The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have published a joint consultative paper on margin requirements for derivatives which have not been cleared through a central counterparty. The proposal sets out a number of high-level principles on margining practices, the treatment of collateral and margin requirements. The principles are envisaged to apply to all transactions involving either financial firms or systemically important non-financial entities. The proposal will be open for responses until September 28, 2012. Bank for

In view of the important role that broker's brokers play in the provision of secondary market liquidity for municipal securities owned by retail investors, MSRB Rule G-43 sets forth particular rules to which broker's brokers are subject. Rule G-43(a)(i) provides: Each dealer acting as a "broker's broker" with respect to the execution of a transaction in municipal securities for or on behalf of another dealer shall make a reasonable effort to obtain a price for the dealer that is fair and reasonable in relation to prevailing market conditions. The broker's broker must employ the same care and

The European Commission has proposed a number of new rules to increase consumer protection in financial services, including: & proposals for key information to be provided to consumers when considering investments; revisions to the Insurance Mediation Directive to improve transparency and establish a level playing field for insurance sales; and revisions to the UCITS directive to clarify the rules on depositaries, remuneration of UCITS managers and sanctions for core breaches of the UCITS legal framework. European Union

Cyprus has published its programme for its presidency of the Council of the EU. With regards to financial services, the country's work plan includes: the revision of MiFID; Crisis Management and Bank Resolution Framework; the revision of the Credit Rating Agencies Regulation; Omnibus II; and the Capital Requirements Directive and Regulation. Cyprus Presidency of the Council of the European Union

SIFMA's Kenneth E. Bentsen, Jr., executive vice president, public policy and advocacy, testified before the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. In his testimony, he discussed the impact of certain provisions of Dodd-Frank and their impact on credit availability. Namely, his testimony covered: The Volcker Rule, Credit Risk Retention, Title VII, and Section 165(e) Single Counterparty Credit Limits View additional details here(links externally to SIFMA website).