The SEC has adopted amendments to Exchange Act Rule 17Ad-17 ("Transfer Agents' Obligation to Search for Lost Securityholders") to implement the requirements of Dodd-Frank Section 929W. That Section added to Exchange Act Section 17A subsection (g), "Due Diligence for the Delivery of Dividends, Interest, and Other Valuable Property Rights," which directs the SEC to revise Rule 17Ad-17. The revision is intended to: extend the requirements of Rule 17Ad-17 to search for lost securityholders from only recordkeeping transfer agents to brokers and dealers as well; add a requirement that "paying agents

The MSRB announced in a regulatory notice that it is seeking input from municipal securities market participants to guide the design of the next generation of electronic reporting and public dissemination of municipal securities trades. According to the notice, one of the core elements of the MSRB's long-range plan for market transparency is the development of a central transparency platform to enhance public access to real-time pricing information about municipal securities transactions. As part of its information-gathering process, the MSRB is requesting market input on potential

The Financial Stability Oversight Council ("FSOC") announced that it has extended the comment period for proposed recommendations for money market mutual fund ("MMF") reform. At the request of the SEC's Chairman, FSOC voted to extend the comment period until February 15, 2013. The extension is intended to afford the public more time to consider the information in the SEC staff report issued on November 30, 2012. Prior to this extension, public comments on the proposed recommendations were due by January 18, 2013. Lofchie Comment: In SEC Commissioner Gallagher's speech, as headlined in today's

Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to provide cash payments and other assistance, such as loan modifications and forgiveness of deficiency judgments, to help mortgage borrowers. View Press Release in full here (links externally to Federal Reserve website).

The Financial Services Authority has confirmed that it has launched a formal investigation into multi-billion pound trading losses accrued by J.P. Morgan traders in London, including losses caused by a trader widely known as the "London Whale." See also: OCC and FRB Issue Cease and Desist Order against JPMorgan Chase, N.A.