, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

September 21-28, 2007

EDA announced 31 investments greater than $100,000 during the period September 21 to 28, 2007, totaling $33,917,840. These investments are part of projects totaling $66,206,214, saving 2,940 jobs, creating 20,528 jobs and generating more than $727.404 million in private investment.

September 17-21, 2007

EDA announced 33 investments greater than $100,000 during the period September 17-21, 2007, totaling $41,824,053. These investments are part of projects totaling $67,136,358, saving 266 jobs, creating 5,862 jobs and generating more than $398.5 million in private investment.

September 10-14, 2007

EDA announced nine investments greater than $100,000 during the period September 10-14, 2007, totaling $4,692,265. These investments are part of projects totaling $9,696,886, saving 383 jobs, creating 560 jobs and generating more than $35.6 million in private investment.


June 18-22, 2007

EDA announced 41 investments greater than $100,000 during the period June 18-22, 2007 totaling $39,755,536. These investments are part of projects totaling $102,504,404, saving 800 jobs, creating 7,681 new jobs and generating more than $1.109 billion in private investment.

March 19-23, 2007

EDA announced 31 investments greater than $100,000 during the period March 19-23, 2007, totaling $39,422,382. These investments were part of projects totaling $109,958,217, saving 362 jobs, creating 9,125 jobs and generating more than $1.124 billion in private investments.

(This one was interesting – )

$720,000 to ACCION Texas, Inc., San Antonio, Texas, to support the purchase and renovation of a building in Laredo to house an ACCION regional hub for small and micro-business lending, technical assistance and financial literacy training, and an incubator for small start-up businesses. This investment is part of a $900,000 project that will help save 250 jobs, create 50 jobs and attract more than $180,000 in private investment.

(And, this one – )

$1,000,000 for a joint investment to Sacred Heart Health Systems, Inc. and the city of Pensacola, Florida, to fund multiple infrastructure improvements to the roadways and storm water system at Pensacola’s Sacred Heart healthcare facility. This investment is part of a $6,500,000 project that will help create many new healthcare jobs and leverage significant private investment.

$2,000,000 to the city of Huntington Park, California, to fund infrastructure improvements to a brownfield site in the Los Angeles suburb of Huntington Park necessary to develop a retail center. This investment is part of a $4,035,000 project that will help create more than 1,300 jobs and generate over $200 million in private investments.



All Issues Investment Grade High Yield Convertibles
Total Issues Traded 4,778 3,570 961 247
Advances 1,824 1,301 415 108
Declines 2,404 1,859 430 115

Bond Market Activity 2/19/2009

Trading and Capital-Markets Activities Manual

Provides guidance on trading operations and related capital-markets banking activities. Details sound management practices and key examination and review considerations for trading and capital-markets activities. Includes discussions of a wide range of risk management issues encountered in trading and dealer operations, including market risk, counterparty credit risk, legal risk, financial reporting, accounting, and ethics. Profiles thirty-five specific financial instruments commonly encountered in trading and capital-markets-related activities.

Last update: January 2009

Entire manual (2.42 MB PDF) | Manual by section
User’s Guide for the Bank Holding Company Performance Report cover

A User’s Guide for the Bank Holding Company Performance Report

Serves as an aid in using the Bank Holding Company Performance Report (BHCPR). Provides definitions of the financial ratios and items presented on each page of the BHCPR.

Last update: March 2008

Entire manual (976 KB PDF) | Manual by section




Federal Reserve is prepared to expand Term Asset-Backed Securities Loan Facility (TALF)
February 10, 2009
Seal of Board of Governors of the Federal Reserve System Information Regarding Recent Federal Reserve Actions
Comprehensive list of links to information related to recent Federal Reserve actions, including links to press releases, Federal Register notices, and other related information.

