The Association of Corporate Treasurers, the UK professional body for corporate treasury, has published a briefing note to assist non-financial companies in understanding the implications of the European Market Infrastructure Regulation (EMIR). In particular, the note highlights that all non-financial counterparties will become subject to the EMIR requirements for prompt exchange of derivatives confirmations. Also, it notes that these counterparties will be required to report their transaction to a central database run by a registered trade repository.

As part of its series of Occasional Papers on financial regulation, the Financial Services Authority has published a paper on high-frequency trading and execution costs for institutional investors.The study examines periods of increased high-frequency trading following technology upgrades on the London Stock Exchange, and concludes that these increases are not associated with increased execution costs.

Departing Treasury Secretary Timothy Geithner remarked on his experience working with President Obama during the financial crisis, and on the qualifications of nominee Jack Lew. SIFMA released the attached statement from President and CEO Tim Ryan upon President Obama's nomination of Jack Lew to be Secretary of the Treasury. See: Secretary Geithner's Remarks and SIFMA Statement. See also: Statement by House Financial Services Committee Chairman Jeb Hensarling; Statement by Senate Finance Committee Chairman Max Baucus; Statement by Ranking Member of Senate Finance Committee Orrin Hatch.

FINRA has filed with the SEC a proposed rule change to adopt the Interim Form for Funding Portals (“IFFP”). The IFFP is an online form for prospective intermediaries that intend to apply for membership with FINRA as funding portals (“prospective funding portal members”) pursuant to Title III of the JOBS Act. FINRA is inviting prospective funding portal members, on a voluntary basis, to submit information to FINRA using the IFFP until FINRA and the SEC adopt final rules with respect to registered funding portals. See: Text of Proposed Rule Change (links externally to FINRA website). See also

FINRA/NASD has filed with the SEC an extension until February 15, 2013 for SEC action on a proposed rule change to restructure quotation collection and dissemination for securities currently quoted through Pink Sheets and the OTC Bulletin Board Service ("OTCBB"). In connection with the proposal, FINRA would cease operation of the OTCBB, establish a Quotation Consolidation Facility ("QRF") for non-exchange listed equities and certain other equities that do not qualify for real-time trade reporting, and require members that directly display quotations on inter-dealer systems to contemporaneously