The FDIC published in the Federal Register a Notice of Proposed Rulemaking (NPR) to clarify that deposits in foreign branches of U.S. banks are not eligible for deposit insurance, although they may qualify as deposits for the purpose of national depositor preference. Comments Due: April 22, 2013. Click here to view FDIC letter in full (links externally to FDIC website). Related News Item: FDIC Approves Proposed Rule on the Definition of Insured Deposit at Foreign Branches of U.S. Banks - Rule Would Clarify That These Deposits Are Not Insured by the FDIC (with Cammarn Comment).

The SEC Division of Investment Management stated that it would not recommend action against either a registered investment adviser or a trust registered as an open-end management investment company that amended its investment advisory agreement to remove one of the two entities that acted as investment adviser to the investment company, provided that: the amendments would not reduce or modify the nature and level of advisory services provided by the continuing investment adviser to the funds, and there would be no increase in advisory fees under the amended agreement. Cross-Reference(s)

In light of recent LIBOR-related events and benchmarks in the financial system, SIFMA CEO Ken Bentsen, Jr. called on the industry to take proactive steps to ensure that structural changes are being made to strengthen the integrity of benchmarks and to restore confidence in their use. According to CEO Bentsen, responding to the aftermath of LIBOR-related events through the establishment of best practices for financial benchmarks is a top priority. Further, Bentsen expressed his view that, in order to effectively tackle the issue, it is necessary for best practice standards to apply to benchmark

SIFMA released a statement from its Acting President and CEO, Kenneth E. Bentsen, Jr., after the Senate confirmed Lew’s nomination to become Secretary of the Treasury. View statement in full here (links externally to SIFMA website).

The North American Securities Administrators Association ("NASAA") will release its 2013 Legislative Agenda for the 113th Congress, outlining the specific legislation it will seek to enable policymakers to promote investor confidence in U.S. capital markets by striking the most reasonable balance between advancing capital formation and protecting investors. Lofchie Comment: It will be interesting to see what NASAA has to say about the JOBS Act and an SRO for investment advisers. Click hereto learn more (links externally to NASAA website).