CFTC Dodd-Frank Rulemaking 76 FR 16588 March 24, 2011 Closing Date: April 25, 2011 The text of proposed § 39.19(c)(1)(iv), which reads "End-of-day positions for each clearing member, by customer origin and house origin" should read, "End-of-day positions for each clearing member, by customer origin and house origin; and for customer origin, separately, the gross positions of each beneficial owner." Cross References Dodd-Frank Act, Title VII, Sec. 725(c)(2); CEA Sec. 5b(c)(2); 17 CFR Part 39

Council of the European Union March 22, 2011 The European Parliament have published an amending regulation on credit rating agencies. This regulation was born out of the fact that the Commission previously concluded that the supervisory framework of the financial sector within the European Union needed to be strengthened to reduce the risk and severity of future financial crises. The Regulation discusses the role of the European Securities and Markets Authority (ESMA), so that financial market participants can identify the competent authority in the credit rating agencies field. ESMA is to be

SEC Release No. 34-64084 (SR-FINRA-2011-012) March 16, 2011 The SEC published a FINRA proposal to amend the FINRA Rule 6700 and 7730 series to make a series of technical and conforming changes relating to the reporting of asset-backed securities. Among other things, the rule change would (i) consolidate reporting requirements for ABS transactions executed off-hours; (ii) simplify settlement reporting for ABS transactions; (iii) add alternative reporting rules for ABS transactions that are pre-issuance SMO/REMIC transactions; and (iv) clarify firms' obligations to report information to FINRA

SEC Release No. 34-64099 March 18, 2011 The SEC published a proposal to revise Exchange Act Rule 17Ad-17 to (i) extend to brokers and dealers the rule's requirements to search for lost securityholders; (ii) add a requirement that "paying agents" notify missing security holders in writing that the paying agent has sent the missing holder a check that has not yet been negotiated; (iii) add an exclusion for paying agents from notification requirements when the value is less than $25; and (iv) add a provision clarifying that the written notification requirements have no effect on State escheatment

FINRA RN 11-13 March 22, 2011 FINRA published a regulatory notice to advise firms of recent amendments to its Sanction Guidelines. The amendments (i) clarify the causation standard for when adjudicators order restitution; (ii) recognize that adjudicators may order ill-gotten gains be paid to injured parties; (iii) reflect that not every factor in the "principal considerations" may be aggravating and mitigating; and (iv) direct adjudicators to consider sanctions imposed by other regulators when imposing new sanctions. The revisions, which are derived from recent case law, are effective