The Managed Funds Association ("MFA") and the Alternative Investment Management Association ("AIMA") submitted joint comments to the SEC in response to the SEC's proposed rules on cross-border security-based swap activities. The letter begins by complimenting the SEC on the approach that it is taking with regard to swaps rulemaking - e.g., adopting its rules as a whole, rather than in part - and for working with other regulators. The letter urges harmonization of regulation between the various regulators, including the CFTC and the SEC. More substantively, the MFA and the AIMA argue generally

The MSRB issued a request for comments regarding a proposed rule change to consolidate Rules A-12, A-14, A-15, and G-40 ("Electronic Mail Contacts") into a single rule. The existing rules outline the requirements to and process by which municipal dealers, brokers, dealers, and regulated entities register with the MSRB. The proposed rule consolidation would require additional contact information, firm identification information and data concerning the scope of dealer activities. Comments should be submitted no later than September 20, 2013. See: MSRB Notice 2013-19.

The SEC announced that hedge fund adviser, Philip Falcone, and his advisory firm, Harbinger Capital Partners, agreed to a settlement requiring them to pay over $18 million and admit wrongdoing. Among the charges to which Falcone accepted guilt were (i) improper personal dealings with the fund, (ii) favoring certain fund investors over others, and (iii) conducting a short squeeze in bonds. Falcone agreed to be barred from the securities industry for at least five years. The SEC had filed enforcement actions in June 2012 alleging, among other allegations, that Falcone improperly used $113

FINRA has filed a proposed rule change to add to Rule 5210 ("Publication of Transactions and Quotations"). The rule change will emphasize that wash sale transactions are generally non-bona fide transactions and that members have an obligation to have policies and procedures in place to review their trading activity for, and to prevent, wash sale transactions. Lofchie Comment: Here is the key language from the proposed rule (emphasis added): "Transactions that originate from unrelated algorithms or separate and distinct trading strategies within the same firm would generally be considered bona

The Board of Governors of the Federal Reserve System issued a final rule establishing annual assessment fees for its supervision and regulation of large financial companies. The final rule implements Section 318 of the Dodd-Frank Act, which directs the Federal Reserve to collect fees equal to the total estimated expenses necessary to carry out supervisory and regulatory responsibilities for bank holding companies and saving and loan holding companies with total consolidated assets of $50 billion or more and designated nonbank financial companies supervised by the Federal Reserve.The discussion