FINRA RN 11-22 May 6, 2011 FINRA announced that amendments to its rules regarding panel composition for promissory note disputes will become effective on June 6, 2011. The amendments make it so that FINRA will appoint chair-qualified public arbitrators to promissory note disputes rather than statutory discrimination qualified arbitrators. Cross References SEC Release No. 34-64226 (approving rule changes) FINRA Rules 12400(c), 13802, 13806

CFTC Announcements CFTC PR 6035-11 May 9, 2011 CFTC Chairman Gary Gensler today announced the appointment of Steven W. Adamske to serve as Director of Public Affairs at the agency. Mr. Adamske, who will join the CFTC staff this summer, currently serves as the Deputy Assistant Secretary for Public Affairs and Spokesperson for Secretary Timothy Geithner at the U.S. Treasury Department. He previously served as Communications Director for the House Financial Services Committee under Chairman Barney Frank.

May 4, 2011 The NYSE published an information memo to inform firms of recent amendments to Rule 72(d) that reduced the minimum size of a block transaction that is eligible for a 72(d) crossing transaction. The new rule becomes effective on May 12, 2011. Cross References NYSE Rule 72(d) SEC Release No. 34-64334 (approval order)

CFTC-Dodd-Frank Rulemaking May 4, 2011 In order to provide interested parties with an additional opportunity to participate in these Dodd-Frank Act rulemakings and comment on the proposed new regulatory framework, the Commission is reopening or extending the comment period for many of its proposed rulemakings. The Commission is also requesting comment on the order in which it should consider final rulemakings made under the Dodd-Frank Act. Cross References Dodd-Frank Act, Title VII

CFTC Speeches Federal Reserve Board of Chicago, 47th Annual Conference on Bank Structure and Competition, Theme Panel Implementing Dodd-Frank: Progress to Date and Recommendations for the Future May 4, 2011 CFTC Commissioner Scott O’Malia discusses at length a number of Dodd-Frank issues. Here are two interesting passages: “I find myself asking if we are really going to change the fundamentals of the market. If we take the flexibility out of the swaps market by trying to make those unique instruments trade as though they’re futures, and ignore the characteristics that make them useful tools to