SIFMA has submitted comments to the Financial Stability Board ("FSB") on FSB's Consultative Document, An Integrated Overview of Policy Recommendations, relating to policy recommendations for money market funds of the International Organization of Securities Commissions ("IOSCO"). In the letter, SIFMA suggests that the following guiding principles should inform any money market fund reform: Tailor reforms as narrowly as possible given the possibility of dislocations that could result from reform; Only pursue reforms that bear on the stated goal of reducing the perceived susceptibility of money

On November 23, 2012, the SEC published in the Federal Registera proposed rule for public comment to establish capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants under the Exchange Act and amend capital requirements for broker-dealers. Comments Due: February 22, 2013. Click here to view release in full (links externally to SEC website).

FINRA has filed with the SEC a proposed rule change to amend FINRA Rule 4530(Reporting Requirements) to accomplish the following: Provide an exception from the rule for information disclosed on the Form U4 (Uniform Application for Securities Industry Registration or Transfer); Enable members to file required documents with FINRA online; and Provide an exception from the rule for findings and actions by FINRA. See: Text of Proposed Rule Change (links externally to FINRA website).

The European Securities and Markets Authority and the European Banking Authority have published the outcome of their joint review of Euribor, setting out recommendations for the rate-setting process which address a number of issues with the governance of the Euribor rate-setting mechanism. The recommendations include, among other items: focusing references on maturities with the highest usage and volume of underlying transactions; and diversifying the membership of the Euribor Steering Committee to promote independence. Interested parties have until February 15 to submit responses. See also

The interim Financial Policy Committee of the Bank of England has published a draft policy statement on the extent of its powers to give directions to set additional capital requirements in order to support financial stability. The FPC is slated to have two types of powers in this regard - the countercyclical capital buffer, which will supplement headline capital requirements, and sectoral capital requirements, which will apply to exposures in specific sectors. The draft emphasizes that the exercise of the prudential powers must not have a significant adverse effect on the ability of the