The SEC adopted a final rule that streamlines the SEC rule approval process for clearing agencies that are registered with both the SEC and the CFTC. The final rule, which adopts and expands upon an interim rule, allows rule changes filed with dually registered clearing agencies to become effective without SEC action when the rule is related to products that are not securities, including securities futures, swaps that are not securities-based swaps or mixed swaps, and forwards that are not security forwards. The rule change does not significantly affect the clearing agencies' securities

The Federal Reserve Board is adopting a final rule to establish, for purposes of Dodd-Frank Title I, the following: (i) requirements for determining if a company is "predominantly engaged in financial activities," and (ii) definitions of the terms "significant nonbank financial company" and "significant bank holding company." These terms are relevant to various provisions of Title I, including Section 113 ("Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies"), which authorizes the Financial Stability Oversight Council ("FSOC") to designate a nonbank

The North American Securities Administrators Association ("NASAA") is hosting its annual Public Policy Conference on April 16th at the Mayflower Renaissance Hotel, 1127 Connecticut Avenue, NW, Washington, D.C. This year's conference features two panel discussions: "Retail Investors and the Markets: Is the Deck Stacked?" and "Cost-Benefit Analysis: Sifting through Fact and Fiction." Rep. Jim Himes (D-CT) is delivering the keynote luncheon address at the conference. Other featured speakers include SEC Chair Elisse Walter and American University Professor James Thurber, an expert on campaigns and

The Washington Securities Division is proposing to update various provisions of the investment adviser rules, including the rules regarding financial reporting requirements, custody, books and records, and unethical practices. The proposed amendments would add new rule sections addressing the following: (i) proxy voting, (ii) advisory contracts, and (iii) compliance procedures and practices. The proposed amendments would also create exemptions from registration for certain private fund advisers and venture capital fund advisers. According to the related memo, many of these changes would make

The SEC announced that Marc Fagel, the director of the San Francisco Regional Office, will be leaving the agency later this month for the private sector. He has worked at the SEC for more than 15 years. Mr. Fagel has run the San Francisco office since 2008, overseeing a staff of more than 100 attorneys, accountants, and other professionals responsible for conducting investigations, litigation, and examinations in a region covering Northern California, Washington, Oregon, Montana, Idaho, and Alaska. Click here to view announcement in full (links externally to SEC website).