The FINRA Investor Education Foundation and the American Library Association ("ALA") announced $1.12 million in grants to 14 recipients as part of the "Smart investing@your library" initiative. The program funds library efforts to provide patrons with effective, unbiased educational resources about personal finance and investing. Click here to learn more (links externally to FINRA website).

The SEC Division of Trading and Markets has provided no-action relief to NetRoadshow, under the provisions in Exchange Act Rule 15c2-12 ("Municipal Securities Disclosure"), which allowed electronic road shows to be provided to retail investors in connection with municipal securities offerings without the underwriters of the offering being required to treat such road shows as a part of the preliminary or the final official statement. Lofchie Comment : The incoming letter provides interesting historical background as to the development of electronic road shows, as well as the treatment of such

FINRA filed with the SEC a proposed rule change to amend FINRA Rule 11892 ("Clearly Erroneous Transactions in Exchange-Listed Securities") to extend the effective date of the clearly erroneous pilot, which is currently scheduled to expire on February 4, 2013. FINRA also proposes to adopt new supplementary material in connection with the upcoming operation of the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of SEC Regulation NMS (the "Limit Up-Limit Down Plan" or "Plan"). See: Text of Proposed Rule Change (links externally to FINRA website).

CFTC Commissioner Scott D. O'Malia delivered a speech titled "Derivatives Reform: Assessing and Improving the Change" at TabbForum, Fixed Income 2013: Liquidity, Products, Platforms. Commissioner O'Malia specifically discussed: (1) customer protection measures and the supervision of automated and high-frequency trading; (2) the phenomenon known as the "futurization" of the swaps markets; (3) swaps margin; and (4) the Commission's upcoming rules governing swap execution facilities ("SEFs"). Commissioner O'Malia's remarks began with his customary expression of dissatisfaction with the CFTC

FINRA filed with the SEC a proposed rule change to amend FINRA Rule 6121 ("Trading Halts Due to Extraordinary Market Volatility") to extend the effective date of the pilot until the earlier of the initial date of operations of the Regulation NMS Plan to Address Extraordinary Market Volatility or February 4, 2014.The pilot is currently scheduled to expire on February 4, 2013. See:Text of Proposed Rule Change (links externally to FINRA website).