MSRB Notice No. 2011-52 September 12, 2011 The MSRB published a regulatory notice to address the potential applicability of its rules, and the federal securities laws generally, to direct purchases of municipal securities or bank loans, which may be used by state and local governments as alternatives to public offerings of their securities. The notice states that certain of these financings may be considered "municipal securities," and thus would subject the transactions and participants to a number of federal securities laws. In particular, the notice states that a broker-dealer that serves

Temporary and Conditional Relief from the Requirements of §§ 20.3 and 20.4 of the Commission's Regulations Regarding Large Swaps Trader Reporting for Physical Commodities CFTC Press Release 6113-11 CFTC's Division of Market Oversight issued a letter providing temporary relief from the requirements of the CFTC's regulations issued on July 22, 2011 regarding large trader reporting of physical commodity swaps. The relief is intended to provide sufficient time to enable both the industry and the CFTC to develop and refine systems and processes that will be able to report these complex transactions

76 FR XXXX The CFTC is issuing a further notice of proposed rulemaking that would establish a schedule to phase in compliance with previously proposed requirements, including the swap trading relationship documentation requirement and the margin requirements for uncleared swaps. This release is a continuation of those rulemakings. The proposed schedules would provide relief in the form of additional time for compliance with these requirements. Under the proposed schedules, a Swap Dealer or Major Swap Participant would be required comply with documentation requirements within 90, 180, or 270

"CAN THE CFTC SEE THE BIG PICTURE?" In a speech delivered before a gathering of ISDA members, CFTC Commissioner Scott O'Malia reviews the agency's implementation of Dodd-Frank mandates and highlights his concerns, including the lack of robust cost/benefit analysis in Dodd-Frank rulemaking.

Press Release PR 6111-11 The CFTC will not hold a meeting on September 22, 2011 that was scheduled for Dodd-Frank rulemaking purposes.