On December 11, 2012, the FDIC Board of Directors modified the de minimis exceptions to Section 19 of the Federal Deposit Insurance Act, which prohibits a person convicted of certain criminal offenses from being involved in the affairs of a FDIC-insured financial institution. While waivers of Section 19 normally require a formal application to the FDIC, the FDIC has a Statement of Policy that grants a blanket exception for certain de minimis convictions. The recent modifications increase the potential fine and the number of days of imprisonment allowable under this de minimis exception

Click on the link below to view the SEC's notice of the rule change. NYSE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Cease Operating New York Block Exchange and Contemporaneously Delete the Text of Rule 1600, Which Governs NYBX Functionality (See also: Exhibit 5)

In response to the Lehman Brothers and MF Global insolvencies, the International Organization of Securities Commissions ("IOSCO") published recommendations for improving the protection of client assets. The report suggests that financial intermediaries and regulators should take a more proactive role in ensuring the safety of client assets. Specifically, the report makes the following suggestions: To ensure compliance with the rules and regulations governing client assets, intermediaries must develop internal systems to monitor compliance; Intermediaries should maintain accurate records of

SIFMA announced the addition of Aseel Rabie to SIFMA's Office of General Counsel as managing director and associate general counsel. Rabie will "work across many issues in SIFMA's portfolio, including anti-money laundering and derivatives," and will report to Ira Hammerman, SIFMA's General Counsel. (Aseel was an associate at Cadwalader between the years 2005 and 2011, and was a member of the business fraud section of the litigation department in Washington, D.C., where she specialized in securities enforcement and regulatory work, as well as government investigations.) Click here to view

Comptroller of the Currency, Thomas J. Curry, named Larry Hattix as the agency's Senior Deputy Comptroller for Enterprise Governance and Ombudsman. Mr. Hattix will oversee the agency's enterprise governance function, national bank and savings association appeals program, and the agency's customer assistance group. Click here to view notice in full (links externally to OCC website).