Members of the Cross-Border Regulation Forum ("CBRF"), including SIFMA, the Association for Financial Markets in Europe and ISDA, submitted a comment letter to IOSCO regarding the task of cross-border regulation. In the letter, the CBRF (i) set out the reasons for its belief that effective coordination is important and detailed the possible consequences of sub-optimal coordination, (ii) offered its views on the coordination tools discussed in the IOSCO Report, and (iii) expressed its opinion that IOSCO can and should play a leading role in promoting "coordinated and consistent regulatory

The SEC approved a rule change filed by the NASDAQ Stock Market LLC ("NASDAQ") which adopts new NASDAQ Rule 5713 and new listing standards for "Paired Class Shares." The rule change allows list and trade in such shares issued by seven new AccuShares exchange-traded funds ("ETFs") on a national exchange. Each pair of shares is intended to provide a return based either on an upward or a downward movement in a particular index or asset. SEC Commissioner Stein issued a dissenting statement regarding the SEC's approval of the rule change in which she said that the record and analysis presented to

In a letter to AllianceBernstein Income Fund, Inc. (the "Fund"), the SEC refused to confirm that it would refrain from recommending enforcement action if the Fund omitted a shareholder proposal from its proxy materials. The proposal suggests that the fund conduct a self-tender, possibly leading to either the Fund's liquidation or its conversion into an open-end fund. The SEC stated that it does not agree that the Fund may exclude the entire proposal or portions of a supporting statement under Exchange Act Rule 14a-8(i)(3). Additionally, the SEC explained, it is unable to conclude that the Fund

SIFMA submitted comments to the SEC on the proposed capital plan sought in a Notice of Filing of a Proposed Rule Change and in a Notice of Filing of an Advance Notice, both of which were filed by the Options Clearing Corporation ("OCC"). SIFMA stated that it supports the appropriate capitalization of the OCC and other systemically important financial market utilities. However, SIFMA explained, it is "vital" that the enhancements to the OCC's capital structure not "detract from or destroy the OCC's successful history of operating as an industry utility for the benefit of market participants."

The SEC issued an Investment Management Guidance Update regarding the acceptance of gifts or entertainment by advisory personnel. According to the Guidance Update, a conflict of interest arises when a fund's investment advisor is presented with "gifts, favors, or other forms of consideration" from persons doing business or hoping to do business. Therefore, when fund advisory personnel act as agents, they are barred from accepting any source of compensation other than regular salary or wages for the purchase or sale of any property to or for the fund. The Guidance Update states that Investment