance. As to swap data reporting, he indicated that the CFTC was not able to use much of the information that it required to be delivered. He said that futurization was largely a product of rules that irrationally favored futures over swaps, with resulting damage to commercial companies that wanted to use swaps to hedge. He said that he was eager to have SEF Rules. As to position