The MFA submitted a comment letter to the CFTC urging it to consider adopting new guidance on the application of CFTC Rule 4.13(a)(3) for funds that invest in other collective investment vehicles, including certain securitization vehicles, ETFs, mortgage REITs, and private funds. According to the letter, the CFTC did not classify such products as commodity pools at the time when many of these vehicles were created, and at the time when funds invested in them. The MFA asserts that this new categorization makes the CFTC registration rule changes particularly problematic and potentially very

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. BOX: Effective Immediately - Rule Change to Increase the Position and Exercise Limits for Options on the iShares MSCI Emerging Markets Index Fund to 500,000 Contracts (See also: Exhibit 5) C2: Effective Immediately - Rule Change Relating to the Options Regulatory Fee CBOE: Effective Immediately - Rule Change Relating to the Options Regulatory Fee FINRA: Effective Immediately - Rule Change to Add the Term Chief Legal Officer to the Definition of General

The SEC approved amendments to FINRA Rule 6700 Series and TRACE dissemination protocols. These amendments provide for the dissemination of trade information as to agency pass-through mortgage-backed securities that are traded in specified pool transactions (MBS specified pool transactions) and SBA-backed ABS that are traded either in specified pool transactions or TBA (collectively, SBA-backed ABS transactions). FINRA also reduced the reporting periods for MBS specified pool and SBA-backed ABS transactions to improve the timeliness of the transaction information to be disseminated, and

On December 10, 2012, the SEC published an amendment to its regulations under the Exchange Act to extend the dates for certain requirements therein, and to amend the General Instructions to Form 19b-4 to clarify the process for submitting advance notices and security-based swap submissions to the SEC. The document contained an error with respect to the placement and numbering of a footnote. Dates: [insert date of publication in Federal Register]. View release in full here (links externally to SEC website). Related News Item: Extension of Dates for Certain Requirements and Amendment of Form 19b

SIFMA confirmed its market close recommendations for year-end 2012 in the U.S., UK and Japan. U.S.: SIFMA Recommends Early Market Close on December 24, Full Market Close on December 25, Early Market Close on December 31, and Full Market Close on January 1, 2013, for Trading of U.S. Dollar-Denominated Fixed-Income Securities in the US in Observance of the Christmas Day and New Year's Day Holidays, Respectively UK: SIFMA Recommends Full Market Closes on December 25, December 26 and January 1, 2013 for Trading of U.S. Dollar-Denominated Fixed-Income Securities in the UK in Observance of the