The Federal Reserve Board announced its approval of the application by Sumitomo Mitsui Financial Group and Sumitomo Mitsui Banking Corporation, both of Japan, to acquire up to 9.9 percent of the voting shares of The Bank of East Asia, Limited. Click here to view notice in full (links externally to FRB website).

In light of the entry into force today (November 1, 2012) of the short selling regulation on, and certain aspects of, credit default swaps (Regulation (EU) No. 236/2012), the Financial Services Authority has published a web page that sets out a summary on how the new regime short selling will affect investors and provides guidance as to how affected persons may make their notifications and disclosures to the FSA.

FINRA and the other U.S. members of the Intermarket Surveillance Group (ISG members) have extended the effective date for compliance with certain new data elements for Electronic Blue Sheets (EBS) identified in Regulatory Notice 12-36 to May 1, 2013. View FINRA Regulatory Notice 12-47 in full here (links externally to FINRA website). See also: Press Release.

In Regulatory Notice 12-26 (May 2012), FINRA announced that amendments to FINRA Rule 6700 Series and TRACE dissemination protocols, and related amendments to FINRA Rule 7730, would become effective on November 5, 2012. Due to disruptions in normal business operations related to Hurricane Sandy, FINRA has changed the effective date of these TRACE rule amendments to November 12, 2012. Similarly, the expiration dates of the pilot programs in FINRA Rules 6730(a)(3)(D)(i) and 6730(a)(3)(E)(i) regarding the reduction in reporting times for TBA transactions have changed from May 10, 2013 to May 17

According to OCIE Director Carlo V. di Florio, conflicts of interest are at the heart of many cases that the Commission brings on a routine basis. The SEC Director of the Office of Compliance Inspections and Examinations delivered a speech in which he explained the term "conflicts of interest," the reason conflicts of interest are of particular concern, and what the SEC and other regulators are currently focusing on as to conflicts. Director di Florio went on to discuss the role of risk management and risk controls within firms in identifying and managing conflicts of interest, especially the