Recent Supervision and Regulation and Consumer Affairs Letters
SR 09-2 FFIEC Guidance Addressing Risk Management of Remote Deposit Capture Activities
SR 09-1 Application of the Market Risk Rule in Bank Holding Companies and State Member Banks
SR 08-12 Revisions to the Guide to the Interagency Country Exposure Review Committee (ICERC) Process
SR 08-10 Regulatory Capital Impact of Losses on Fannie Mae and Freddie Mac Preferred Stock
CA 08-12 / SR 08-9 Consolidated Supervision of Bank Holding Companies and the Combined U.S. Operations of Foreign Banking Organizations

Supervision and Regulation Letters, commonly known as SR Letters, address significant policy and procedural matters related to the Federal Reserve System’s supervisory responsibilities. These letters are issued by the Board of Governors’ Division of Banking Supervision and Regulation and are a means of disseminating information to banking supervision staff at the Board and the Reserve Banks, as well as to supervised banking organizations.

SR Letters are numbered sequentially by year. For example, the first letter issued in 2005 is numbered SR 05-1.

Provided here in reverse chronological order by year are active SR letters issued since January 1990. Obsolete letters or letters that contain confidential supervisory information are not included.

Attachments to most of the SR letters are included. Hard copies of attachments not provided electronically are available from the Board’s Freedom of Information Office.

Letters released prior to November of 2001 were assigned a designation identifying the primary supervisory function addressed in that letter, for example, SR 97-2 (SPE). The designations are explained below.

Letters issued from 1990 through 1994 were classified in one of four functional areas:

* FIS (domestic financial institution supervision),
* IB (international banking supervision),
* SA (specialized banking activities), and
* STR (banking structure and expansion).

In 1995, the functional areas were redefined, as follows:

* APP (Applications)
* ENF (Enforcement)
* GEN (General)
* NIC (National Information Center)

* SPE (Specialized Banking Activities)
* SRV (Surveillance)
* SUP (Financial Institution Supervision)
* TRN (Training)

Letters that concerned only foreign banking activities carried an additional designation, IB (International Banking), for example, SR 97-13 (SUP.IB).
Other Sources of Information on Supervisory Policies and Procedures
Supervision Manuals:

* Bank Holding Company Supervision Manual
* Bank Secrecy Act/Anti-Money Laundering Examination Manual
* Commercial Bank Examination Manual
* Examination Manual for U.S. Branches and Agencies of Foreign Banking Organizations
* FFIEC Information Systems Handbook
* Trading and Capital-Markets Activities Manual


Application Filing Information

Federal Reserve Regulatory Service (FRRS), available through Publications Services
Home | Banking Information & Regulation
Accessibility | Contact Us
Last update: January 13, 2009


My Note –

The banks have been taking money under the Act listed in the 2008 Appropriations Bill and from every Act in every appropriations bill for the last eight years, at least.

And, they have been lobbying legislators to serve their own benefit. Recently having an attorney’s firm write a letter for them to the legislators who were determining whether the FDIC would guarantee new bonds that the banks were creating using the full faith and credit of the United States, it was and is lobbying, among other things. They need to cut it out.

It is not helping for banks to be leveraging their power to influence in matters being decided about solving macro-economic issues right now. If banks cover their own interests exclusively for self-preservation as they would be inclined to do, they are not in a position to have an overview of decisions affecting larger, far-reaching consequences for all of us that Congress and the economics team must consider.

On the other side of this thing, if only the banks stand while the consumers en masse, the citizens en masse and all other financial systems en masse have failed – we will have nothing but a wasteland of big pretty buildings with nothing in them. But, the banks will be available, having covered their own asses at the expense of each member in America paying out their hard-earned money to pay off junk bonds issued by the mega-bank conglomerates. How long will they survive with no taxpayers capable of paying for them to exist?

