The MSRB published a reminder that, effective November 5, brokers, dealers and municipal securities dealers must begin reporting the contractual dollar price at which an inter-dealer transaction is executed, in addition to the information currently reported. Further, all dealers that report inter-dealer transactions to the MSRB Real-Time Transaction Reporting System will need to make system and/or procedural changes to prepare for this change. View notice in full here (links externally to MSRB website).

The SEC is proposing to extend the effectiveness of Rule 206(3)-3T under the Advisers Act, a temporary rule that establishes an alternative means for investment advisers that are registered with the SEC as broker-dealers to meet the requirements of Section 206(3) of the Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment would extend the date on which rule 206(3)-3T will sunset from December 31, 2012 to December 31, 2014. During that extended period, the SEC intends to study, among other things, the standard of care

The NFA has released a list of Board and Nominating Committee members whose terms shall expire at the 2013 Annual Election to be held on January 15, as well as a form to nominate persons eligible to fill the vacancies on the Board of Directors and the 2013 Nominating Committee. The results of the election will be circulated prior to the Annual Meeting in February. View notice here (links externally to NFA website).

This SEC letter is intended to provide information to newly registered investment advisers as to the National Exam Program, and to provide information about upcoming examinations and the topical areas that may be examined. Among the areas on which examination is expected to focus are the following: Marketing Portfolio Management Conflicts of Interest Safety of Client Assets (custody) Valuations View letter here (links externally to SEC website).

This proposed rule would implement section 165(i)(2) of the Dodd-Frank Act, which requires certain financial companies with total consolidated assets of more than $10 billion, and which are regulated by a primary federal financial regulatory agency, to conduct annual stress tests to determine whether the companies have the capital necessary to absorb losses as a result of adverse economic conditions. This particular rule would authorize the FHFA to mandate stress testing by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. One of the minor eccentricities of the proposal is that it would