Leaving aside the quality or benefit of individual regulations issued during the prior administration – an issue that can be fiercely debated – the sheer volume of new requirements was simply overwhelming to the markets. Keeping up with rulemaking became a major business; often more important than doing business. Respite is welcome.

The reason that sophisticated investors wish to obtain "related performance information" is that it is useful in making an investment decision. Accordingly, FINRA should re-examine its strict policy against making this information available to retail investors and allow the provision of the information where it would not be misleading.

FINRA's TBA Margin Requirements have been almost five years in the making, yet their implementation is still facing very material problems. The implementation of the requirements is turning out to be far more complicated than anyone expected, due to the interaction of the FINRA margin requirements with the SEC's custody and capital rules. While those problems were partially resolved, at least as far as implementation at the large firms is concerned, it is becoming clear that implementation…

Senator Brown's criticism of the Senate's action was phrased in dramatic language. His argument is flawed. According to Senator Brown, the Senate was acting to repeal what was intended to be mere "regulatory guidance," which essentially advises parties as to what the law actually is. Assuming that he is correct in this statement, then the repeal of the guidance has no legal effect whatsoever: the law remains what it is. If in fact the guidance did change the law in any material way, then the…