SEC Release No. 34-64424; SR-FINRA-2011-023 May 6, 2011 The SEC published a FINRA proposal to (1) amend FINRA Rule 6121 to expand the scope of the trading pause pilot to include all NMS stocks covered by the trading pause pilot rules of a primary listing market, and (2) amend FINRA Rule 6272 to conform the quotation requirements on the ADF to those on other national securities exchanges. FINRA Rule 6121 currently applies only to securities that are part of the S&P 500, the Russell 1000, and certain exchange-traded products. The other SROs filed proposals that are substantially similar to the

May 4, 2011 The NYSE published an information memo to inform firms of recent amendments to Rule 72(d) that reduced the minimum size of a block transaction that is eligible for a 72(d) crossing transaction. The new rule becomes effective on May 12, 2011. Cross References NYSE Rule 72(d) SEC Release No. 34-64334 (approval order)

FINRA AWC Letter No. 20100229218 May 5, 2011 FINRA fined a St. Louis-based broker-dealer $1 million for its failure to deliver mutual fund prospectuses in a timely manner to nearly one million customers. The FINRA action alleges that the firm failed to take action to correct the prospectus delivery failures even after the third-party service provider who mailed prospectuses to customers informed the firm that customers were not receiving prospectuses on time. In addition, FINRA alleged that the broker-dealer failed to promptly report information on its representatives through Forms U4 and U5

Roadshow Broadcast LLC, SEC No-Action Letter May 6, 2011 The SEC Division of Trading and Markets granted no-action relief from broker-dealer registration to a firm that provides private issuers with a way to stream audio and video of road shows over the Internet. Among other things, the SEC stressed that the company would not (i) provide advice or analysis about the merits of the issuers for whom it transmits road shows; (ii) receive compensation from client broker-dealers other than a flat transmission fee; (iii) have any role in effecting securities transactions. Cross References Exchange

CFTC Announcements CFTC PR 6035-11 May 9, 2011 CFTC Chairman Gary Gensler today announced the appointment of Steven W. Adamske to serve as Director of Public Affairs at the agency. Mr. Adamske, who will join the CFTC staff this summer, currently serves as the Deputy Assistant Secretary for Public Affairs and Spokesperson for Secretary Timothy Geithner at the U.S. Treasury Department. He previously served as Communications Director for the House Financial Services Committee under Chairman Barney Frank.