New SRO rules and rule proposals have been announced by the SEC. Click on the links below to view the SEC's notices of each rule change and proposal. BOX: Effective Immediately - Rule Change to Amend the Fee Schedule for Trading on BOX (See also: Exhibit 5) CBOE: Order Granting Accelerated Approval of Proposed Rule Changes to Permit the Minimum Price Variation for Mini Options to Be the Same as Permitted for Standard Options on the Same Underlying Security

SIFMA has published a new white paper titled "The Evolving Role of Compliance." As the title suggests, the paper is a response to the profound changes experienced in the securities industry since SIFMA's 2005 white paper titled "The Role of Compliance." "The Evolving Role of Compliance" highlights these changes and their impact on the compliance function, provides advice with respect to many of the challenges raised thereby, and, most significantly, attempts to push back, if somewhat gently, against the expanding expectations of regulators toward the compliance function. "The Evolving Role of

In a letter to Federal Reserve Board ("FRB") Chairman Bernanke, House Financial Services Committee Chairman Jeb Hensarling calls into question the recent transfer of funds from the Federal Reserve to the Consumer Financial Protection Bureau ("CFPB"). View letter in full here (links externally to House Financial Services website).

Mary Jo White, nominee for the SEC Chairman, and Richard Cordray, nominee for CFPB Director, each delivered testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. In her testimony, Ms. White discussed the current and future objectives of the SEC. According to Ms. White, the SEC should perform a rigorous analysis with respect to rulemaking. She stated she believes that the SEC should assess, from the outset, the economic impacts of contemplated rulemaking in connection with its rules but should do so in a manner that does not undermine the SEC's ability to carry out

SIFMA submitted comments to the SEC on a proposal by the National Stock Exchange, Inc. ("NSX") to adopt a new order type called the "Auto-Ex Only" order. In the letter, SIFMA urges the SEC to disapprove the NSX's proposal. Click here to view letter in full (links externally to SIFMA website).