The Managed Funds Association ("MFA") submitted a comment letter in response to the SEC's request for comments as to whether the SEC should institute a larger tick size for small issuers, with the goal of encouraging market makers to provide research as to, and liquidity in, small stocks. Generally, the letter expresses some skepticism as to the idea of widening the tick size. However, if the SEC determines to try an experiment by doing so, the MFA letter sets out a general methodology of how such a test might proceed. View letter in full here (links externally to MFA website). See also: SEC

New SRO rule changes and proposals have been announced by the SEC. Click on the links below to view the SEC's notice of each rule change and proposal. CBOE: Order Granting Approval of Proposed Rule Change, as Modified by Amendment No. 1, Relating to Trading Ahead of Customer Orders and Best Execution and Interpositioning Requirements DTC: Notice of Filing of Proposed Rule Change in Connection with the Implementation of The Foreign Account Tax Compliance Act (FATCA) FICC: Notice of Filing of Proposed Rule Change to the Government Securities Division Rules and the Mortgage-Backed Securities

SIFMA submitted a comment letter to the U.S. Senate Agriculture Committee as to the reauthorization of the Commodity Exchange Act (CEA), and thus the reauthorization of the CFTC. SIFMA encouraged the Ag Committee to consider the impact of how regulators, specifically the CFTC, are interpreting and proposing to implement the Dodd-Frank Act, particularly as to cross-border transactions and as to swap execution facilities, as to margin requirements on OTC swaps and as to the regulation of swaps between affiliates. The letter also expressed concern about a number of issues outside of the control

Two IRS officials told a conference in New York City recently that the IRS is focused on preparing and finalizing guidance needed for U.S. withholding agents and foreign financial institutions to meet FATCA obligations that commence on January 1, 2014. Steve Musher, IRS Associate Chief Counsel (International), indicated, for example, that the terms of the foreign financial institution ("FFI") agreement that FFIs in non-Model 1 IGA countries must sign and final versions of registration and reporting forms should be published prior to the time that the FATCA registration portal opens on July 15

FINRA filed with the SEC a proposed rule change to establish September 3, 2013, as the implementation date of FINRA Rule 5270 ("Front Running of Block Transactions") that the SEC approved on September 4, 2012. The proposed rule change adopted NASD Interpretive Material 2110-3 ("Front Running Policy") asFINRA Rule 5270 with certain changes, including broadening the rule's scope and providing further clarity into trading activity that FINRA believes is impermissible. [Subscriber links appear in the preceding sentence.] See : Text of Proposed Rule Change.