On April 8, 2013, Phase I of the joint industry Regulation NMS Plan to Address Extraordinary Market Volatility will be implemented. Regulatory Notice 13-12 provides a brief overview of the plan and recent amendments to FINRA rules to facilitate implementation, operation and member firm compliance with the plan. The amended rule text is available in the attached regulatory notice. See: Regulatory Notice 13-12. See also: FINRA's FAQ for additional guidance.For a general discussion, see Lofchie's Guide to Broker-Dealer Regulation: Trading Chapter.

SIFMA submitted the attached comments to FINRA on its proposal in FINRA Regulatory Notice 13-02, which would require disclosures relating to recruitment compensation practices. SIFMA provides certain specific comments on the FINRA proposal, including as to the required timing of the disclosures, but comes out as generally supportive of the notion. Cross-Reference(s): FINRA Rule 4512 ("Customer Account Information"). Click hereto view letter in full (links externally to SIFMA website). See also: SIFMA Press Release. Related News Item: FINRA Requests Comment on a Proposed Rule to Require

The Committee on Banking, Housing and Urban Affairs will conduct a hearing on the following nominees: The Honorable Richard Cordray, of Ohio, to be Director of the Bureau of Consumer Financial Protection; and The Honorable Mary Jo White, of New York, to be a Member of the Securities and Exchange Commission Click here for more information on the hearing.

The Committee on Banking, Housing and Urban Affairs will conduct a hearing on "Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement." The witnesses will be: The Honorable David S. Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury; The Honorable Thomas J. Curry, Comptroller, Office of the Comptroller of the Currency; and The Honorable Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System. Click here for more information on the meeting.

SIFMA submitted written testimony to the United States Trade Representative ("USTR") on the USTR's intention to enter into negotiations for an International Services Agreement ("ISA"). In the attached testimony, SIFMA asserts that the ISA offers an opportunity to secure a strong agreement that will enhance the financial services industry's ability to compete with other globally active firms and operate on a level playing field in participating countries. Click hereto view testimony in full (links externally to SIFMA website).