New SRO rules and rule proposals have been announced by the SEC. Click on the links below to view the SEC's notices of each rule change and proposal. BATS: Effective Immediately - Rule Change to Amend Exchange Rules in Connection with the Limit Up-Limit Down Plan (See also: Exhibit 5) BATS: Effective Immediately - Rule Change Related to Fees for Use of BATS Exchange, Inc. (See also: Exhibit 5) BYX: Effective Immediately - Rule Change to Amend Exchange Rules in Connection with the Limit Up-Limit Down Plan (See also: Exhibit 5) C2: Notice of Filing of Proposed Rule Change Relating to the

T he MSRB announced that it is seeking comments on proposed revisions to MSRB Rule G-19 ("Suitability of Recommendations and Transactions; Discretionary Accounts"). The proposed revisions seek to harmonize Rule G-19 with FINRA's suitability rule. As proposed, the rule's suitability analysis is threefold: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. (i) The reasonable-basis inquiry requires a broker-dealer to have a reasonable basis that the recommendation is suitable for at least some investors, after reasonable diligence. (ii) The customer

The SEC is proposing Regulation Systems Compliance and Integrity ("Regulation SCI") under the Exchange Act and conforming amendments to Regulation ATS under the Exchange Act. Proposed Regulation SCI would apply to (i) certain SROs (including registered clearing agencies), (ii) alternative trading systems ("ATSs"), (iii) plan processors, and (iv) exempt clearing agencies subject to the SEC’s Automation Review Policy (collectively, “SCI entities”). In addition, it would require these SCI entities to comply with requirements with respect to their automated systems that support the performance of

NFA has issued a notice to all FCMs that the Chief Compliance Officer ("CCO") requirements under CFTC Regulation 3.3 become effective on March 29, 2013. Although the requirements became effective on October 1, 2012, they applied only to certain FCMs until now. In addition to complying with a comprehensive regulatory scheme for such officers, the Notice reminds FCMs that they (i) must designate a CCO by March 29th and (ii) file the CCO Annual Report as of the date of the firm's first fiscal year end after March 29, 2013. In addition, although IB, CPO and CTA members are not required by CFTC

CFTC General Counsel, Dan M. Berkovitz, announced he will depart the agency at the end of March, ending a 30-year career in the Federal government. Mr. Berkovitz, who has served as CFTC's General Counsel since June 2009, was counsel to the CFTC Chairman and Commissioners during the passage and implementation of the Dodd-Frank Act, and he has counseled and represented the CFTC on matters before the Congress, the courts, and the public. Following the passage of Dodd-Frank, Mr. Berkovitz led the legal review of rulemakings presented to the CFTC to implement Dodd-Frank, and managed the legal