FINRA released the second podcast in a two-part series on topics for firms to consider when planning their Firm Element training, as identified in the CE Council's Spring 2013 Firm Element Advisory. Click here for FINRA's Spring 2013 Firm Element Advisory Podcast, Part II. See also: Spring 2013 Firm Element Advisory Podcast, Part I.

SIFMA and Government Finance Officers Association's ("GFOA") Governmental Debt Management Committee provided joint comments to the SEC on the proposed rule changes filed by the Municipal Securities Rulemaking Board ("MSRB"). The comment letters recommend that MSRB-proposed rule amendments to Rules G-8 ("Books and Records to Be Made by Brokers, Dealers, and Municipal Securities Dealers"), G-11 ("Primary Offering Practices"), and G-32 ("Disclosures in Connection with Primary Offerings"), all of which include provisions specifically tailored for retail order periods, be subject to public comment

Six federal agencies - including the Board of Governors of the Federal Reserve System, Department of Housing and Urban Development, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, Office of the Comptroller of the Currency, and the SEC - issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions. The new proposal revises a proposed rule which the agencies issued in 2011 to implement the risk retention requirement in Dodd-Frank. Linked below is a description of the re-proposal prepared by the Structured

Commissioner Daniel M. Gallagher and Commissioner Michael S. Piwowar issued separate dissenting statements about their concerns regarding the re-proposed risk retention rules. Commissioner Gallagher stated that the re-proposed risk rules ensure that the vast majority of mortgages in the U.S. will be owned by the government. He explained that this introduces another "flawed government imprimatur of creditworthiness" into the markets, which creates disincentives for proper risk management and due diligence in the mortgage markets. Commissioner Gallagher also noted that the re-proposal abandons

The CFTC released the FY 2013 Schedule of Fees. The CFTC charges fees to designated contract markets and registered futures associations to recover the costs incurred by the CFTC in the operation of its program of oversight of self-regulatory organization rule enforcement programs - specifically the National Futures Association, a registered futures association - and the designated contract markets. The calculation of the fee amounts charged for FY 2013 is based upon an average of actual program costs incurred during FY 2010, 2011, and 2012. Effective Date: Each SRO is required to remit