CFTC Dodd‑Frank Rulemaking The CFTC is proposing for comment new rules under Section 4s(h) of the CEA to implement provisions of Title VII of the Dodd-Frank Act relating generally to external business conduct standards for swap dealers and major swap participants. Document Number 75 Fed. Reg. 80638 Date December 22, 2010 Cross Reference (links require a Cabinet subscription) Dodd-Frank Act, Title VII, Sec. 731 New CEA Sec. 4s(h) 17 CFR Parts 23 and 155

SEC Release (Rulemaking) The SEC is requesting public comment on a study it is conducting, pursuant to § 939(h) of the Dodd-Frank Act, on the feasibility and desirability of standardizing credit ratings terminology. Document Number SEC Release 34-63573 Date December 17, 2010 Cross Reference (links require a Cabinet subscription) Dodd-Frank § 939(h)

CFTC Dodd‑Frank Rulemaking The CFTC is proposing new rules and amended guidance and acceptable practices to implement the new statutory provisions enacted by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act that, among other things, amends Section 5 of the CEA concerning designation and operation of contract markets, and adds a new CEA Section 2(h)(8) to include the listing, trading and execution of swaps on designated contract markets. The proposed rule takes up 66 pages of the Federal Register. Document Number 75 Fed. Reg. 80572 Date December 22, 2010 Cross

SEC Release The SEC voted to propose a rule, as required by Dodd-Frank, to govern the registration process for municipal advisors. The rule would supplant a temporary rule adopted by the SEC in September. Document Number SEC Release 34-63576 Date December 20, 2010 Cross Reference (links require a Cabinet subscription) SEC Press Release 2010-253 SEC Release 34-62824 (Temporary registration rule)

SEC Press Release The SEC announced (1) the filing of a civil action against a former executive of a clothing company for engaging in financial fraud and insider trading, and (2) perhaps more notably, the entering into of a non-prosecution agreement with the company with which he was formerly associated. The non-prosecution agreement is said to reflect the company's "prompt and complete self-reporting of the misconduct," as well as its actions in cooperating and investigating the misconduct. The non-prosecution agreement is the first entered into by the SEC since the announcement of its new