FINRA will waive TRACE late trade reporting fees if a firm in an area affected by Hurricane Sandy was late in reporting certain transactions in TRACE-eligible securities late. View Notice in full here (links externally to FINRA website). See also: Press Release.

The SEC initiated administrative proceedings against the Chinese affiliates of various U.S. accounting firms for not producing audit work papers and other documents related to China-based companies under investigation for potential accounting fraud against U.S. investors. According to the Order, (i) the audit materials are being sought as part of SEC investigations into potential wrongdoing by nine China-based companies whose securities are publicly traded in the United States, and (ii) the audit firms' refusal to provide the documents sought by the SEC is in contravention of their legal

Four industry trade associations submitted a letter to the CFTC requesting that the Division of Swap and Intermediary Oversight ("DSIO") provide a 9-month temporary exclusion from including an investment in a securitization vehicle as a "commodity interest," for purposes of § 4.13(a)(3) [Fund Exemption for CPO Registration] and/or § 4.5 [Fund Exclusion for CPO Registration] while DSIO develops guidance on the treatment of such investments in securitization vehicles. The associations (including the Managed Funds Association, the Investment Adviser Association, the Investment Company Institute

In a speech at the "AICPA/SIFMA FMS Conference On The Securities Industry," CFTC Commissioner Scott O'Malia discussed the post-Dodd-Frank derivatives landscape within the context of the (i) transaction rules, (ii) capital and margin rules, and (iii) Congress's legislative review role for the coming year.

The Futures Industry Association ("FIA"), the Institute of International Bankers ("IIB") and the Securities Industry and Financial Markets Association ("SIFMA") (collectively, the "Associations") submitted a joint letter requesting that the CFTC delay the effective date of numerous rules relating to swap regulation. Among the rule topics as to which delays were requested are the following: Reporting; External business conduct; Internal business conduct; and Confirmation, portfolio reconciliation, portfolio compression and swap trading relationship documentation. The Associations also requested