In a letter to U.S. Treasury Department ("Treasury") Secretary Jacob Lew, SIFMA urged him to use Treasury's leadership to begin discussions on a regulatory framework for financial services, and affirmed its support for a comprehensive Transatlantic Trade and Investment Partnership ("TTIP"). Lofchie Comment: With the change in leadership at the CFTC, Treasury should reexamine its position on this issue and support regulatory cooperation. It is likely to prove more productive for the U.S. economy than attempts to impose regulatory hegemony. See : SIFMA Comment Letter. Related news : SIFMA

SIFMA submitted comments to the SEC regarding proposed amendments to the MSRB's rules pertaining to best execution of municipal securities and transactions with Sophisticated Municipal Market Professionals ("SMMP"). In the letter, SIFMA noted that it supports raising the execution standard in the municipal market for retail customers in a way that reflects the current market structure and unique characteristics of the municipal market. In addition, SIFMA expressed support for the proposed revisions to MSRB Rules G-18 (presently reserved) and G-48 ("Transactions with Sophisticated Municipal

The FINRA-proposed rule to adopt a supplementary schedule for inventory positions pursuant to FINRA Rule 4524 ("Supplemental FOCUS Information") was approved by the SEC, as modified by Amendment No. 1, and published in the Federal Register. According to FINRA, the supplementary inventory schedule ("SIS") to the Financial and Operational Combined Uniform Single Report and the Report on Finances and Operations of Government Securities Brokers and Dealers (specifically, FOCUS Report Part II, FOCUS Report Part IIA and FOGS Report Part I) would provide more detailed information about inventory

The North American Securities Administrators Association ("NASAA") reported a significant increase in the amount of prison time to which securities law violators were sentenced in 2013 as a result of enforcement action initiated by state securities regulators. According to NASAA's annual enforcement survey, the prison sentences of criminal defendants in cases stemming from enforcement actions by state securities regulators increased 33 percent in 2013 compared to prison sentences in 2012. NASAA also reported that the average sentence for a securities law violator increased by more than 53

The MSRB announced that its Electronic Municipal Market Access ("EMMA") Web site now provides free public access to public finance ratings from the Kroll Bond Rating Agency ("KBRA"). See: MSRB Press Release.