The SEC is making a technical amendment to rules under the Exchange Act to correct an inadvertent error. On December 21, 2011, the SEC extended the expiration date for the temporary municipal advisor registration regime to September 30, 2012. In the release extending the expiration date, the SEC inadvertently omitted a reference to Subpart N, which resulted in the deletion of Subpart N from the Code of Federal Regulations. With this technical amendment, the SEC is correcting the omission and adding back Subpart N to the Code of Federal Regulations. Effective Date: July 18, 2012 Cross Reference

The CFTC announced that on July 11, 2012, Judge Carol E. Jackson of the U.S. District Court for the Eastern District of Missouri entered a judgment imposing a $250,000 civil monetary penalty against defendants Randall L. Stuckey and his Missouri-based business entities, Stuckey Group, L.P., Stuckey Group II, L.P. and Oakwood Development Company, L.P. The order also imposes permanent trading and registration bans against the defendants. The order stems from a CFTC complaint filed on February 18, 2011, that charged the defendants with operating an illegal off-exchange foreign currency (forex)

The FSOC Annual Report makes for a pretty good read, or at least skim for those topics relevant to the reader. The report covers a broad range of topics from implementation of regulation to potential new regulation, to areas of economic concern both in the United States and internationally. The heart of the report is Section 3, which contain's FSOC's annual recommendations. The recommendations relate to matter such as (i) money market mutual funds (which are reported to a hot political topic at the SEC), (ii) tri-party repo (a related item was in yesterday's news), and (iii) clearing house

The CFTC Division of Market Oversight today announced the issuance of temporary no-action relief for reporting by non-clearing member swap dealers under the CFTC's large trader reporting requirements for physical commodity swaps and swaptions. This temporary relief is intended to provide sufficient time for non-clearing member swap dealers to transition to fully compliant reporting by 60 days after the CFTC's deadline for entities to apply to register as swap dealers. Parties that are intending to rely on the exemption must so notify the CFTC as provided in the relief. View release in full

Chairman Gary Gensler gave a version of his standard statement before the Financial Stability Oversight Council (FSOC) outlining the progress made on regulating the swaps market. Chairman Gensler noted how the CFTC and the SEC have jointly moved forward from the rule-writing process to the implementation of reforms. He went on to highlight a few of the major reforms that will be implemented this fall. View speech in full here(links externally to CFTC website).