Wall Street also, does not exist to the exclusion of all else. These “financial engineers” have been the greatest sum total waste of human facility in the history of mankind because they would have been our greatest scientists, engineers, mathematicians, business geniuses, massively intelligent resources of a dynamic, prospering new era of growth for America and the World. Instead, they have distorted the use of our national “brain trust” as a resource into an unrecognizable enmeshed catastrophic failure for every financial and economic system where their minds and efforts were
paid to participate.

and, without the underlying assets that Wall Street trades in – there will be no Wall Street.

– cricketdiane, 02-20-09

Since when are bankers and Wall Street traders capable of deciding macro-economics that the rest of us have to suffer?



This section provides current information on EDA’s Programs, Investment Policies and Funding Opportunities.

The section also provides easy access to Laws and Regulations that apply to EDA’s Programs, and guidance for those who may be interested in applying for EDA’s Investment Awards.

The Programs page provides descriptions of EDA’s different investment programs: Public Works and Economic Development, Economic Adjustment Assistance, Research and National Technical Assistance, Local Technical Assistance, Planning Program, University Center Economic Development, and Trade Adjustment Assistance for Firms.

The Investment Policy Guidelines page outlines what EDA is looking for in potential applicants and what it believes will truly lead to economic development.

The Federal Funding Opportunity and Other Notices page provides links to FY 2006 Economic Development Assistance Programs, Technical Assistance Program, and Research and Evaluation Program.

The Laws and Regulations page outlines the rules and regulations that apply directly to EDA related activities.

The Comprehensive Economic Development Strategies (CEDS) Summary of Requirements PDF, provides a synopsis of the requirements for comprehensive economic development strategies. Click HERE for a plain background version for printing.

The Application Requirements page provides a detailed explanation of what is expected from applicants throughout the application process including links to application forms.

The Post-Award Requirements page outlines Revolving Loan Fund (RLF) Grant Reporting Requirements, Financial Reporting Requirements and Performance Reporting Requirements with GPRA Forms and Instructions.

Tractor ImageAmerican Jobs American Values
New Investments & Grants :: Department of Commerce ::
Privacy Policy | FOIA | Information Quality Guidelines | Web Master



U.S. Treasury – Office of Domestic Finance
Skip Navigation U.S. Department of the Treasury Logo … these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov. …
http://www.ustreas.gov/offices/domestic-finance/debt-management/interest-rate/ – 32k – Cached – Similar pages
U.S. Treasury – Daily Treasury Yield Curve
Yields are interpolated by the Treasury from the daily yield curve. … contact the Office of Debt Management by email at debt.management@do.treas.gov. …
http://www.ustreas.gov/offices/domestic-finance/debt-management/interest-rate/yield.shtml – 18k –

# [PDF]
Islamic Finance 101
File Format: PDF/Adobe Acrobat – View as HTML
Nov 6, 2008 … residence on Islamic finance at the U.S. Department of Treasury (2004). El-Gamal has … consumer and counterparty credit risk management. …
www.saneworks.us/uploads/news/applications/7.pdf – Similar pages
Financial Management Service: A Bureau of the U.S. Department of …
THE FINANCIAL MANAGEMENT SERVICE, a bureau of the United States Department of the Treasury, provides central payment services to Federal Program Agencies, …
www.fms.treas.gov/ – 30k – Cached – Similar pages
Overview: Surety Bonds: Publications and Guidance: Financial …
Treasury’s Listing of Approved Sureties (Department Circular 570)  Admitted Reinsurers, Pools and Associations, and Lloyds’ Syndicates …
www.fms.treas.gov/c570/index.html – 19k – Cached – Similar pages

U.S. Treasury teaches ‘Islamic Finance 101’
Nov 5, 2008 … The Treasury Department has announced it will teach “Islamic finance” to U.S. banking regulatory agencies, Congress and other parts of the …
www.wnd.com/index.php?fa=PAGE.view&pageId=80003 – 35k – Cached – Similar pages
finance and u.s. department of treasury Resources | BNET
finance and u.s. department of treasury. Subscribe to this listing via: …. Morgan Stanley Investment Management Announces Participation in U.S. Treasury …
resources.bnet.com/topic/finance+and+u.s.+department+of+treasury.html – 64k – Cached – Similar pages
Government – Frequently Asked Questions about the Public Debt
Feb 27, 2007 … Visit the Financial Management Service web site for more information. … that lists the type of Treasury Securities that are issued to finance the debt, … U.S. Department of the Treasury, Bureau of the Public Debt …
www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm – 16k – Cached – Similar pages




