FINRA filed with the SEC a proposed rule change to extend the expiration date of FINRA Rule 0180 ("Application of Rules to Security-Based Swaps") to February 11, 2014 ( i.e., to coincide with the current expiration date for the SEC's related temporary exemptions for security-based swaps). FINRA Rule 0180 temporarily limits, with certain exceptions, the application of FINRA rules with respect to security-based swaps. See: Text of Proposed Rule Change.

The OCC, Board of Governors of the Federal Reserve System and FDIC (collectively, the "Agencies") are proposing to clarify their Interagency Questions and Answers Regarding Community Reinvestment to address community development issues. The Agencies propose to address (i) community development activities outside institutions' assessment areas, both in the broader statewide or regional area and in nationwide funds; (ii) additional ways to determine whether recipients of community services are low- or moderate income; and (iii) providing a community development service by serving on the board of

In a speech at the 2013 SIFMA Compliance and Legal Society Annual Seminar, CFTC Commissioner O'Malia discussed transparency in the OTC derivatives market in terms of price and data reporting requirements, as well as developments in the areas summarized below. The CFTC's enforcement program.Commissioner O'Malia stated the Dodd-Frank Act has given the CFTC new enforcement powers and has lowered the standard required of the CFTC to demonstrate a violation. Consequently, the CFTC is going to bring more enforcement actions. However, Commissioner O'Malia also indicated that the CFTC must clarify

On March 18, 2013, the SEC announced that Stamford, Connecticut-based hedge fund advisory firm CR Intrinsic Investors has agreed to pay more than $600 million to settle SEC charges that it participated in an insider trading scheme. The SEC had charged CR Intrinsic with insider trading in November 2012. The charges involved information on a clinical trial for a drug. The SEC alleged that one of the firm's portfolio managers illegally obtained confidential details about the clinical trial from a doctor who was working with one of the pharmaceutical companies to present the drug trial results to

In a speech to the 2013 Mutual Funds and Investment Management Conference, Norm Champ, Director of the SEC Division of Investment Management ("IM"), set out a number of priorities for IM. In particular, Mr. Champ described the following ongoing initiatives at the SEC: Establishing IM's new Risk and Examinations Group ("REG"), which is intended to conduct rigorous quantitative and qualitative financial analyses of the investment management industry, and strategically important investment advisers, funds and products; Conducting in-person meetings between IM staff and mutual fund directors with