SIFMA today announced it is releasing a set of model documents and related guidance to help municipal securities underwriters comply with new requirements, effective August 2, 2012, for disclosure to municipal issuers set forth by MSRB Rule G-17. These documents are intended to be a starting point for disclosures regarding the underwriter's role, compensation, and conflicts, as well as risks inherent in certain complex financial transactions. SIFMA encourages underwriters to expand or modify these documents as necessary to encompass unique financial characteristics and risks not included in

Earlier this year, the Tri-Party Repo Infrastructure Reform Task Force issued its final report describing the status of industry efforts to reform the tri-party repo market. The Federal Reserve Bank of New York announced that the Federal Reserve would intensify its supervisory oversight of key tri-party market participants' efforts to implement the Task Force recommendations in a timely fashion. Note that triparty repo was also a topic of extensive discussion in the FSOC's annual report, which was also a topic of today's news. View statement in full here (links externally to NY Fed website).

The SEC is making a technical amendment to rules under the Exchange Act to correct an inadvertent error. On December 21, 2011, the SEC extended the expiration date for the temporary municipal advisor registration regime to September 30, 2012. In the release extending the expiration date, the SEC inadvertently omitted a reference to Subpart N, which resulted in the deletion of Subpart N from the Code of Federal Regulations. With this technical amendment, the SEC is correcting the omission and adding back Subpart N to the Code of Federal Regulations. Effective Date: July 18, 2012 Cross Reference

The SEC's complaint, originally filed on April 28, 2011, alleged that China Voice, former CFO Richard Allen, and former CEO and President William F. Burbank IV made a series of false and misleading statements and omissions regarding China Voice's financial condition and business prospects. In addition, the SEC charged China Voice shareholders Ilya Drapkin and Gerald Patera with financing stock promotion campaigns regarding China Voice. The SEC further alleged that Allen launched what became a Ponzi scheme that sought to raise at least $8.6 million from investors around the country. View

The Office of Chief Counsel under the Division of Corporate Finance at the SEC will not object if Touchmark Bancshares stops filing periodic and current reports under the Exchange Act after Touchmark files Form 15 to terminate its registration of common stock. This position is based on representations from Touchmark's post-effective amendment removing from registration unsold securities under its effective registration statement on Form S-8, and that this deregistration is pursuant to Exchange Act Section 12(g)(4), and with staff guidance on the requirements of Title VI of the JOBS Act. View