Investment applications will be competitively evaluated on their ability to meet or exceed the following investment policy guidelines:

Be market-based and results-driven. An investment will capitalize on a region’s competitive strengths and will positively move a regional economic indicator measured on EDA’s Balanced Scorecard, such as: an increased number of higher-skill, higher-wage jobs; increased tax revenue; or increased private-sector investment.

Have strong organizational leadership. An investment will have strong leadership, relevant project management experience, and a significant commitment of human-resources talent to ensure a project’s successful execution.

Advance productivity, innovation, and entrepreneurship. An investment will embrace the principles of entrepreneurship, enhance regional clusters, and leverage and link technology innovators and local universities to the private sector to create the conditions for greater productivity, innovation, and job creation.

Look beyond the immediate economic horizon, anticipate economic changes, and diversify the local and regional economy. An investment will be part of an overarching, long-term comprehensive economic development strategy that enhances a region’s success in achieving a rising standard of living by supporting existing industry clusters, developing emerging new clusters, or attracting new regional economic drivers.

Demonstrate a high degree of commitment by exhibiting:

 High levels of local-government or nonprofit matching funds and private-sector leverage.

 Clear and unified leadership and support by local elected officials.

 Strong cooperation between the business sector, relevant regional partners, and local, state, and federal governments.


& *** &



SPECIAL REPORT Issue #1: America’s Money Crisis
Get ready for a wave of bank failures
In less than two months, regulators have seized 13 banks. Experts think many more banks will collapse before the financial crisis is over.
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By David Ellis, CNNMoney.com staff writer
Last Updated: February 20, 2009: 12:59 PM ET


* Berkshire Hathaway’s stock falls 6%
* Banks pounded by nationalization fear
* Get ready for a wave of bank failures
* Nonprofits: Misery loves company
* Consumer prices edge higher

Where the banks are failing
Where the banks are failing
Bank failures and foreclosures keep mounting
View map
‘Banks must be nationalized’video
‘Banks must be nationalized’
More Videos

NEW YORK (CNNMoney.com) — If it’s Friday, there must be a bank failing somewhere across the country.

For five consecutive weeks, industry regulators have seized control of a bank after the market closed on Friday, bringing the total number of failed banks so far this year to 13.

To put that into perspective, 25 banks failed in 2008, suggesting that the rate of failures is quickening as the economic crisis deepens.

“We’ll have a banner year [of failures] this year,” said Stuart Greenbaum, retired dean and professor emeritus at the Olin Business School at Washington University in St. Louis.

At the current rate, nearly 100 institutions– with a combined $50 billion in assets — will collapse by year’s end.

But with more consumers and businesses likely to default on loans as the recession drags on, some industry observers think the pace of bank failures could accelerate further.

Gerard Cassidy, managing director of bank equity research at RBC Capital Markets, upped his expectations for bank failures earlier this month, warning that he anticipates 1000 institutions could fail over the next three to five years.

“The sooner the bank regulators can shut down the troubled banks, the faster the industry will get back on its feet, in our view,” he wrote.
A different era

Still, the current crop of bank failures hardly comes close to what happened during the savings & loan crisis two decades ago.

More than 1,900 financial institutions went under during 1987-1991, peaking with the failure of 534 banks in 1989.

And many experts are quick to draw distinctions between the two eras.

During the last crisis, many savings and loans were coping with an inability to adapt to higher interest rates, while many banks were significantly undercapitalized to deal with losses.

