On June 13, the MFA submitted a comment letter to the SEC in support of ICE Clear Credit LLC's portfolio margining petition. In the letter, the MFA urged the SEC to grant the petition as soon as possible because of the significant benefits to customers in the form of capital efficiencies and clearing access that result from portfolio margining and netting of offsetting positions in single-name credit default swaps ("Security-Based CDS") and broad-based indices ("Index CDS"). The MFA also supported ICE Clear Credit's petition request to hold customer positions in Security-Based CDS and Index

FINRA Reg. Notice 12-29 The SEC approved a FINRA proposal to adopt NASD Rules 2210 and 2211 and NASD Interpretive Materials 2210-1 and 2210-3 through 2210-8 as FINRA Rules 2210 and 2212 through 2216 (collectively, the Communications Rules), and to delete certain provisions of Incorporated NYSE Rule 472 and certain Supplementary Material and Rule Interpretations related to NYSE Rule 472. All firms should review the new rules and accordingly update their policies and procedures regarding advertising and other communications with the public and related matters. Effective Date: February 4, 2013

See: 77 FR 35892 The CFTC is proposing regulations that would provide for dual and multiple associations of persons associated with SDs, MSPs and other Commission registrants (i.e., FCMs, retail foreign exchange dealers (RFEDs). The proposal would make clear that each swap dealer (SD), major swap participant (MSP), and other CFTC registrant with whom an associated person (AP) is associated registrant with whom an associated person (AP) is associated is required to supervise the AP and is jointly and severally responsible for the activities of the AP with respect to customers common to it and

The SEC today announced that Thomas J. Butler has been appointed Director of the agency’s new Office of Credit Ratings. The SEC’s Office of Credit Ratings was created by the Dodd-Frank Act and is responsible for overseeing the nine registered Nationally Recognized Statistical Rating Organizations (NRSROs). Required among these responsibilities is conducting an annual exam of each credit rating agency and issuing a public report. View press release in full here (links externally to SEC website).

On June 14, 2012, CFTC Chairman Gary Gensler commented on the cross-border application of Dodd-Frank swap market reforms at the Institute of International Bankers’ membership luncheon. In the first half of his speech, Gensler made two forward looking statements: The CFTC is considering an international proposal to align margin requirements for uncleared swaps as well as reopening the comment period on their original margin proposal. Real-time reporting to the public and to regulators will begin starting as early as September of this year. In the second half of his speech, Chairman Gensler