According to the NASAA 2013 Coordinated Investment Adviser Examination Report, there is little difference in the type or frequency of deficiencies between existing state investment advisers and those advisers who switched from federal to state oversight as a result of Dodd-Frank. Under Dodd-Frank, about 2,100 mid-sized investment advisers with assets under management between $30 million and $100 million switched from federal to state oversight earlier this year. State securities examiners report sample data from their investment adviser examinations to NASAA's Investment Adviser Operations

The MSRB published an educational resource on its website to help newly registered municipal advisers prepare for regulatory oversight by providing information as to the importance of registration, the role of the MSRB and what it means to be regulated by an SRO. The resource also is intended to help municipal advisers to assess their business practices and access available resources, and to stay informed about MSRB activities. See: Preparing for Regulation: A Guide for Municipal Advisors.

FINRA filed with the SEC a proposed rule change to amend FINRA Rule 7230B ("Trade Report Input") to allow FINRA members to use the FINRA/NYSE Trade Reporting Facility ("TRF") to transfer transaction fees charged by one member to another on trades reported to the FINRA/NYSE TRF. See: Text of the Proposed Rule Change.

SEC-approved amendments to FINRA Rule 9217 ("Violations Appropriate for Disposition under Plan Pursuant to SEA Rule 19d-1(c)(2)") were published in the Federal Register. The amendments include additional rules for disposition pursuant to FINRA Minor Rule Violation ("MRVP"). The rule change became effective September 26, 2013. See: 78 FR 60982. Related New s : SEC Approves Amendments to FINRA Rule 9217 (September 27, 3013); FINRA Files Additional Amendments to Proposed Rule Change for Rule 9217 (August 8, 2013).

The SEC announced that Daniel M. Hawke will step down as the Director of the Philadelphia Office. Mr. Hawke served dual senior officer roles at the SEC for nearly four years in leading the Market Abuse Unit and acting as the Director of the Philadelphia Office. Mr. Hawke will continue his role as Chief of the Enforcement Division's Market Abuse Unit. See: SEC Press Release.