The FINRA Investor Education Foundation and Better Business Bureau launched a new consumer website, which was designed to "help investors make smarter investing decisions while avoiding fraud, risky investments and unlicensed brokers." Click hereto view press release (links externally to FINRA website).

On December 11th 2012, the Senate passed H.R. 4014, clearing its way for approval by the President. H.R. 4014 amends the Federal Deposit Insurance Act with respect to information provided to the Bureau of Consumer Financial Protection (CFPB). Specifically, the bill amends the Federal Deposit Insurance Act to make the CFPB a "covered agency" that may share information with another covered agency or any other federal agency without waiving any privilege applicable to the information. In addition, the bill prohibits information submitted to the CFPB in the course of its supervisory or regulatory

The CFTC's Division of Market Oversight (DMO) issued the attached letter to ISDA providing relief from the post-allocation swap timing requirement of CFTC Rule 45.3(e)(ii)(A) by extending post-allocation reporting deadlines for swaps that meet certain criteria. The no-action letter permits parties to a swap to fulfill their reporting obligations regarding post-allocation swaps in a timely manner in light of jurisdictional, global time zone and legal holiday differences. Expiry Date: June 30, 2013. See: CFTC Letter 12-50: Section 45.3(e)(ii)(A) of the Commission's regulations; No-Action.

The SEC announced that Danforth Townley has been appointed an Attorney Fellow in its Division of Investment Management. Mr. Townley will provide counsel on rulemaking issues and other policy initiatives beginning in January 2013. View Release in full here (links externally to SEC website).

FINRA filed with the SEC the attached proposed rule change to extend the expiration date of FINRA Rule 0180 (Application of Rules to Security-Based Swaps) to July 17, 2013. FINRA Rule 0180 temporarily limits, with certain exceptions, the application of FINRA rules with respect to security-based swaps. Click hereto view the text of the proposed rule change (links externally to FINRA website).