Commissioner Daniel M. Gallagher made a speech in which he discussed key issues in bond markets, a segment of the U.S. capital markets to which he says that the SEC traditionally has not devoted sufficient attention. He listed several issues that he believes warrant the SEC's attention, including price transparency, liquidity, capital regulation, and mark-ups. Notably, he acknowledged that there could be trade-offs in these areas; e.g., it is possible that more trade transparency and higher capital regulations reduce liquidity. In this regard, he reported anecdotal evidence of reduced

The UK Department for Business, Innovation and Skills has announced a series of proposals developed with the London Stock Exchange which are aimed at attracting entrepreneurs and high-growth companies to the London market. The proposals include a new route to the UK IPO market for high-growth companies, taking inspiration from the lightening of the regulatory burden for growth companies listing on U.S. public markets further to the U.S. JOBS Act. The measures also include a plan to work with the London Stock Exchange to widen the availability of equity capital for businesses intending to base

SIFMA Managing Director submitted a comment letter on the MSRB's Concept Proposal to strengthen protections for individual investors by establishing new account opening and supervisory requirements for online municipal securities transactions with individual investors. SIFMA discussed its reservations (the four principal reservations are summarized on the first two pages) as to the MSRB's proposal. Lofchie Comment: From a policy standpoint, the most interesting issue is the discussion of the term "recommendation." SIFMA objects to the broad definition of the term given by the MSRB (to see the

The Loan Market Association has launched a new recommended form of Single Currency Term Facility Agreement for use in developing market jurisdictions, in response to demand from market participants. The agreement uses the same basic structure and boilerplate as other LMA form documents, and assumes that the transaction is an unsecured single currency term loan. Although the drafters of the template envisaged that English law would apply to the agreement, market participants are encouraged to consider any other relevant legal and commercial issues arising in the relative jurisdiction.

The Investment Management Association has issued industry guidance for enhanced disclosure of fund charges and transaction costs incurred by UK-authorized funds. The guidance is intended to assist consumers with their understanding of fund charges and costs, and follows a consultation launched in June. Overall, the guidance suggests that firms should exceed the current European regulatory requirements by providing information on websites for each of their funds such as the disclosure of the ongoing figures charge (as opposed to the annual management charge). Members are asked to implement