The FDIC, OCC, Federal Reserve, and the Conference of State Bank Supervisors have released a statement that explains the requirements of Section 612 of the Dodd-Frank Act and the processes through which banks or savings associations apply to convert their charters. Section 612 imposes restrictions on conversions of certain national banks or federal savings associations to state-chartered institutions and on conversions of certain state-chartered banks or savings associations to national banks or federal savings associations. The statement clarifies supervisory expectations for regulatory

Since October 1, the SEC has been operating under a continuing resolution for fiscal year 2013. As such, FINRA has announced that the Exchange Act Section 31 rate applicable to specified securities transactions on the exchanges and in the OTC market will remain at $22.40 per million dollars until the SEC's regular fiscal budget is approved and firms are advised of the final date for implementing any rate change. Click here to view notice in full (links externally to FINRA website).

In accordance with Dodd-Frank, the SEC is proposing capital and margin requirements for security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs"), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs. The SEC also is proposing to increase the minimum net capital requirements for broker-dealers permitted to use the alternative internal model-based method for computing net capital. The SEC's proposed rules are intended to accomplish the following: Set minimum capital requirements for security-based

The MSRB announced that it has amended its proposal to collect comprehensive data from dealers on 529 college savings plans. The proposal would require plan underwriters to provide the MSRB with data semiannually and to report performance data annually. Other changes to the proposal relate to the details to be submitted on 529 plan investments and the effective date of reporting requirements. The MSRB is seeking public comment on the revised proposal. Comments, which can be submitted here, are due December 21, 2012. See: MSRB Press Release and Regulatory Notice.

The SEC announced that after nearly four years in office, SEC Chairman Mary L. Schapiro will step down on December 14, 2012. Schapiro became Chairman in the wake of the financial crisis in January 2009 -- appointed by President Barack Obama on January 20, 2009, and unanimously confirmed by the Senate. Schapiro's replacement will be current SEC Commissioner Elisse Walter. Commissioner Walter was appointed by President George W. Bush in 2008. She had previously served as Senior Executive Vice President, Regulatory Policy and Programs, at FINRA/NASD, and served as General Counsel at the CFTC