FINRA RN 11-30 June 27, 2011 FINRA announced that it is delaying the effective date, to October 3, 2011, for the treatment of non-margin eligible equity securities announced in FINRA Regulatory Notice 11-16. In addition, FINRA revised a provision requiring firms to cancel certain day-trade transactions. Instead, firms will be required to restrict the amount of margin extended to such customers who fail to meet day-trade calls on non-margin eligible equity securities. Cross References FINRA RN 11-16 FINRA Rule 4210 Regulation T

FINRA RN 11-28 June 16, 2011 FINRA published a request for comment on a proposal to amend Schedule A of its By-Laws to implement an "Accounting Support Fee" to fund the Governmental Accounting Standards Board. The proposal is in response to Section 978 of Dodd-Frank, which amended Section 19(g) of the Securities Act to give the SEC the authority to require national securities associations to establish an accounting support fee to fund the GASB. Comments on the proposal are due by August 1, 2011. Cross References Dodd-Frank § 978 Securities Act § 19(g)

SEC Release No. 34-64748 June 27, 2011 The SEC announced that it is extending the compliance date for certain requirements of recently adopted Exchange Act Rule 15c3-5. In particular, the SEC extended, until November 30, 2011, all of the requirements of Rule 15c3-5 for fixed income securities, and the requirements of Rule 15c3-5(c)(1)(i) (requiring risk management controls to prevent entry of orders that exceed certain credit or capital thresholds) for all securities. The remainder of Rule 15c3-5, which requires broker-dealers with direct access to specified securities trading facilities to

Discussion Draft: Staff No-Action Relief CFTC PR 6062-11 June 30, 2011 The CFTC has released a staff working draft of a "no-action" letter that could supplement exemptive relief recently proposed by the agency. The proposed exemptive relief (76 FR 35372) and staff draft no-action letter, taken together, would provide greater clarity during the transition to the new regulatory framework for swaps in light of the general effective date in Title VII of the Dodd-Frank Act of July 16, 2011. Specifically, the draft no-action letter provides that the Division of Market Oversight (DMO) and the

Open Meeting on Five Final Rule Proposals under the Dodd-Frank Act CFTC PR 6064-11 June 30, 2011 The CFTC will hold a public meeting on July 7, 2011 to consider five final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The public meeting will consider five final rules on the following topics: Agricultural Commodity Definition; Business Affiliate Marketing and Disposal of Consumer Information Rules; Privacy of Consumer Financial Information - Conforming Amendments (Part 160); Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive