The CNMV, Spain’s market regulator, announced that it will not extend its ban on short selling. The CNMV initially instituted the short selling ban in July 2012, which was renewed in November 2012. Rules adopted by the EU will apply with respect to Spanish securities. Click here to view Press Release here (links externally to CNMV website).

The MSRB reminded firms that it is currently seeking industry and public comment on its entire Rule Book as part of a comprehensive review of all of its rules. The deadline to submit comments is February 19, 2013. The MSRB also announced that has published an electronic version of its printed 2013 Rule Book, which describes rules for municipal securities dealers and municipal advisors effective as of January 1, 2013. Lofchie Comment: There is a lot of momentum at both the MSRB and the SEC to significantly expand requirements as to the issuance and trading of municipal securities, so it is

The MFA issued a comment letter responding to the UK Financial Service Authority's ("FSA") consultation on the implementation of the Alternative Investment Fund Managers Directive ("AIFMD"). In the letter, the MFA highlighted the following key points: Transitional provisions: these provisions should apply equally to existing UK/EU AIFMs as well as to existing non-EU AIFMs. Scope: an EU delegate of a non-EU AIFM should not be required to be authorised under the AIFMD. Remuneration: AIFMs should be subject to no more onerous remuneration requirements than MiFID portfolio management firms. (Both

Dawn Stump, FIA's head of government affairs, presented the attached presentation on changes in the composition of key Congressional committees and the potential legislative issues affecting the derivatives industry, including reauthorizing funding for the CFTC. See: Slides of the presentation or listen to the audio (links externally to FIA website).

New SRO rules and rule proposals have been announced by the SEC. Click on the links to view the SEC's notices of each rule change and proposal. BATS: Effective Immediately - Rule Change to Amend BATS Rules Related to Price Sliding Functionality (See also: Exhibit 5) BATS: Notice of Filing of Proposed Rule Change to Modify the Competitive Liquidity Provider Program to, Among Other Things, Modify the Calculation of Size Event Tests (See also: Exhibit 5) BATS: Order Approving Proposed Rule Change to Modify BATS Rule 11.23 relating to Auctions of Exchange-Listed Securities BATS: Effective