FINRA seeks comment on a proposed rule that would require specific disclosure by the recruiting member firm of the financial incentives that a representative receives as part of his or her relationship with the new firm. The recruiting member firm would be required to provide the disclosure before a former retail customer of the representative makes a final determination to transfer an account to the new firm. Cross-Reference(s): FINRA Rule 4512 [Customer Account Information]. View Notice in full here (links externally to FINRA website).

FINRA is filing with the SEC a proposed rule change to update cross-references and make other non-substantive changes within certain FINRA rules and By-Laws, primarily as the result of approval of new consolidated FINRA rules. Click here to view text of the proposed rule change (links externally to FINRA website).

The Office of the Comptroller of the Currency (OCC) has issued a final rule that extends from January 1, 2013, to July 1, 2013, the temporary exception for the application of its lending limits rule, 12 CFR 32, to certain credit exposures arising from derivative transactions and securities financing transactions. Although the agency previously provided public notice of its intention to extend the exception to April 1, 2013, the OCC has since determined that it is more appropriate to extend the exception an additional three months to July 1. The agency expects to issue a final lending limits

The Office of the Comptroller of the Currency (OCC) is notifying insured Federal depository institutions that are or may become swap dealers that the OCC is prepared to consider favorably requests for a transition period pursuant to Section 716(f) of the Dodd-Frank Act, provided that such requests conform to the procedures and conditions established in this notice. This guidance is effective immediately. Written requests for transition periods should be submitted to the OCC by January 31, 2013. View Notice in full here (links externally to OCC website).

A recent administrative law proceeding instituted by the SEC has barred an individual from the securities industry — i.e., from associating with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization — and from participating in an offering of penny stock. The decision invoked authority under the Dodd-Frank Act, which provided collateral bars in each of the several statutes regulating different aspects of the securities industry. This securities-wide approach is in contrast to the