SIFMA CEO, Judd Gregg, issued a statement expressing SIFMA's support of Treasury Secretary Jack Lew's call for legislation to improve cyber security efforts in the United States. Mr. Gregg urged Congress to pass legislation that promotes the timely sharing of threat information between the U.S. government and private sector firms. See:SIFMA Statement.

FINRA filed with the SEC a series of proposed rule changes to adopt a consolidated set of FINRA supervision rules. The rule change would largely replace existing supervision rules with a new, more flexible set of supervision rules. These amendments are intended to enable FINRA member firms to tailor their procedures to reflect their business, size and organizational structure. Lofchie Comment:Although none of the individual changes appear material, there are quite a number of small changes, as well as changes in the relevant rules. Accordingly, many of a firm's compliance procedures will have

SIFMA members submitted comments to the U.S. Department of Treasury and the IRS on a number of issues identified in the final regulations of the FATCA. One issue stressed in this letter is that the financial industry's IT systems will not be ready for the January 1, 2014 effective date. See: SIFMA Comment Letter.

The SEC has approved amendments to MSRB Rules G-37 ("Political Contributions and Prohibitions on Municipal Securities Business") and G-8 ("Books and Records to Be Made by Brokers, Dealers, and Municipal Securities Dealers"), requiring additional public disclosure of information related to broker, dealer, and municipal securities dealer contributions to ballot campaigns. The Rule G-37 amendments will add greater specificity to public disclosures concerning contributions made by dealers and dealer personnel to bond ballot campaigns and any municipal securities business awarded as a result of the

June 30, 2013 is the compliance date for the portfolio reconciliation and swap trading relationship documentation requirements set forth in CFTC Rules 23.502 ("Portfolio reconciliation") and 23.504 ("Swap trading relationship documentation"). Accordingly, provisionally registered swap dealers ("SDs") and major swap participants ("MSPs") are required to submit policies and procedures relating to those requirements no later than Monday, July 1, 2013 (but the NFA cautioned that earlier would be better). Registrants are not required to submit policies and procedures with respect to trades with non