The SEC charged four financial services firms based in India for providing brokerage services to institutional investors in the U.S. without registering under the federal securities laws. The four firms agreed to pay more than $1.8 million combined to settle the SEC’s charges. According to the Orders, the firms engaged with U.S. investors in the following ways despite being unregistered broker-dealers: Sponsored conferences in the U.S. Had employees travel regularly to the U.S. to meet with investors. Traded securities of India-based issuers on behalf of U.S. investors Participated in

Technical corrections are being made to SEC Release 77 FR 70214, which proposed capital and margin requirements for security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs"). The release also proposed segregation requirements for SBSDs and notification requirements with respect to segregation for SBSDs and MSBSPs as well as increases to the minimum net capital requirements for broker-dealers permitted to use the alternative internal model-based method for computing net capital. View Proposed Rule in full here (links externally to SEC website).

MFA submitted the attached supplemental comment letter to the U.S. prudential regulators during the reopened comment period for their proposed rulemaking on "Margin and Capital Requirements for Covered Swap Entities" in which it sets forth the following six positions: Internationally uniform margin requirements; A single compliance date for the final margin rules for all uncleared swaps for all market participants; Requiring swap dealers to transfer variation margin to counterparties on uncleared swaps with financial entity counterparties; MFA appended its accompanying portfolio margining

The IOSCO has published the Final Report on Principles for Ongoing Disclosure for Asset-Backed Securities (ABS Ongoing Disclosure Principles), which contains eleven principles designed to provide guidance to securities regulators who are developing or reviewing their regulatory regimes for ongoing disclosure for asset-backed securities (ABS). IOSCO states that the objective is to enhance investor protection by facilitating a better understanding of the issues that should be considered by regulators in relation to ongoing disclosure regimes for ABS. View Press Release in full here (links

NFA is asking Members for nominations to fill five vacancies on NFA's Board of Directors ("the Board"). The terms of four current Public Representatives and one vacancy in the Public Representative category are set to expire at the Board's 2013 regular annual meeting. At the Board's regular annual meeting, scheduled for Thursday, February 21, 2013, the Board will elect from among the nominees five Public Representatives to serve on the Board for two-year terms. View Notice in full here (links externally to NFA website).