SIFMA submitted comments to the SEC on the proposed National Market System ("NMS") Plan for governing the process of selecting a plan processor and developing a plan for the Consolidated Audit Trail ("CAT"), pursuant to Exchange Act Regulation NMS. According to the comment letter, SIFMA supports the development of the CAT and believes that it will provide an "invaluable opportunity to enhance the information capture and reporting structure that exists today." SIFMA also supports the basic mechanics of the selection process set forth in the Proposed Plan - in particular, the steps that the SROs

The SEC has issued a notice soliciting comments on the Public Company Accounting Oversight Board's ("PCAOB") proposed amendments to conform the PCAOB's rules and forms to Dodd-Frank and to make certain updates and clarifications. The PCAOB filed the proposed rules with the SEC on December 23, 2013. The amendments apply to the PCAOB's Interim Quality Control Standards as well as its Ethics Code. See: SEC Notice and Text of Proposed Rules.

The U.S. Senate voted (56-26) to confirm Janet Yellen as the Chair of the Board of Governors of the Federal Reserve System. See: White House Statement; SIFMA Statement; MFA Statement.

The Loan Syndications and Trading Association, SIFMA, the Structured Finance Industry Group, the American Bankers Association, and the Financial Services Roundtable (together, the "Trade Associations") have sent an additional letter to federal regulators requesting that they clarify how certain provisions in the recently issued "Volcker Rule" regulations apply to "Ownership Interests" in debt securities of issuers of collateralized loan obligations ("CLOs"). As in the letter submitted on December 24, 2013, the Trade Associations request that the regulators confirm that "ownership interest"

The SEC has issued a rule amendment regarding the duties of the SEC's General Counsel. The amendment adds language, to Part 200 of Title 17 of the Code of Federal Regulations, which specifies that the SEC's General Counsel is responsible for providing advice to SEC attorneys on professional responsibility issues relating to their official duties, investigating allegations of professional misconduct by SEC staff and, where appropriate, making referrals to state professional boards or societies. Additionally, the amendments include several minor corrections to provisions that relate to the