The MSRB released a regulatory notice seeking comment on a proposal to consolidate into a newly proposed rule (which would be titled "G-47: Time of Trade Disclosure") the existing requirements for dealers to disclose material information to customers in connection with the purchase or sale of a municipal security. These disclosure obligations are currently set forth in various interpretations to the MSRB's rule on fair dealing (Rule G-17). Under this guidance, dealers must disclose to their customers, at or prior to the time of trade, all material information about the transaction known by the

On November 23, 2012, the Federal Reserve Board published a document requesting public comment on a policy statement on the approach to scenario design for stress testing that would be used in connection with the supervisory and company-run stress tests conducted under the FRB’s regulations issued pursuant to the Dodd-Frank Act and the FRB’s capital plan rule. The current notice contains instructions omitted from the prior notice. Comments Due: February 15, 2013. Cross-Reference(s): Dodd-FrankSection 165 ("Enhanced supervision and prudential standards for nonbank financial companies supervised

The Joint Forum released a consultative report on mortgage insurance which analyzes the interaction of mortgage insurers with mortgage originators and underwriters. The report makes recommendations directed at policymakers and supervisors, and aims to reduce the likelihood of mortgage insurance stress and failure in the worst tail events. Thomas Schmitz-Lippert, Chairman of the Joint Forum, urged the adoption of these recommendations, stating they will help strengthen and reinforce the oversight of mortgage insurers and thereby increase their resilience over the long term. Lofchie Comment

On February 13, the Senate Finance Committee will hold a hearing to consider the nomination of White House Chief of Staff Jack Lew to be the next Treasury Secretary. Chairman Max Baucus, a Democrat from Montana, released the following statement today in advance of the hearing: “Mr. Lew has been confirmed by the Senate three times already. I don’t expect there to be any reason why he should not be confirmed this time around as well. . . . Mr. Lew deserves to be treated with respect and provided an open and fair hearing. I expect nothing less." Click hereto view statement in full (links

The CFTC filed and simultaneously settled charges against the Gelber Group of Chicago for reporting orders during pre-opening trading sessions that Gelber had no intention of executing. The CFTC also settled charges for engaging in wash sales against both Gelber and former Gelber trading manager Martin A. Lorenzen, ordering the two to pay a civil monetary penalty. Commissioner Jill Somers released a statement in support of the action and settlement. Commissioner Chilton, while agreeing with the decision, disagreed with the amount of the penalty, stating that he would "prefer that the