NOTE: THIS NEWS ITEM WAS ORIGINALLY POSTED ON THE CABINET ON DECEMBER 17, ALBEIT WITHOUT THE FINAL RULE ATTACHED AS IT WAS NOT YET AVAILABLE. THE DESCRIPTION AND COMMENTS BELOW ARE FROM THE ORIGINAL NEWS ITEM, BUT WE HAVE ALSO ATTACHED THE FINAL RELEASE. IN ADDITION TO THE DISCUSSION BELOW, WE HAD ALSO PUBLISHED A BRIEF CAUTION WARNING FIRMS OF THE SOME OF THE STATE LAW REQUIREMENTS ON TAPING OF PHONE CONVERSATIONS, TO WHICH WE LINK HERE. The CFTC announced that it has approved a final rule to expand the CFTC's recordkeeping requirements. The announced rule change will amend CFTC Rules 1.35(a)

The SEC approved amendments to the FINRA Dispute Resolution, Inc. By-Laws to clarify that services provided by mediators, when acting in such capacity and not representing parties in mediation, should not cause the individuals to be classified as industry members under the By-Laws. The amendments are effective on January 22, 2013, and apply to nominations of mediators by the FINRA Dispute Resolution, Inc. Board for membership on the National Arbitration and Mediation Committee submitted on or after this date. The text of the amendments is set forth in Attachment A. View Notice in full here

On December 21, 2012, the Commodity Futures Trading Commission ("CFTC") approved a final exemptive order (the "Order") providing time-limited relief from the cross-border application of certain swaps provisions of Title VII of the Dodd-Frank Act and CFTC regulations. The Order provides an interim definition of "U.S. person," and also clarifies several outstanding calculation issues for non-U.S. persons assessing their status as a swap dealer ("SD") or major swap participant ("MSP") under the CFTC's de minimis and MSP threshold tests. Additionally, the Order permits registered non-U.S. persons

The OCC had published in the Federal Register on October 9, 2012, a final rule that implements Section 165(i) of the Dodd-Frank Act that requires certain companies to conduct annual stress tests pursuant to regulations prescribed by their respective primary financial regulatory agencies. Specifically, this rule requires national banks and federal savings associations with total consolidated assets over $10 billion (covered institutions) to conduct an annual stress test as prescribed by the rule. The published table sets out some of the deadlines for the conduct of stress tests and other

The SEC announced the agenda for its upcoming staff roundtable that will evaluate the impact of tick sizes on the securities markets. The roundtable will take place on February 5th in Washington D.C. Panelists will be finalized and announced at a later date. See below for agenda: Panel 1 - Evaluating Concerns Relating to Tick Size for Small and Middle Capitalization Companies; Panel 2 - Evaluating Concerns Relating to Tick Size for the Securities Market Generally; and Panel 3 - Studying the Effects of Alternative Tick Sizes. View Press Release in full here (links externally to SEC website).