The Board of Governors of the Federal Reserve System published an International Finance Discussion Paper examining the cross-border effects of international banking regulation.

Members of the House Subcommittee on Capital Markets and Government-Sponsored Enterprises heard testimony on (i) a FINRA registration proposal, (ii) the money market fund rule, (iii) bond market transparency and liquidity, (iv) the Treasury trade reporting proposal, (v) the "materiality" standard, and (vi) the Public Company Accounting Oversight Board.

FINRA notified member firms that the Securities Industry/Regulatory Council on continuing education released the Firm Element Advisory in a new online format.

Two industry associations commented on a Financial Stability Board policy proposal to address structural vulnerabilities caused by asset management activities.

SEC Enforcement Director Andrew J. Ceresney highlighted auditor responsibilities in the current legal and regulatory environment.