The OCC, Board of Governors of the Federal Reserve System and FDIC (collectively, the "Agencies") are proposing to clarify their Interagency Questions and Answers Regarding Community Reinvestment to address community development issues. The Agencies propose to address (i) community development activities outside institutions' assessment areas, both in the broader statewide or regional area and in nationwide funds; (ii) additional ways to determine whether recipients of community services are low- or moderate income; and (iii) providing a community development service by serving on the board of

FINRA filed with the SEC a proposed rule change to extend the expiration date of FINRA Rule 0180 ("Application of Rules to Security-Based Swaps") to February 11, 2014 ( i.e., to coincide with the current expiration date for the SEC's related temporary exemptions for security-based swaps). FINRA Rule 0180 temporarily limits, with certain exceptions, the application of FINRA rules with respect to security-based swaps. See: Text of Proposed Rule Change.

The MSRB began providing, on its Electronic Municipal Market Access ("EMMA") website, statistics on the number and type of disclosure filings that issuers of municipal securities make available to investors throughout the life of a bond. The database provides life-cycle information about municipal bonds, including (i) annual financial information, (ii) bond calls, and (iii) credit rating changes. The continuing disclosure statistics on the EMMA website represent monthly volumes since 2010, categorized by types of disclosure. The disclosures themselves are also available on the EMMA website

SIFMA published comments that it submitted to the SEC on an NYSE proposed rule change to amend Rule 451, Transmission of Proxy Material. SIFMA stated that it supports the proposal to establish a 99 cent "success fee" to encourage the development of Enhanced Broker Internet Platforms, (EBIPs). Much of the letter focused on the timing of implementation. Click here to view letter in full (links externally to SIFMA website).

The SEC settled civil fraud charges against Susan Skaer, the former General Counsel and Secretary of Mercury Interactive Corporation, by requiring her to pay more than $850,000 to settle civil charges that she had participated in the improper backdating of stock options. Lofchie Comment: According to the prior SEC actions in this matter, which are linked to from the Litigation Release, Ms. Skaer did not merely act as a lawyer in this matter; she also received improperly backdated options. View Litigation Release in full here (links externally to SEC website).