The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a time-limited letter stating that the DSIO will not recommend that the CFTC take enforcement action against the CPOs of securitization vehicles, which are required to register by March 31, 2013, for failure to comply with certain enumerated sections in CFTC Part 4 Regulations prior to June 30, 2013. The relief is available to operators of securitization vehicles that are not able to satisfy the conditions to CFTC Letter 12-45 or 12-14. In Letter 12-45, the CFTC had granted CPOs that could not qualify for an

SEC Chairman Elisse Walter delivered remarks at George Washington University regarding the Commission's efforts to facilitate investors' success through various means, such as financial literacy and investor protection initiatives. Chairman Walter specifically discussed the lack of understanding among many retail investors of basic financial principles, and the need to educate young investors about the financial marketplace through programs, e.g., the SEC Graduate Program in conjunction with NYSE Euronext. Walter stated that the Commission is working to weave a support network for investors

SIFMA submitted the attached comments (mostly criticisms) to FINRA on its proposal regarding markups, commissions and fees (FINRA Reg. Notice 13-07). SIFMA noted that it remains concerned that the proposed service fee schedule for retail investors presents unnecessary burdens and application difficulties while offering very little new information not already available to retail customers. In addition, SIFMA expressed concerns that the introduction of certain new terms and requirements risks confusion. SIFMA also criticized numerous aspects of the proposal, including the application of the

SIFMA AMG submitted the attached comments to the Basel Commission on Banking Supervision ("BCBS") and the International Organization of Securities Commissions ("IOSCO") with regard to their Second Consultative Document for the Margin Requirements for Non-Centrally Cleared Derivatives. SIFMA AMG offers broad support for the BCBS/IOSCO recommendations and proposed timeline. SIFMA AMG also reiterated the points made in prior comments to BCBS/IOSCO on this subject, including the following: (i) the categorization of entities for purposes of defining initial margin thresholds, (ii) bilateral

In advance of the adoption of SEC Rules implementing the JOBS ACT to allow advertising of private placement offerings, the North American Securities Administrators Association ("NASAA") issued an advisory cautioning investors about the risks these offerings may carry. According to the advisory, because private placement offerings made in reliance on Rule 506 are not reviewed by regulators, they have become a "haven for fraud." According to NASAA's most recent enforcement statistics, private placement offerings are the most frequent source of enforcement cases conducted by state securities