In November 2010, the SEC approved FINRA Rule 2111 (Suitability), which became effective on July 9, 2012. In May 2012, FINRA issued Regulatory Notice 12-25, which provides guidance on the rule in a FAQ format. The attached regulatory notice further addresses two issues discussed in Notice 12-25: the scope of the terms "customer" (for example, the term includes a potential customer) and "investment strategy" (for example, does a recomendation to hold constitute an "investment strategy"). The notice also discusses how the FINRA Rules relate to recommendations involving non-securities. Lofchie

Participants discussed with the CFTC Staff LEI-related issues, blocking statutes, data privacy laws, and no-action relief. Meeting participants are listed in the table below. WHEN: 12/4/2012 3:00 PM Rulemaking(s): General CFTC Staff: Gary Gensler Susan Nathan Eric Juzenas Gary Barnett Rick Shilts Jackie Mesa Carlene Kim Jeff Burns Harold Hardman Sebastian Pujol Schott Visitor(s): Nick O'Neill, Clifford Chance Oda Wypior, JP Morgan Ruth Laslo, UBS Joe Aaker, Barclays John DeFren, Citigroup Jason Lane, RBS Catherine Napolitano, Bank of America Anna Grainger, Morgan Stanley (by phone)

The United Kingdom has announced that it has reached agreement for a FATCA type reciprocal tax sharing agreement between the Isle of Man and the U.K. Under the new agreement, which will be modeled after the recently signed U.S.-U.K. FATCA Intergovernmental Agreement, the two countries will automatically exchange tax information with respect to their residents on an annual basis. The U.K. also announced that it was seeking to enter into similar agreements with two other Crown Dependencies, Jersey and Guernsey. In a Joint Statement issued on December 7th, the Chief Ministers of Jersey and

NFA has ordered FX Direct Dealer, LLC ("FXDD") - a New York-based FCM, retail forex dealer and forex dealer member of NFA - to either post a bond or place funds in an escrow account to ensure that the firm can meet its obligations under any restitution order that may result from a related NFA disciplinary action. The customer restitution is estimated to be $3.3 million. NFA issued a Complaint against earlier this year charging that FXDD engaged in price slippage practices that benefited FXDD to the detriment of customers. Click here to view Press Release in full (links externally to NFA

The CFTC's Division of Market Oversight (DMO) issued a letter providing reporting parties under CFTC Rule Part 20 (Large Trader Reporting for Physical Commodity Swaps), Part 45 (Swap Data Recordkeeping and Reporting Requirements) and Part 46 (Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps), with time-limited no-action relief from requirements to report certain identifying information regarding their non-reporting counterparties. The no-action letter is intended to provide relief in circumstances where a party believes that compliance with the CFTC's