Fed Rule on Supervised Securities Holding Company Registration
On May 29, the Fed approved a final rule to implement Section 618 of the Dodd-Frank Act, outlining the procedures for securities holding companies (nonbank companies that own at least one registered broker or dealer) to elect to be supervised by the Fed. Release. Final Rule.
MSRB Request for Comment on Trade Size Reporting System
On June 1 the MSRB published a request for comment on a proposal to provide for more rapid public dissemination of trade size information for large municipal securities transactions through the MSRB Real-Time Transaction Reporting System. Comments must be submitted by July 2. MSRB Request for Comment.
MSRB Concept Release on Disclosure of Financial Incentives
On May 31, the MSRB published a concept release seeking comment on a proposal to require underwriters and municipal advisors to disclose whether they have made or received certain payments in connection with new issues of municipal securities. Comments must be submitted by July 31. MSRB Concept Release.
IOSCO Consults on Rating Agency Internal Controls
On May 25, IOSCO published a consultation report describing internal controls and procedures that rating agencies use to promote the integrity of the rating process and address conflicts of interest. IOSCO is seeking the views of stakeholders and rating agencies to assist it with further analysis of rating agency internal controls and procedures. Comments must be submitted by July 9. IOSCO Release. IOSCO Report.