The Municipal Securities Rulemaking Board (MSRB) published a revised draft proposal to limit dealers from consenting to any amendment to bond authorizing documents for municipal securities except in limited circumstances. The revised proposal seeks public comment on certain amendments to a July 5, 2012 draft proposal, and further refines the original proposal issued in February 2012. Comments should be submitted no later than December 21, 2012. View Notice in full here (links externally to MSRB website).

The CFTC is holding an open meeting on Thursday, November 29, 2012, at 11:00 a.m., to consider Clearing Requirement Determination under CEA Section 2(h). Click here for more information on the meeting.

The CFTC Office of the Chief Economist will host the 2012 Research Conference on Friday, November 30, to focus on key issues in the derivatives markets. In addition, the conference will address issues relating to high frequency trading, swaps, and commodity markets. Click here for more information.

The SEC brought charges against Edward S. Steffelin, the GSC employee who was in charge of the team responsible for selecting the portfolio for Squared. Steffelin permitted Magnetar to select and short collateral and reviewed and edited the term sheet and pitch book before those materials were provided to investors. The SEC’s complaint charges Steffelin with violations of Sections 17(a)(2) and (3) of the Securities Act and Section 206(2) of the Investment Advisers Act of 1940. Steffelin agreed to waive and release the Commission from all claims. View release in full here (links externally to

The CFTC approved the application of Chicago Mercantile Exchange, Inc. for provisional registration as a swap data repository pursuant to CEA Section 21 and CFTC Rule Section 49.3(b). Lofchie Comment: To some extent, this SDR is the focus of the litigation between CME and the CFTC. That is, the CME generally wants to direct reports on CME markets to its affiliated SDR and the CFTC proposes to give trade participants their choice as to which SDR to direct trade reports. Link here to news item on the lawsuit. View letter in full here (links externally to CFTC website).