CFTC Chairman Gary Gensler delivered a speech at the Securities Industry and Financial Markets Association's (SIFMA) 2012 Annual Meeting in which he discussed a variety of issues relating to the financial markets and swaps regulation. Many of the themes that he touched upon had been the subject of past speeches. He did not say much as to current developments other than that, as of October 12, "common-sense reforms are becoming a reality." View speech in full here (links externally to CFTC website).

Reprinting a report by the Charlotte Observer, the House Financial Services Committee blog stated that community banks are finding ways to "trim regulatory costs and save money" with the help of certain provisions of the JOBS Act. According to the reprinted newspaper article, almost 100 U.S. banks were in the process of deregistering with the SEC in light of the higher number of investors that is now required to trigger a registration requirement. View blog post and related report here (links externally to House Financial Services Committee website).

SIFMA, American Bankers Association (ABA) and Financial Services Roundtable (FSR) (collectively, the "Associations") submitted a letter on three notices of proposed rulemaking issued by the OCC, the Federal Reserve Board and the FDIC ("Agencies") which would comprehensively revise the regulatory capital framework for all U.S. banking organizations. The proposals include: (i) Basel III Numerator NPR; (ii) Standardized Approach NPR; and (iii) Advanced Approaches NPR (collectively, the "proposals"). In the letter, the Associations asserted that the Agencies have employed an overly conservative

FINRA has ordered David Lerner Associates, Inc. ("DLA") to pay approximately $12 million in restitution to affected customers who purchased shares in Apple REIT Ten on the basis that those who were charged excessive markups on transactions which may not have been suitable. In addition, FINRA fined and suspended the President of the firm for the markups and for supervisory violations. View press release in full here (links externally to FINRA website).

The Securities Industry/Regulatory Council on Continuing Education (Council) has released its Fall 2012 Firm Element Advisory (FEA). The purpose of the FEA is to identify regulatory and sales practice topics that firms should consider in their Firm Element training plans. The following subjects include: Alternative Investments; AML; Books and Records; Business Continuity; Communications with the Public; Corporate Finance and Institutional Business; Customer Accounts; Dispute Resolution; Political Contributions by Investment Advisers; Fact Act and Flags Rule; Finance and Operations; Insurance