On February 5, the SEC held a roundtable (webcast available here as Part 1 and Part 2) to evaluate the impact of tick sizes on the securities markets. The roundtable consisted of three panels: The first panel addressed the impact of tick sizes on small and mid-sized companies, the economic consequences of increasing or decreasing minimum tick sizes, and whether other policy alternatives might better address concerns related to Section 106(b) of the JOBS Act. The second panel addressed the impact of tick sizes on the securities market in general, including what benefits may have been achieved

SIFMA, The Clearing House ("TCH") and The Financial Services Roundtable ("FSR") provided the attached comments to the CFTC on Further Proposed Guidance Regarding Compliance with Certain Swap Regulations (78 FR 909). The letter provides detailed commentary on the CFTC's specific proposals in the Further Proposed Guidance. The main points are as follows: The groups do not support the proposed clarifications to two prongs of the proposed "U.S. person" definition. The groups believe that both the concept of indirect majority ownership and the concept of "bearing unlimited responsibility" for

The Financial Services Authority has imposed a fine of £87.5 million on the Royal Bank of Scotland for failings in relation to the London Interbank Offered Rate ("LIBOR"). See also: The Royal Bank of Scotland Settles LIBOR Manipulation Charges with CFTC.

The Mutual Fund Directors Forum ("MFDF") and an impressive honor role of former senior officials from the SEC submitted an amicus brief in Investment Company Institute v. CFTC. The brief, in support of ICI, argues that the CFTC's new registration regime under Rule 4.5 for mutual fund advisers, which will require such advisers to register as CPOs if their funds invest in futures and swaps above a certain level, will impose significant new costs on mutual funds and negatively impact such funds' ability to implement the most efficient and beneficial investment strategies for shareholders. The

The Bureau of Consumer Financial Protection (the "Bureau") is publishing a final rule amending the official commentary that interprets the requirements of the Bureau’s Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). The exemption threshold is adjusted to increase to $42 million from $41 million. The adjustment is based on the 2.23 percent increase in the average of the CPI–W