The SEC filed an order granting approval of FINRA's proposed rule change pertaining to the dissemination of transactions in TRACE-eligible securities that are affected pursuant to Securities Act Rule 144A ("Private Resales of Securities to Institutions"). The proposed rule change was published in the Fed. Reg. on July 25 and proposed that Rule 144A transactions be disseminated subject to the same dissemination caps that are currently in effect for a non-Rule 144A transaction in the applicable security. See: SEC Order of Approval. See also: FINRA Proposed Rule Change: Dissemination of

The SEC's Division of Trading and Markets issued a no-action letter that generally permits the participant of a registered clearing agency, or a registered broker-dealer to which a participant attributes a fail-to-deliver position or allocates such a position pursuant to Rule 204(d) of Regulation SHO, to claim credit for closing out a fail-to-deliver position at a registered clearing agency ("fail to deliver" or "fail") prior to the applicable close-out date, i.e., T+4 or T+6, based on net purchases aggregated over multiple days. The SEC's no-action position modifies the pre-fail credit

NASAA is scheduled to host their 96th Annual Conference next month to discuss how securities regulators and professionals can uphold investor protection amid an evolving regulatory landscape. The conference will be held from October 6-8 in Salt Lake City, and will feature three panel discussions addressing subjects such as the demand for liquidity in privately placed securities, and the current state of securities arbitration and class action. Key speakers at the conference include Secretary General of IOSCO, David Wright, and CEO of SIFMA, Judd Gregg. See: NASAA Announcement of the Conference

The MSRB filed a partial amendment with the SEC regarding the proposed rule change to Rule G-11 ("Primary Offering Practices"), Rule G-8 ("Books and Records to Be Made by Brokers, Dealers, and Municipal Securities Dealers"), and Rule G-32 ("Disclosures in Connection with Primary Offerings"). The original proposed rule change consisted of provisions to enhance communications among senior managing underwriters and syndicate selling group members during a primary offering of municipal securities. The amendment to the proposed rule changes the text partially to revise the definition of a "retail

The CFTC Tech Advisory Committee ("TAC") has announced that the Committee will hold a public meeting at the Commission's headquarters on September 12, 2013. The meeting will focus on issues relating to swap data reporting, automated trading (see the concept release in today's news, linked below), and swap execution facilities. See: CFTC Meeting Announcement; TAC Meeting Agenda. See also: CFTC Concept Release on Supervision and Regulation of Automated Trading (with Delta Strategy Group Summary and Lofchie Comment).