The SEC Division of Trading and Markets has provided guidance on the exemption from broker-dealer registration in Title II of the JOBS Act. The SEC is also soliciting public comments on regulatory initiatives under the JOBS Act. Responses to Frequently Asked Questions: Question 1.Can I rely on the exemption from broker-dealer registration in Securities Act Section 4(b) [the exemption from the definition of "broker-dealer" for the provision of an online trading platform without compensation] before the SEC adopts rules to eliminate the ban in Rule 506 on general solicitation? Answer.Yes. The

SIFMA published a pamphlet explaining the role of a municipal securities broker's broker ("MSBB") and the purpose of MSRB Rule G-43 ("Broker's Broker"). The pamphlet explains why market participants deal with or through MSBBs. According to the pamphlet, the principal reasons are that: (i) dealers are seeking liquidity on behalf of themselves or their customers; (ii) dealers are seeking to distribute a new issue or adjust an inventory position; and (iii) dealers, market professionals and institutions desire direct access to the bid-wanted market. Lofchie Comment : I am really looking forward to

New SRO rules and rule proposals have been announced by the SEC. Click on the links to view the SEC's notices of each rule change and proposal. BSECC: Order Approving Proposed Rule Changes with Respect to the Amendment of the By-Laws of The NASDAQ OMX Group, Inc. ISE: Effective Immediately - Rule Change by International Securities Exchange, LLC to Amend ISE Rule 2128 Relating to Clearly Erroneous Trades (See also: Exhibit 5)

The roundtable focused on (i) the role of an "Examination Expert" to review SRO examination programs, (ii) the proposed disclosures of firm specific risks and financial reporting, (iii) the proposed requirement for segregation and secured acknowledgement letters, and (iv) the proposed residual interest requirements for FCMs. (Click here to view our story on the proposed rulemaking, with analysis and commentary.) The list of panelists is available here. A video of the roundtable discussion will be made available on YouTube at http://www.youtube.com/user/CFTC or can be accessed through the CFTC

The Federal Reserve Bank of New York announced several changes to the membership of its Community Depository Institutions Advisory Council ("CDIAC"). The following people have been appointed to the council effective immediately and will serve a three-year term: Lisa M. Cathie, president and chief executive officer of Ulster Savings Bank in Kingston, New York. Martin A. Dietrich, president and chief executive officer of NBT Bank, N.A. and NBT Bancorp Inc. in Norwich, New York. James W. Fulmer, chairman, president and chief executive officer of The Bank of Castile in Batavia, New York. Click