SIFMA submitted written testimony to the United States Trade Representative ("USTR") on the USTR's intention to enter into negotiations for an International Services Agreement ("ISA"). In the attached testimony, SIFMA asserts that the ISA offers an opportunity to secure a strong agreement that will enhance the financial services industry's ability to compete with other globally active firms and operate on a level playing field in participating countries. Click hereto view testimony in full (links externally to SIFMA website).

FDIC Chairman Martin J. Gruenberg gave a speech at the Institute of International Bankers' Annual Washington Conference reviewing U.S. and international regulatory efforts to develop a framework governing the orderly resolution of systemically important financial institutions ("SIFIs"), particularly those with extensive cross-border operations. In terms of progress in the U.S., Chairman Gruenberg stated that the FDIC and Federal Reserve are currently in the process of reviewing the first round of "living wills" submitted by large bank holding companies and foreign banking organizations

FINRA's podcast of its March compliance and news recap: Notices FINRA amended its Reporting Requirements rule to remove duplicate reporting. As detailed in Reg. Notice 13-08, the amendments to Rule 4530 allow filing requirement exceptions for information already reported on Form U4, as well as findings and actions by FINRA. These amendments became effective on March 4, 2013. A new online filing option for required documents will also become available on July 1. The SEC approved amendments to the rule governing the Trade Reporting and Compliance Engine ("TRACE"). These services will start on

The Committee on Banking, Housing and Urban Affairs will conduct a hearing on the following nominees: The Honorable Richard Cordray, of Ohio, to be Director of the Bureau of Consumer Financial Protection; and The Honorable Mary Jo White, of New York, to be a Member of the Securities and Exchange Commission Click here for more information on the hearing.

The Committee on Banking, Housing and Urban Affairs will conduct a hearing on "Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement." The witnesses will be: The Honorable David S. Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the Treasury; The Honorable Thomas J. Curry, Comptroller, Office of the Comptroller of the Currency; and The Honorable Jerome H. Powell, Governor, Board of Governors of the Federal Reserve System. Click here for more information on the meeting.