The SEC has released this investor bulletin featuring its top five tips for investors in selecting a financial professional. Besides providing advice, the bulletin contains a checklist of questions. The five tips (in summary) are the following: Do your homework and ask questions. Find out whether the products and services available are right for you. Understand how you'll pay for services and products, and how your financial professional gets paid as well. Ask about the financial professional's experience and credentials. Ask the financial professional if he or she has had a disciplinary

In his speech at the University of Notre Dame Business Law Forum, Commissioner O'Malia provided examples of where the CFTC has failed the "Good Government" test in its rulemakings and "must make immediate corrections". In discussing where the CFTC's rule making process had failed, he focused on the following: Swap Data Reporting Rules; The Proposed Cross Border Guidance; Swap Rules Driving Shift to Regulatory Security of Futures Markets. Lofchie Comment: According to Commissioner O'Malia, the CFTC's rulemaking process has led, or will lead, to "regulatory inconsistencies, blatant mistakes

The SEC is amending interim final temporary Rule 15Ba2-6T, which provides for the temporary registration of municipal advisors under the Exchange Act to extend the date on which Rule 15Ba2-6T (and consequently Form MA-T) will sunset to September 30, 2013. Under the amendment, all temporary registrations submitted pursuant to Rule 15Ba2-6T also will expire no later than September 30, 2013. Effective Date: September 30, 2012. The expiration of the effective period of interim final temporary Rule 15Ba2-6T ( 17 CFR 240.15Ba2-6T) and Form MA-T (17 CFR 249.1300T) is delayed from September 30, 2012

The NASAA announced the waiver of the Investment Adviser Registration Depository (IARD) system fees for investment adviser firms and the reinstatement of substantially reduced initial set-up and annual system fees paid by investment adviser representatives (IARs). IARD system fees are used for user and system support and for enhancements to the system. Fees for IAs and IARs have been waived since 2008. View notice here(links externally to NASAA website).

CFTC Chairman Gary Gensler asserted that it is time for a new or revised benchmark "anchored in actual, observable market transactions," arguing that, if benchmark rates don't have transactions to rely on, then the reliability of the benchmark is significantly and necessarily limited. He argues that there are at least three issues with LIBOR and other survey rates: "The first and possibly the most significant issue with LIBOR is that the number of banks willing to lend to one another on an unsecured basis has been sharply reduced over the years. Also, such lending has diminished because of the