International Organization of Securities Commissions February 24, 2011 This Final Report of the Technical Committee (TC) of the International Organization of Securities Commissions (IOSCO) addresses several of the recent regulatory initiatives that impact or will shortly impact credit rating agencies (CRAs) that are active in multiple jurisdictions. In particular, the paper reviewed CRA supervisory initiatives in Australia, the European Union (EU), Japan, Mexico, and the United States (US) in order to evaluate whether, and if so how, these regulatory programs implemented the four principles

NYSE Information Memo 11-07 February 25, 2011 The NYSE published an information memo alerting firms to recent amendments to its Rule 1600, governing the New York Block Exchange (NYBX). Rule 1600 was amended to add provisions on short sales in order to implement provisions of Rule 201 of Reg. SHO which, when triggered, imposes a restriction on the prices at which short sales can occur. Cross References NYSE Rule 1600 Reg. SHO Rule 201

SEC Release 34-63961 (SR-FINRA-2010-059) February 24, 2011 The SEC granted approval to a FINRA proposal to adopt NASD Rule 3020 (Fidelity Bonds) - subject to certain amendments and taking into account NYSE Rule 319 - as FINRA Rule 4360. The rules generally require member firms to maintain minimum amounts of fidelity bond coverage for officers and employees and that the coverage addresses loss incurred due to certain specified events. Cross References SEC Release 34-63331 (proposal) FINRA Rule 4360 NASD Rule 3020 NYSE Rule 319

MSRB Notice 2011-17 February 23, 2011 The MSRB issued a notice regarding changes to its Rule G-34(c) that will require firms to submit to the MSRB Short-Term Obligation Rate Transparency (SHORT) System certain documentation relating to municipal auction rate securities and variable rate demand obligations. The rule changes go into effect on May 16, 2011. Cross References SEC Release 34-62755 (approving rule change)

MSRB Notice 2011-18 February 24, 2011 The MSRB published a notice to solicit comment on draft Rule G-43, regarding broker's brokers. The new rule would define a "broker's broker" as a broker, dealer, or municipal securities dealer that "principally effects transactions for other [such entities] or that holds itself out as a broker's broker." The proposed rule would set forth basic duties for broker's brokers that would be similar to the duties in current Rule G-18. Among other things, this would require a broker's broker to make reasonable efforts to obtain a price for the dealer that is fair