The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") announced that it is taking a no-action position which provides relief from introducing broker ("IB") and commodity trading advisor registration requirements to certain parties who intermediate swaps for affiliates. The relief is available to registered swap dealers and institutions that are not registered with the CFTC (but are registered with, or regulated by, another financial regulator) who intermediate swaps for an affiliated swap dealer or de minimis swap dealer. The relief, which is also available to employees of these

New SRO rules and rule proposals, including three proposals by ICE Clear Europe to amend margin requirements for various energy and emissions futures, have been announced by the SEC. Click on the links to view the SEC's notices of each rule change and proposal. ICEEU: Effective Immediately - Rule Change Related to SPAN Margin Methodology Enhancements to Inter-Contract Credits and Average Option Pricing Model for Energy Clearing Members ICEEU: Effective Immediately - Rule Change Related to Delivery Margin Rates for Physically Deliverable Contracts for Energy Clearing Members ICEEU: Effective

The attached no-action letter states that the staff of the Division of Corporate Finance will not recommend enforcement against PPG in the Exchange Offer described therein. This no-action letter is contingent upon PPG conducting the Exchange Offer using the Pricing Mechanism and specifies the amount of PPG Common Stock sought in the Exchange Offer as stipulated in the incoming letter. Cross-References: Exchange Act Rules 13e-4(d)(1), 13e-4(e)(3), 13e-4(f)(1)(ii) or 14e-1(b). Click here to view letter in full (links externally to SEC website). See also: Incoming Letter.

FINRA announced that it has sanctioned five firms a total of more than $4.48 million for "unfairly obtaining the reimbursement of fees they paid to the California Public Securities Association (Cal PSA)" from the proceeds of municipal and state bond offerings by billing the costs of such membership as an expense of the offering. The firms were fined more than $3.35 million and are required to pay a total of $1.13 million in restitution to certain issuers in California. Click here to view notice in full (links externally to FINRA website).

SIFMA and the Investment Company Institute ("ICI") have jointly submitted the attached comments to the IRS requesting competent authority assistance under the U.S.-France Tax Convention ("Convention"). Additionally, SIFMA and the ICI have requested an interpretation of the Convention to determine whether the convention provides an exemption from the French Financial Transaction Tax ("FTT") from certain transactions in French stock, or in American Depository Receipts ("ADRs") with underlying French stock, executed in the U.S. Click here to view letter in full (links externally to SIFMA website)