In a speech at the MSRB-SIFMA Municipal Bond Summit, Commissioner Walter discusses the findings of the SEC's study on the municipal securities market (published on July 21 of this year) and addresses issues in the structure of the municipal securities market. Commissioner Walter states that the market has lagged behind other market segments in "leveraging advances in communication and technology to enhance the transparency of prices and the efficiency of trading," which she believes has hurt investors as well as municipal issuers in the process. The cited report covers market structure and

Section 719(d) of the Dodd-Frank Act mandates that the SEC and CFTC jointly conduct a study to determine whether stable value contracts ("SVCs") fall within the definition of a "swap". Section 719(d) of the Dodd-Frank Act also requires that the Commissions, in making that determination, jointly consult with the DOL, the Treasury, and the State entities that regulate the issuers of SVCs. Further, Section 719(d) of the Dodd-Frank Act provides that if the Commissions determine that SVCs fall within the definition of a "swap," they jointly shall determine if an exemption for SVCs from the

The banking regulators (the "Agencies") have reopened the comment period for the "Proposed Margin Rule" published in the Federal Register on May 11, 2011 ( 76 FR 27564). The rule is intended to establish minimum margin and capital requirements for uncleared swaps and security-based swaps entered into by SDs, MSPs, security-based swap dealers, and major security-based swap participants, in each case subject to the requirements of the Prudential (banking) regulators rather than the CFTC. The release indicates that the comment period has been extended as a result of the consultative document on

The SEC-OIG published a report consisting of 10 recommendations to strengthen OIA's internal operations and to assist OIA and the OCOO in effectively executing international travel-related responsibilities.

The MSRB has requested comment on revised amendments to MSRB rules which are intended to address concerns that new issues of municipal bonds are not being distributed among different types of investors according to the preferences of the state or local government issuing the bonds. The proposed rule changes are designed to ensure that dealers (i) honor the wishes of their state and local government clients, and (ii) engage in fair pricing practices for retail investors. In March 2012, the MSRB sought comment on proposed amendments to MSRB rules concerning retail order periods. Following the