New rules and rule proposals from CHX, FINRA, ICC, ISE, NSX, NYSEMKT, and ICC. Click on the links to view the SEC notices of each rule change and proposal. CHX: Proposed Rule - Change to Establish Listing Standards for Issuers Compensation Committees (See also: Exhibit 5) FINRA: Order Granting Accelerated Approval of Proposed Rule Change to Amend NASD Rule 2711 and Incorporated NYSE Rule 472 to Conform with the Requirements of the Jumpstart Our Business Startups Act and Related Changes ICC: Proposed Rule - Change to Add Rules Related to the Clearing of iTraxx Europe Index CDS and European

The Dodd-Frank Act requires the Federal Reserve Board to issue regulations that require financial companies with total consolidated assets of more than $10 billion, and for which the Board is the primary federal financial regulatory agency, to conduct stress tests on an annual basis. The Board is adopting this final rule to implement the company-run stress test requirements in Section 165(i)(2) of the Dodd-Frank Act regarding company-run stress tests for bank holding companies with total consolidated assets greater than $10 billion but less than $50 billion, and state member banks and savings

The CFTC Division of Swap Dealer and Intermediary Oversight (DSIO) issued the attached letter providing temporary no-action relief from certain requirements in the de minimis exception from the definition of the term "swap dealer". The no-action relief would allow non-financial entities that are active in the physical energy markets to deal in swaps with special utility entities in an aggregate gross notional amount of up to $800 million per year and not be required to register as swap dealers. There are a number of conditions to the relief, including that the utility entity be using the swap

The CFTC Division of Swap Dealer and Intermediary Oversight (DSIO) issued the attached letter that clarifies, and significantly broadens, in light of the recent court decision regarding the CFTC’s position limits rule, the scope of the bona fide hedging exemption from the trading thresholds as applied to registered investment companies pursuant to Rule 4.5. Lofchie Comment: Although not remarked on in the letter, the CFTC's expansion of its registration requirement as to registered investment companies is also the subject of challenge in the courts. See news item. See: CFTC Letter 12-19

The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a letter that it will not recommend that the CFTC take enforcement action against any person for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of CFTC Rule 1.3(ggg)(4) (which relates to the dealer registration requirement), certain ag and non-financial swaps. Any carved-out swap must meet the following three conditions: references an exempt commodity or agricultural commodity; is executed prior to December 31, 2012;and is either