“That is not our problem here,” noted Ann Graham, a professor of law at Texas Tech who spent part of her career as a litigator for the FDIC and Texas’ Department of Banking during the 1980s.

Instead, she said the main problem now is that banks have been stuck with assets in their loan and investment portfolios that have quickly soured.

It’s also worth remembering that when banks fail, they don’t close down for good. The Federal Deposit Insurance Corp. guarantees deposits up to $250,000 in single accounts. Also, the FDIC often is able to find a willing buyer for the failed bank immediately, which means little, if any, disruption for the failed bank’s customers.

Still, regulators face a crisis of significantly larger proportions today that promises to keep the nation’s banking industry strained for some time.

Even though the overwhelming majority of the banks that have gone under since the beginning of 2008 are smaller community banks, there have been two notable big bank failures.

Last year, the California-based mortgage lender IndyMac failed. That was followed by the collapse of savings and loan Washington Mutual, the largest bank failure in history. The FDIC seized WaMu and immediately sold its banking operations to JPMorgan Chase (JPM, Fortune 500).

Several experts fear the potential for another large bank failure. While the U.S. government has repeatedly said it will not allow major institutions to fail, namely Citigroup (C, Fortune 500) and Bank of America (BAC, Fortune 500), some embattled regional banking giants may be too far gone to save.

“Conceivably, we’ll see some larger names fail as we go forward,” said Frank Barkocy, director of research with Mendon Capital Advisors, a money management firm that invests primarily in financial stocks.
Bracing for tough times

Regulators have indicated they are gearing up for tougher times. In addition to requesting an increase in its borrowing authority from the Treasury, the FDIC has maintained that it expects its deposit insurance fund to suffer $40 billion in losses through 2013. Last summer’s collapse of IndyMac wiped out $8.9 billion from the fund.

Fearful of drawing down the fund any further, banking authorities may attempt to broker more assisted acquisitions like JPMorgan Chase’s purchase of Washington Mutual, where the purchaser acquires the deposits and a portion of the failed bank’s bad assets.

“The [FDIC’s] incentive is not to have a bank failure at all,” said Jack Murphy, a long-time partner at the law firm Cleary Gottlieb Steen & Hamilton, who previously served as general counsel for the agency. “If it is possible to have a private market solution, that is ideal.”

Next week, regulators are expected to provide a better glimpse of the health of the banking sector, when the FDIC presents its quarterly banking profile for the fourth quarter of 2008.

One highlight of the report will be the agency’s so-called “problem bank” list. That number is expected to climb from 171, where it stood at the end of the third quarter.

Some have charged that the list is hardly reliable, given that only a fraction of the banks that are included ever actually reach the point of collapse.

Nevertheless, a big jump in the number of banks on the problem list could serve as an indicator that there will many more Friday failures to come this year. To top of page
First Published: February 20, 2009: 12:50 PM ET


SPECIAL REPORT Issue #1: America’s Money Crisis
Where the banks are failing
Bank failures – many caused by foreclosures – keep mounting.


Where does your state rank?
Americans everywhere are feeling the recession’s pain – some more than others.


Tabs above map show – Unemployment by state with roll-over showing percentages for each

State budget deficits – blue chart with roll-overs with billions in deficit

Foreclosures – current percentages – does not reflect those already done.



Office of Thrift Supervision – Department of the Treasury

OTS Releases Annual Report for FY 2008

Focuses on supervising thrift industry in year of historic change and challenge.



FDIC website


Resources that we are paying to provide to bankers and the banking / financial industry


Access financial information on specific banks as well as analyses on the banking industry and economic trends.

Bank Data & Statistics
Use searchable databases to find information on specific banks, their branches, and the industry.


Access FDIC policy research and analysis of regional and national banking trends.


Failed Banks
Learn how accounts and loans are affected when a bank fails, how to seek unclaimed funds, and how to obtain a lien release.


