SIFMA has released its report, 2012 Year in Review. The report covers SIFMA’s activities and advocacy efforts. Click here to view report in full (links externally to SIFMA website).

SIFMA today announced that T. Timothy Ryan Jr., its President and CEO, has submitted his resignation and will SIFMA on February 23. Tim Ryan has served as President and CEO of SIFMA since April 2008. Click here to view press release in full (links externally to SIFMA website).

The NFA has submitted a letter to the CFTC requesting a thirty-day extension of the comment period for the above-described rulemaking to February 13, 2013. The NFA states in the letter that it is particularly concerned with proposed changes to SRO examination practices and seeks further time to evaluate the costs and benefits of the proposal. Click here to view comment letter in full (links externally to NFA website).

The MSRB has published its 2012 Annual Report, which reviews the agency’s major activities for the fiscal year that ended September 30, 2012. The report provides updates on MSRB initiatives, as well as an overview of improvements in municipal market transparency. MSRB activities highlighted in the report include: “Investor protection initiatives such as the launch of the MSRB’s online toolkit for municipal securities investor; Expanded resources and protections for state and local governments; Recent and planned enhancements for the MSRB’s Electronic Municipal Market Access website, the

In a case of first impression, the U.S. Court of Appeals for the Second Circuit upheld a District Court ruling that an insider's purchase and sale of shares of different classes of stock in the same company does not trigger liability under Section 16(b) of the Exchange Act (the "short-swing profit rule"). In Gibbons v. Malone, the Second Circuit Court held that federal securities laws do not require executives to disgorge trading profits earned from buying and selling shares of different types of stock in the same company within six months where those securities are separately traded and