Federal Reserve Governor Daniel K. Tarullo gave a speech at the Americans for Financial Reform and Economic Policy Institute Conference discussing the "shadow banking system" and its impact on systemic risk regulation. The speech focused in particular on the issues presented by short-term wholesale funding, and especially the pre-crisis rise in the creation of assets that were thought to be "cash equivalents." Governor Tarullo described the short-term wholesale funding runs that began in 2007 as events that had a "cascading, self-reinforcing quality" that directly exacerbated financial stress

NASAA President, Andrea Seidt, released a statement indicating NASAA's new campaign to take advantage of technology in an effort to balance the legitimate interests of investors with the legitimate goals of entrepreneurs, and to adopt policies that are fair to both. In her remarks, President Seidt states that NASAA has consulted with a task force of the American Bar Association to "develop a proposal that peels back some of our normal guidelines to accommodate this new type of offering." As part of the proposal, NASAA has designed a multistate review process, and is developing a multistate

NASAA issued two statements regarding the SEC's Investor Advisory Committee's ("IAC") recommendations on SEC investment adviser exam funding and on the fiduciary duty for broker-dealers. In short, NASAA favored increased funding to allow the SEC to conduct more examinations of investment advisers. NASAA also supported imposing a fiduciary obligation on broker-dealers that provide personalized advice. Lofchie Comment: Both of NASAA's statements raise important policy considerations, and ought to illustrate the difficulty of obtaining a benefit that is cost-free. As to NASAA's recommendation

The MSRB issued a restated interpretive notice to MSRB Rule G-29 ("Availability of Board Rules") which states that the MSRB will no longer be printing and distributing its rulebook on an annual basis, but instead will be maintaining its rulebook online. The new Rule G-29 interpretive notice states that dealers may still make the MSRB's rules available to customers by a number of other means, including providing access to the MSRB's website, and using printed versions or software products produced by other companies. To ensure that the digital availability of MSRB rules meets the needs of

The SEC announced that Julie K. Lutz has been appointed as director of the Denver Regional Office. She will oversee enforcement and examinations in a seven-state region. See: SEC Press Release.