The rule change is intended to help floor brokers cross orders in a manner consistent with NMS 611 (Order Protection Rule) requirements. (For a general discussion of Reg NMS requirements, see the Broker-Dealer Guide, Trading Chapter. View release in full here (links externally to SEC website). Additional Materials: Exhibit 5.

The OCC released an update to the Bank Accounting Advisory Series (BAAS) with recent answers to frequently asked questions from the industry and examiners covering areas such as acquired loans, other real estate owned, troubled debt restructurings, nonaccrual, allowance for loan and lease losses, insurance claims, and bankruptcy court discharged debt. View release in full here (links externally to OCC website). Additional Materials: Bank Accounting Advisory Series (June 2012).

Deputy Comptroller for Compliance Policy Grovetta Gardineer today discussed agency concerns about H.R. 6139 ("The Consumer Credit Access, Innovation, and Modernization Act") during her testimony before the Subcommittee on Financial Institutions and Consumer Credit of the U.S. House Committee on Financial Services. Gardiner expressed concern that H.R. 6139, which proposes to create a Federal charter for National Consumer Credit Corporations, would adversely affect consumers and would create a class of federally chartered institutions with serious safety and soundness concerns. View release in

The MSRB has filed a proposed rule change with the SEC to establish a new interim municipal advisor assessment under new Rule A-11 and a new Form A-11-Interim. In addition, the MSRB is requesting comment on a draft survey seeking information from municipal advisors on the nature of the advisory activities they undertake as well as the level of compensation received by such advisors. [SL Comment: Essentially, the regulators are trying to determine whether to increase regulatory assessments on muni advisors.] View release in full here (links externally to MSRB website).

The change relates to the composition of the Compensation Committee of the Board. View release in full here (links externally to SEC website).