View release in full here (links externally to SEC website).

View release in full here (links externally to SEC website).

FINRA released its list of disciplinary actions for July 2012. In terms of actions against firms, the greatest number of actions seemed to involve trade reporting issues of various types, including as to TRACE, the Real-Time Transaction Reporting System for municipal securities, and OATS. There were also a number of disciplinary actions relating to AML or OFAC procedures, which is perhaps meaningful in light of the recent disciplinary action against HSBC (see the news of July 17 and 18). View report in full here(links externally to FINRA website).

The Office of Financial Research (OFR) issued a report assessing the state of the U.S. financial system, including an analysis of any threats to the financial stability of the United States, the status of the efforts by the OFR to meet its mission, and key findings of the OFR's research and analysis of the financial system. The report describes how the OFR is working to satisfy its statutory mandates and mission in four complementary areas: (1) analyzing threats to financial stability, (2) conducting research, (3) addressing data gaps, and (4) promoting data standards. [SL Comment: This will

FINRA has proposed a rule change to establish August 27, 2012 (rather than July 23) as the mandatory implementation date for its rule changes regarding the new FORM CMA (Continuing Membership Application). See NASD Rules 1012 and 1017; see also FINRA Regulatory Notice 12-33. View release in full here (links externally to FINRA website).