The SEC has released its notification of an immediately effective FINRA filing that institutes proceedings to determine whether to approve or disapprove a proposed rule change relating to participation on the Alternative Display Facility. On September 10, the SEC extended the time period in which to either approve, disapprove or institute proceedings involving the proposal until October 30, 2013. See: SEC Notice. Related news : FINRA Proposed Rule Change: Participation on the Alternative Display Facility (July 18, 2013).

The Senate Banking Committee held a hearing entitled, "Housing Finance Reform: Essential Elements of a Government Guarantee for Mortgage-Backed Securities." This hearing, as well as previous hearings, focused on the future of housing reform, particularly Senate Bill 1217 ("S. 1217"), entitled, "Housing Finance Reform and Taxpayer Protection Act of 2013," which was introduced by Senators Corker (R-TN) and Warner (D-VA). The legislation is intended to strengthen the United States' housing financing system by replacing government-sponsored enterprises ("GSEs") Fannie Mae and Freddie Mac with a

SIFMA and the sponsors of tender option bond ("TOB") programs provided comments to the Office of the Comptroller of the Currency ("OCC"), the SEC, the Board of Governors of the the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Federal Housing Finance Agency ("FHFA"), and the U.S. Department of Housing and Urban Development ("HUD") on the Agencies' proposed rule for credit risk retention. Together, SIFMA and the TOB entities represent participants in the municipal securities industry and the interests of many of the TOB Program sponsors currently in the

NASAA has released an enforcement survey which reports a significant rise in the number of licenses of "unscrupulous" stockbrokers and investment advisers withdrawn due to state action. According to the report, the number of licenses withdrawn due to state enforcement actions increased by 27 percent - from 2,796 to 3,564. NASAA stated that the increase is attributable in part to the completion of the transition of 2,100 investment advisers who switched from federal to state oversight as mandated by Dodd-Frank. Overall, the report showed that state securities regulators conducted 5,865

The Managed Funds Association ("MFA") submitted comments to the Office of the Comptroller of the Currency ("OCC"), the SEC, the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Federal Housing Finance Agency ("FHFA"), and the U.S. Department of Housing and Urban Development ("HUD") on the proposal on credit risk retention, focusing specifically on its application to collateralized loan obligation ("CLO") managers. In the letter, the MFA urged the agencies to reconsider its analysis of the applicability of Dodd-Frank Section 941 (