As part of the implementation of its policy framework for addressing risks associated with systematically important financial institutions ("SIFIs"), the Financial Stability Board has released three reports as described below: an updated list of global systemically important banks ("G-SIBs"); a progress report on the reform of resolution regimes for global systemically important financial institutions ("G-SIFIs"); and a progress report on steps to increase the intensity and effectiveness of SIFI supervision. Lofchie Comment : There were 8 U.S. "banks" on the list, including Goldman Sachs and

SEC Director of the Division of Investment Management, Norm Champ, delivered a speech regarding the challenges facing the annuities business, including those presented by the persistent low interest rate environment and by volatile equity markets here and abroad. Director Champ also discussed (i) the recently published financial literacy study that was mandated by Dodd-Frank (see link below); (ii) the IM's investor advisory committee; (iii) industry communications; (iv) IM division priorities; (v) a recent 403(b) Plan No-Action Letter; and (vi) changes that insurers have made to the terms of

SIFMA submitted the attached comments to the U.S. Trade Representative ("USTR") on promoting U.S.-European Commission ("EC") regulatory compatibility. SIFMA stated that it supports the goals shared by the U.S. Government and the EC to reduce (i) excessive regulatory costs, (ii) unjustified regulatory differences, and (iii) unnecessary red tape. SIFMA urges more work to be done to further ensure the compatibility of U.S. and EC financial reforms "both in substance and extraterritorial application." Lofchie Comment: Another potential avenue to raise the problems of cross-border swaps regulation

SIFMA submitted the attached comments to the MSRB on revised draft rule amendments and on a revised draft interpretive notice on retail order periods (see MSRB 2012-50) which propose amendments to MSRB Rules G-11 (on primary offering practices), G-8 (on books and records), and G-32 (on disclosures in connection with primary offerings), as well as an interpretive notice concerning the application of MSRB Rules G-17 and G-30 to retail order periods. SIFMA stated that it supports the proposed rule changes to the extent they would protect dealers that "follow issuers' instructions, clarify issuer

New rules and rule proposals from BOX, CBOE, FICC, MSRB, NYSE, NYSE Arca, NYSEMKT, OCC, and Phlx. Click on the links to view the SEC's notices of each rule change and proposal. BOX: Effective Immediately - Proposal Regarding Quote Mitigation (See also: Exhibit 5) CBOE: Effective Immediately - Rule Change Related to Extending the FLEX Exercise Settlement Values Pilot CBOE: Effective Immediately - Rule Change to CBSX Rule 53.24 CBOE: Effective Immediately - Rule Change to Amend the Fees Schedule (See also: Exhibit 5) FICC: Effective Immediately - Rule Changes to Clarify a Stated Policy with