The MSRB filed an immediately effective rule proposal with the SEC relating to the MSRB's Electronic Municipal Market Access ("EMMA") system, Real-time Transaction Reporting System ("RTRS"), and Short-Term Obligation Rate Transparency System ("SHORT System"). The proposed rule change consists of (i) fee increases for several of the MSRB's subscription services, (ii) revisions to the EMMA, RTRS, and SHORT System facilities language to clarify or otherwise provide that the MSRB may waive fees for these subscription services for non-profit organizations and for organizations providing approved

FINRA filed with the SEC an immediately effective rule that amends FINRA Rule 6432 ("Compliance with the Information Requirements of SEA Rule 15c2-11") to require members to certify that they have not accepted and will not accept any payment or other consideration for market-making from issuers and related persons. Comments must be submitted on or before 21 days from publication in the Federal Register. Lofchie Comment : It might be a good thing to allow issuers to provide support to market makers, subject to some regulatory scheme that would prevent market makers from touting the stock

FINRA released the first podcast in a five-part series that provides an overview of FINRA's 2014 examination priorities. The podcast primarily focuses on FINRA's business conduct priorities regarding suitability. In this podcast, FINRA stated it remains concerned about the suitability of recommendations to retail investors for complex products whose risk-return profiles (including their sensitivity to interest rate changes, underlying product or index volatility), fee structures or complexity may be challenging for investors to understand. FINRA also stated that examinations will include a

The SEC charged a former analyst at an affiliate of S.A.C. Capital Advisors with insider trading based on non-public information that he obtained about a pair of technology companies. The SEC alleged that Ronald N. Dennis received illegal tips from two friends who were fellow hedge fund analysts. With the non-public information, Dennis prompted illegal trades in Dell and Foundry stock, and enabled hedge funds managed by S.A.C. Capital and its affiliate, CR Intrinsic Investors, to generate illegal profits and avoid significant losses. See: SEC Complaint.

SIFMA submitted comments to the CFTC, SEC, the Board of Governors of the Federal Reserve System ("FRB"), the Office of the Comptroller of the Currency ("OCC"), FDIC, the Federal Housing Finance Agency ("FHFA") and the Farm Credit Administration ("FCA") (collectively, the "Agencies") on margin requirements for non-centrally cleared swaps and security-based swaps ("SBS"). SIFMA stated that it understands the Agencies are considering modifications to the proposed margin requirements for non-centrally cleared swaps and SBS in order to harmonize U.S. margin requirements with the final policy