CFTC Speeches March 7, 2011 CFTC Commissioner Jill Sommers called for: extended and more flexible time deadlines for implementing Dodd-Frank requirements; setting the precise scope of Dodd-Frank with respect to the cross-border activities of foreign banks; harmonizing our rules to the greatest extent possible with the SEC, other U.S. regulators and our foreign regulatory counterparts to ensure that we accomplish the overall objectives of "reducing systemic risk and limiting opportunities for regulatory arbitrage"; Commissioner Sommers also noted that the CFTC is out of step with non-U.S

Financial Stability Board March 4, 2011 At their meeting in Seoul in November 2010, G20 Leaders concluded that further work on macroprudential frameworks was a priority. In order to deal with systemic risks in the financial sector in a comprehensive manner and on an ongoing basis, G20 leaders called on the FSB, IMF and BIS to do further work on macro-prudential policy frameworks, including tools to mitigate the impact of excessive capital flows. This update summarises the work underway internationally and nationally to develop effective macroprudential policies and frameworks, by drawing also

Speech by Carlo V. di Florio March 3, 2011 In a recent speech before SIFMA's Anti-Money Laundering Seminar, OCIE Director Carlo V. di Florio addressed (i) general developments at the SEC; (ii) changes to OCIE's national exam program, and (iii) anti-money laundering issues of concern. With respect to AML examination issues, Mr. di Florio stressed, among other things, AML concerns as to (i) direct market access, and (ii) master-sub accounts. Mr. di Florio also highlighted a few recent AML enforcement actions and other regulatory developments. Cross References In re Ronald S. Bloomfield, SEC

FINRA Enforcement Action March 7, 2011 FINRA announced a $500,000 fine against a Texas-based broker-dealer for using paid consultants to solicit municipal securities business and for related violations of the MSRB rules. The action alleges that the broker-dealer paid consultants to promote the firm's ability to work as a financial advisor and municipal underwriter for public entities. In addition, the action alleges violations of MSRB rules relating to the firm's failure to report certain municipal transactions and for failing to have adequate systems and procedures to supervise aspects of its

SR-FINRA-2011-13 March 4, 2011 FINRA submitted to the SEC a proposal to establish a new registration category and qualification requirements for certain operations personnel. The proposal would create a new registration category of "Operations Professional," and would make persons covered by the rule subject to a qualification examination and status as an "associated person" under the FINRA rules. The rule would cover (1) senior management with certain operations functions; (2) supervisors and other persons responsible for authorizing certain operations functions; and (3) persons with the