Technical corrections are being made to SEC Release 77 FR 70213, which proposed capital and margin requirements for security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs"). The release also proposed segregation requirements for SBSDs and notification requirements with respect to segregation for SBSDs and MSBSPs, as well as increases to the minimum net capital requirements for broker-dealers permitted to use the alternative internal model-based method for computing net capital. Cross-Reference(s): Dodd-Frank Section 763 (Amendments to the Securities Exchange

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter to operators of business development companies. The letter states that the DSIO will not recommend that the CFTC take action against the operators of business development companies for failure to register as CPOs under the CEA and CFTC rules thereunder, provided generally that they comply with the same conditions that would apply to ordinary registered investment companies, including compliance with a de minimis trading threshold. Lofchie Comment: According to the CFTC's no-action letter (at least it

The Staff of the Division of Trading and Markets has stated in the attached letter that, if the Options Clearing Corporation ("OCC") waives the applicability of certain of its By-Laws and Rules and permits Broadridge Securities Processing Solutions to act as a Managing Clearing Member of OCC for a limited period, it would not recommend enforcement against the OCC. Click here to view letter in full (links externally to SEC website).

The SEC announced that Meredith B. Cross, who has served as Director Director of the Division of Corporation Finance since June 2009, will leave SEC at the end of the year to return to the private sector. View Press Release in full here (links externally to SEC website).

In an addendum to the Financial Services Subcommittee Report on MF Global's Bankruptcy, Congressman Michael Capuano argues that, while the version of the MF Global study produced by the Republican members of Congress properly imposed blame on CEO Jon Corzine for MF Global's failure, it imposed too great a portion of the blame on him as well as on some others. The report produced by the Democrats doesn't defend Corzine; it only spreads the blame more. The report did defend the ratings agencies, saying that they had done a "better job" rating MF Global than with financial agencies pre-crisis, as