NFA Rule 401 (Qualification Testing Requirement) had been amended, effective as of October 3, 2012. View amended rule here (links externally to NFA website).

The OCC announced that Charles Taylor, Deputy Comptroller for Regulatory Policy, has been selected by the Basel Committee on Banking Supervision (Basel Committee) to chair its Standards Implementation Group (SIG). View announcement here (links externally to OCC website).

View excerpt from transcript here.

According to these estimates, large banks are going to have to spend some serious time collecting information. If we assume, as is sometimes the case, that the time estimates are understated, one can see some of the reason why banks' expenses will rise. Cross-Reference(s): Dodd-Frank Section 165 (enhanced supervision and prudential standards for nonbank financial companies supervised by the Board of Governors and certain bank holding companies). View notice in full here (links externally to GPO website).

In this opening address, SIFMA's Randy Snook explains why the municipal market is unique, the challenges posed by Dodd-Frank, new disclosure requirements under MSRB Rule G-17, and efforts by SIFMA to keep the market safe and facilitate rule compliance for professionals. As to Dodd-Frank, Mr. Snook urged that there be a complete exemption from the Volcker Rule for municipal securities. (For a prior Cadwalader article describing the problems that Volcker causes for municipal securities, view link here.) View speech here (links externally to SIFMA website). See also: September 18 news entry on