SIFMA submitted comments to the MSRB on codifying time of trade disclosure obligation and Proposed Rule G-47, MSRB Notice 2013-04. SIFMA stated that it generally supports the concept behind this initial effort by the MSRB to "provide clarity to regulated entities by reorganizing or eliminating certain interpretive guidance associated with MSRB Rule G-17 ("Conduct of Municipal Securities and Municipal Advisory Activities") into new or revised rules that highlight core principles." At the same time, however, SIFMA asserted that Proposed Rule G-47 ("Time of Trade Disclosure") has significant gaps

Mary Jo White, nominee for the SEC Chairman, and Richard Cordray, nominee for CFPB Director, each delivered testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. In her testimony, Ms. White discussed the current and future objectives of the SEC. According to Ms. White, the SEC should perform a rigorous analysis with respect to rulemaking. She stated she believes that the SEC should assess, from the outset, the economic impacts of contemplated rulemaking in connection with its rules but should do so in a manner that does not undermine the SEC's ability to carry out

SIFMA has published a new white paper titled "The Evolving Role of Compliance." As the title suggests, the paper is a response to the profound changes experienced in the securities industry since SIFMA's 2005 white paper titled "The Role of Compliance." "The Evolving Role of Compliance" highlights these changes and their impact on the compliance function, provides advice with respect to many of the challenges raised thereby, and, most significantly, attempts to push back, if somewhat gently, against the expanding expectations of regulators toward the compliance function. "The Evolving Role of

The SEC charged a NY-based private equity adviser, a former senior executive and an employee for violating securities laws by reason of the employee, who was not a registered as, or associated with, a broker-dealer, soliciting more than $500 million in capital commitments for private funds managed by the adviser. The adviser, the former senior executive and the employee agreed to settle the SEC's charges. According to the enforcement release, the relevant employee was supposed to act in the capacity of being a "finder," but his activities went beyond that. The employee's activities cited in

The SEC charged two investment advisers at Oppenheimer & Co. with misleading investors about the valuation policies and performance fees of private equity funds under their management. The funds managed by Oppenheimer were, in turn, invested in other funds. Although the Oppenheimer funds' quarterly reports and marketing materials stated that valuations were based on the underlying managers' estimated values, the funds' largest investment was significantly marked up from that estimated value, which, in turn, artificially inflated the funds' performance, alleged the SEC. See: SEC Order (links