The CNMV, Spain’s market regulator, announced that it will not extend its ban on short selling. The CNMV initially instituted the short selling ban in July 2012, which was renewed in November 2012. Rules adopted by the EU will apply with respect to Spanish securities. Click here to view Press Release here (links externally to CNMV website).

FINRA filed with the SEC a proposed rule change to amend NASD Rule 1022(g) ("Limited Principal-General Securities Sales Supervisor") and NASD IM-1022-2 ("Limited Principal-General Securities Sales Supervisor"). The rule amendments would remove the restriction that prevents General Securities Sales Supervisors from approving advertisements as defined in NASD Rule 2210 ("Communications with the Public"). See: Text of Proposed Rule Change (links externally to FINRA website).

FINRA has filed with the SEC a proposed rule change to amend FINRA trade reporting rules. The amendment would require that members report OTC transactions executed during business hours (as defined in FINRA provisions) in NMS stocks and OTC Equity Securities (and cancellations of such transactions) to FINRA as soon as practicable following execution, but not later than 10 seconds after execution (currently firms are allowed 30 seconds to report). FINRA also cautioned firms against programming their systems to delay the execution of trade reports to the latest possible instant. The proposed

The SEC published in the Federal Register an extension of the expiration dates to its interim final rules that provide exemptions under the Securities Act, the Exchange Act, and the Trust Indenture Act for security-based swaps that are presently defined as "securities". Without the exemption, security-based swaps would be subject to the ordinary provisions of the securities laws. Click here to view our original story. Effective Date: The amendments are effective February 4, 2013, and the expiration dates in the interim final rules published July 1, 2011 (76 FR 40605) are extended to February

The MSRB reminded firms that it is currently seeking industry and public comment on its entire Rule Book as part of a comprehensive review of all of its rules. The deadline to submit comments is February 19, 2013. The MSRB also announced that has published an electronic version of its printed 2013 Rule Book, which describes rules for municipal securities dealers and municipal advisors effective as of January 1, 2013. Lofchie Comment: There is a lot of momentum at both the MSRB and the SEC to significantly expand requirements as to the issuance and trading of municipal securities, so it is