The U.S. Senate approved the nomination of Mary Jo White to be the 31st Chairman of SEC by unanimous consent. White was confirmed to serve the remainder of former SEC Chairman Mary Schapiro’s term, which expires on June 5, 2014. White will replace current designated Chairman Elisse Walter when she leaves the SEC or steps down as Chairman. View Press Release in full here (links externally to Senate website).

The SEC approved amendments to MSRB Rules G-32 and G-34, effective May 6, 2013. The amendments will streamline how underwriters submit data in connection with primary offerings and obviate the need for duplicate submissions by integrating New Issue Information Dissemination Service ("NIIDS") with the Electronic Municipal Market Access System ("EMMA"). Other changes include: the creation of certain recordkeeping requirements under Rule G-8, the revision of submission deadlines, the incorporation of certain elements of NIIDS into the EMMA website, and the elimination of language describing

The IRS issued a draft of Form 8957, a new form that will be used by foreign financial institutions and other financial entities to register with the IRS under FATCA. The IRS emphasized that the draft Form should not be used currently by foreign financial institutions to attempt to register under FATCA, and that an electronic online registration procedure would be launched in July 2013 where financial institutions and entities can most efficiently and effectively register for FATCA. Institutions registering on line will receive a prompt online notice of registration acceptance and a Global

The CFTC has approved final regulations governing dual and multiple associations of associated persons ("APs") of swap dealers ("SDs"), major swap participants ("MSPs") and other CFTC registrants ( e.g., FCMs, IBs, CPOs and CTAs). The regulations provide that each SD, MSP and other CFTC registrant with whom an AP is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and any other SD, MSP or other CFTC registrant. This rule is based on the CFTC's current rule governing APs associated with more

David W. Blass, Chief Counsel of the SEC Division of Trading and Markets, delivered a speech discussing when a firm or individual is required to register with the SEC as a broker-dealer, with particular application to private funds. David Blass discussed two broker-dealer issues relevant to funds: (i) are the fund's employees who talk to potential new investors in the fund effectively acting as securities "brokers" who should be registered as such (or affiliated with a firm that is registered as such) (the "Marketing Issue"); and (ii) in the private equity/venture world, is an advisor who puts