SEC Commissioner Kara M. Stein delivered remarks to the American Bar Association Business Law Section's Federal Regulation of Securities Committee Fall Meeting on how regulators should proceed to ensure efficient regulation in capital markets. Commissioner Stein stated that the SEC should begin by completing statutorily mandated rules such as the Volcker Rule. Stein conceded that finalizing this rule has not been an easy task since five federal agencies are charged with implementing the rule. Additionally, Stein noted, "The rule we are evaluating now is not the rule that I would have written,"

SEC Commissioner Michael Piwowar gave a speech focusing on the SEC's enforcement as well as its rulemaking programs. On the subject of enforcement, Commissioner Piwowar first discussed informal and formal orders of investigation. He explained that informal investigations do not need SEC approval, but generally rely on voluntary information. Formal investigations, on the other hand, need SEC approval to authorize members of the staff to conduct investigations, including the administration of oaths and affirmations and the power to subpoena. Commissioner Piwowar went on to explain that, in 2009

SEC Director of the Division of Investment Management ("IM") Norm Champ spoke at the American Law Institute Continuing Legal Education Group ("ALI CLE") 2013 Conference on Life Insurance Company Products regarding recent industry developments, related disclosure issues, and developments with regard to mutual fund directors. Director Champ began by discussing relevant industry trends, including the development of deferred annuity riders. According to Mr. Champ, these offer investors the ability to build a stream of future annuity payments over time rather than in a single, lump-sum purchase

SIFMA has submitted an amicus brief to the U.S. Court of Appeals in support of the defendants regarding the question of whether American Pipe tolling applies to the three-year statute of repose set forth in Securities Act Section 13 ("Limitation of Actions"). SIFMA's amicus brief argued three primary issues: American Pipe tolling doctrines apply only to toll statutes of limitations and should not be extended to include status of repose; the tolling claims that the plaintiffs lacked the standing to assert, would be inconsistent with American Pipe, which SIFMA claims would "breed abuse in

SIFMA released market close recommendations for the U.S., the UK and Japan. In all three jurisdictions, SIFMA recommends full market closure on November 28 and early market close on November 29 for the Trading of U.S. dollar-denominated fixed-income securities. SIFMA stated that these recommendations apply to the trading of U.S. dollar-denominated government securities, mortgage and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers' acceptances, commercial paper and Yankee and Euro