The MFA and AIMA have submitted a joint comment letter to ESMA regarding the emergency short selling bans adopted by Member States. In the letter, MFA and AIMA offer suggestions that would facilitate the efficacy of, and investor compliance with, such bans (although both trade associations oppose the imposition of such bans). The letter further asserts that communication could be improved to the benefit of all parties with regards to the scope of the emergency measures, the use of the concepts, definitions, and guidance already agreed upon and harmonized under the Short Selling Regulation, and

Representatives of SIFMA, Fidelity, PIMCO, Vanguard, Goldman Sachs Asset Management and JP Morgan discussed with the CFTC Staff the reasons for eliminating the minimum request for quote standard in connection with the proposed rulemaking governing swap exchanges. Click here to view CFTC Staff and all visitors and organizations present (links externally to CFTC website).

FINRA announced that it has fined five affiliates $1.2 million for failing to retain or review emails for periods ranging from two months to more than six years. FINRA found that the firms failed to properly configure employee email accounts to ensure that the emails sent to and from those accounts were retained and reviewed. In addition, the firms failed to set up systems to retain certain types of emails, such as emails using alternative email addresses and "cloud" email (emails sent through third-party systems). Click here to view news release in full (links externally to FINRA website).

FINRA has amended Rule 4530 (Reporting Requirements) to provide member firms: an exception for reporting information that is reported on the Form U4; an exception for reporting findings and actions by FINRA; and the option of filing required documents online using a new form. The implementation date for the exception for reporting information that is reported on the Form U4 (Rule 4530(e)) and the exception for reporting findings and actions by FINRA (Rule 4530.10) is March 4, 2013. The implementation date for the option of filing required documents online using the new form (Rule 4530(g)) is

The Basel Committee on Banking Supervision and IOSCO have published a second consultative paper on margin requirements for non-centrally cleared derivatives. Among the questions raised by the paper are those relating to: 1. The treatment of physically-settled foreign exchange ("FX") forwards and swaps under the framework,2. The ability to engage in limited re-hypothecation of collected initial margin,3. The proposed phase-in framework, and4. The adequacy of the conducted quantitative impact study ("QIS"). Comments Due: March 15, 2013. Comments may be submitted by email. Click here to view the