SIFMA responded to MSRB Notice 2012-36 (July 5, 2012), in which the MSRB requested comment on a draft amendment to limit dealer consents to changes in authorizing documents for municipal securities. Although SIFMA did not file a comment letter in response to the prior MSRB Notice on this subject, SIFMA did address two concerns about the potential breadth of this draft amendment to Rule G-11. Cross-Reference(s): MSRB Notice 2012-36 , 2012-04 , Rule G-11 , G-17 View in fullhere (links externally to SIFMA website).

The SEC charged Wells Fargo's brokerage firm and former vice president for selling investments tied to mortgage-backed securities without fully understanding their complexity or disclosing the risks to investors. According to the Order, Wells Fargo's sales representatives largely relied on the high rating of the securities without understanding their risk. [Lofchie Comment: This is essentially a negligence case, as opposed to one predicated on intentional wrongdoing.] Cross-Reference(s): Securities Act Sec. 8A, 17(a)(2), 17(a)(3); SEA Sec. 15(b); ICA Sec. 9(b); 466 US 680; Sarbanes-Oxley Act

The Exchange is implementing a new Trading Rule 4.06, which consolidates the current rule and addresses Exchange for Related Position transactions. Cross-Reference(s): Trading Rule 4.06, 4.12, 4.13 and 4.13A. View in full here (links externally to ICE website).

ICE is implementing new rules and rule amendments which provide that all market participants agree to comply with Exchange rules and consent to jurisdiction, and is renumbering and renaming Chapter 4 of Rules as "Trading Rules." The amendments prohibit all market participants from engaging in specified abusive trading practices. Cross-Reference(s): CEA Sec. 1a(18) ; CFTC Rule 4.17, 38.151 , 38.152 View in full here (links externally to ICE website).

MFA submitted a comment letter to the SEC in response to its Sequencing Roadmap Policy Statement on the compliance dates for final Title VII rules applicable to security-based swaps. The timetable suggested by the letter illustrates the most significant issues for the MFA in connection with the implementation of Dodd-Frank (e.g., central clearing and straight-through processing). The letter also expresses concern that the SEC's implementation timetable may disadvantage hedge funds as compared with other customers. See also the related letter from the MFA to the European securities authority