New Final Rules

EDGAR Manual Updates.

On March 4th, the SEC adopted revisions to the Electronic Data Gathering, Analysis, and Retrieval System Filer Manual and related rules to reflect updates to the EDGAR system. The revisions are being made primarily to introduce new submission form types MA, MA-A, MA/A, MA-I, MA-I/A, and MA-W to support Registration of Municipal Advisors; updates to submission form types 8-K, 8-K/A, 10-K, 10-K/A, 10-KT, 10-KT/A, 10-D, 10-D/A, POS AM, 424B1, 424B2, 424B3, 424B4, 424B5, 424B7, and 424B8; and minor updates to Form 13F validations. The EDGAR system was scheduled to be upgraded to support this functionality on March 3, 2014. The revisions are effective immediately. SEC Release No. 33-9554.


Staff Guidance

Broker-Dealer Financial Responsibility Amendments.

On March 6th, the Division of Trading and Markets published guidance concerning the SEC's amendments to the broker-dealer financial responsibility rules. Staff Guidance.


Other Developments

Commissioner Piwowar Addresses AIMA Global Policy & Regulatory Forum.

On March 6th, SEC Commissioner Michael Piwowar discussed his approach to international financial regulatory issues, particularly with respect to the application of the Dodd-Frank Act to cross-border derivatives. Three principles guide his approach: respect for international regulators, a territorial approach to regulation, and predictability. Piwowar Remarks.


Exchange Traded Notes.

On March 4th, ETF Trends reported the SEC is examining exchange traded notes. It would like underwriting banks to provide more information concerning their valuation and trading. ETNs.


Commissioner Gallagher Discusses Regulatory Capital.

On March 3rd, SEC Commissioner Daniel Gallagher addressed the differences between bank capital and broker-dealer capital and the problems that follow when those differences are not respected. Gallagher focused on the potential risks associated with the Federal Reserve Board's new rules for large foreign banks. Gallagher said that the rules, which would require foreign banks to create stand-alone subsidiaries for their U.S. units, are flawed because they would subject the banks' broker-dealer subsidiaries to Federal Reserve Board oversight.Gallagher Remarks.


Fee Rate Advisory.

On February 28th, the SEC announced it has determined that a mid-year adjustment to the Section 31 fee rate for fiscal year 2014 is not required. The Section 31 fee rate for fiscal 2014 will remain at the current rate of $17.40 per million through March 17, 2014, and as previously announced, the rate will change to $22.10 per million starting March 18, 2014. This rate will remain in place until September 30, 2014 or 60 days after the enactment of a regular FY 2015 appropriation, whichever is later. The Section 31 assessment on round turn transactions in security futures also will remain at $0.0042 per transaction. SEC Press Release.