The Financial Reporting Manual - prepared by the staff of the Division of Corp. Fin. - has been updated and revised. The Manual is designed to be an internal reference document and to provide general guidance to Division staff. Click here to view manual and summary of changes (links externally to SEC website).

In this opening address, SIFMA's Randy Snook explains why the municipal market is unique, the challenges posed by Dodd-Frank, new disclosure requirements under MSRB Rule G-17, and efforts by SIFMA to keep the market safe and facilitate rule compliance for professionals. As to Dodd-Frank, Mr. Snook urged that there be a complete exemption from the Volcker Rule for municipal securities. (For a prior Cadwalader article describing the problems that Volcker causes for municipal securities, view link here.) View speech here (links externally to SIFMA website). See also: September 18 news entry on

NASAA announced the publication of its quarterly newsletter, NASAA Insight. The contents of the current newsletter, designed to keep readers informed of recent NASAA activities, are as follows: A. Heath Abshure of Arkansas Takes NASAA Helm NASAA Urges Caution as SEC Mulls over Solicitation Rule [i.e., the JOBS ACT] Broker-Dealer Compliance Native American Outreach Top Investor Traps Protecting Senior Investors NASAA on JOBS Act Implementation Abshure: NASAA to Add Offense to Defense [about preemption and the role of state regulation] Photo Gallery: NASAA Conference Focuses on Innovation

NFA recently amended NFA Bylaw 301 to require NFA member FCMs, IBs, CPOs and CTAs and their APs which engage in swaps activity that is subject to CFTC jurisdiction, to be approved by NFA as a swaps firm or swaps AP. The amendments to Bylaw 301 are effective January 1, 2013. However, a member may request swap designation for itself and its APs effective immediately. NFA also amended Registration Rules 401 and 402 to provide relief from the proficiency requirements for the swaps APs of these members. The amendments to Registration Rules 401 and 402 are effective immediately. View notice in full

The SEC Division of Corporation Finance sent the attached letter to companies whose draft registration statements were under staff review. The intention of this letter is to explain how these companies can transition to electronic filing via EDGAR. View letter here (links externally to SEC website).