NASAA has released a notice of request for public and internal comments on the proposed changes to the Uniform Branch Registration Form ("Form BR"), the standard form used for broker-dealer branch office registration, notification, closing or withdrawal. Comments will be accepted until August 19, 2013. See: NASAA Notice of Request for Form BR Comments.

IOSCO published its final report, "Principles for Financial Benchmarks," which provides an overarching framework of principles for benchmarks used in the financial markets. The report establishes guidelines for benchmark administrators and other relevant bodies in the following areas: Governance; Benchmark quality; Quality of methodology; and Accountability mechanisms. The report recommends that the application and implementation of the principles should be proportional to the size and risks of each benchmark and/or the administrator and the benchmark-setting process. Lofchie Comment: One of

Committee on Agriculture Chairwoman Deborah Stabenow (D-MI) and ranking member Thad Cochran (R-MS) convened a hearing to consider the reauthorization of the CFTC. Recommendations made by the public and stakeholders regarding CFTC reauthorization are now public and available for viewing on the Committee on Agriculture's website. The hearing will feature testimony from the following market participants and stakeholders, who will address issues related to the CEA and the CFTC generally: Panel I: The Honorable Kenneth E. Bentsen Jr., President, SIFMA (prepared statement); Mr. Terrence A. Duffy

MRSB Board of Directors will meet on July 24-26 to discuss issues related to the protection of municipal market investors and state and local governments. Important issues that will be discussed include a proposed consolidation of current MSRB Rule G-18 ("Execution of Transactions") and G-30 ("Prices and Commissions"), combining existing registration requirements into a single registration rule, and address concerns relating to trading in municipal securities by persons in possession of material, non-public trade information. See: MSRB Board Meeting Agenda.

The MFA commended the SEC for approving new rules related to the JOBS Act, which allows hedge funds to advertise their funds to qualified investors. The MFA stated it is hopeful that the steps taken by the SEC will help modernize existing securities laws to enhance market transparency, improve capital formation, and strengthen investor protection. Lofchie Comment: The MFA letter references the fact that under the CFTC Rules it is unclear whether a "pool" is able to rely on the private placement exemption. It is generally expected that the CFTC will amend or interpret its rules so as to give