FDIC Dividends from Failed Banks (Updated June 27, 2007)
For banks that have failed since October 1, 2000, search for the latest dividend information.


Equity Investors and Contract Service Providers
To obtain information on equity/capital investment in an institution, purchasing assets from FDIC, or providing contract services to the FDIC, please call (866) 308-4470.

(Refer to links on this page – go buy you some bank stuff – jumbo bonds and junk bonds, desks, empty buildings, atm machines, residential mortgages, commercial mortgages, collateralized debt obligations (CDOs), business loans, pretty marble countertops – I don’t know.)




FINRA is the largest independent regulator for all securities firms doing business in the United States. We oversee nearly 5,000 brokerage firms, 172,000 branch offices and 663,000 registered securities representatives. Our chief role is to protect investors by maintaining the fairness of the U.S. capital markets.

(See below)


Securities and Exchange Commission


SEC Protecting Investors, Markets During Credit Crisis

During the current turmoil in the credit markets, the SEC has worked closely with other regulators in the U.S. and around the world to protect investors and the markets.

* SEC Actions During Credit Crisis
* 2008 Annual Report


SEC Actions During Turmoil in Credit Markets

The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

During the current turmoil in the credit markets, the SEC has worked closely with the Department of the Treasury, the Federal Reserve, and other regulators in the U.S. and around the world to protect investors and the markets.

The SEC administers the federal securities laws, requires disclosure by public companies, and brings enforcement actions against securities law violators.

While other federal and state agencies are legally responsible for regulating mortgage lending and the credit markets, the SEC has taken the following decisive actions to address the extraordinary challenges caused by the current credit crisis:

(See page link above to read about all this good stuff they’ve done to make it all better.)
( – in their opinion.)



Seventy-five years ago, during the peak of the Great Depression, the SEC was established by Congress to restore investor confidence. Today, the SEC continues to build on that essential purpose with a clear mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.

SEC 2008 Report

Our purpose
Message from the Chairman
75th Anniversary of the SEC
working to restore trust
a globally active SEC
modernizing the SEC
the future of regulation
Financial Snapshot
Contact Information

(Pretty nifty looking report for a bunch of folks that let the mess grow to this magnitude.)


Industry Professionals


Rule Filings


Requests for Comments




Regulatory Filings

Report Center

Market Transparency

Continuing Education

Compliance Exams


Conferences & Events

Classroom Learning

Online Learning

University Programs


Sanction Guidelines


Disciplinary Actions

Industry Issues

Small Firms Information

Arbitration & Mediation

Content Licensing

Regulatory Services

Order Printed Publications




Protect Yourself

Investor Alerts

Before You Invest

After You Invest

Smart Investing

Getting Started

Choosing Investments

Advanced Investing


Smart Saving for College

Market Data

Company Information

Equities & Options


Mutual Funds


Arbitration & Mediation

Order Printed Publications

Tools & Calculators



Arbitration & Mediation
Resources for Parties

Overview of Arbitration &


Arbitration Process

Mediation Process

Resources for Neutrals

Become an Arbitrator

Become a Mediator


Arbitration Process

Mediation Process


Code of Arbitration Procedure

Code of Mediation Procedure

Rule Guidance

Forms & Tools

Locations & Contacts



FINRA Leadership
Annual Reports & Financials
Careers at FINRA
Office of the Ombudsman
FINRA Holiday Schedule
FINRA Member Firms
Contact FINRA


News Releases









Division of Investment Management

The Division of Investment Management regulates investment companies (such as mutual funds, closed-end funds, UITs, ETFs, and interval funds), including variable insurance products, and federally registered investment advisers.

Laws and Rules
* Investment Company Act of 1940

* Investment Company Act Rules

* Investment Advisers Act of 1940

* Investment Advisers Act Rules

Staff Guidance and Studies
* September 26, 2008 Responses to Frequently Asked Questions about The Reserve Fund and Money Market Funds

* Registered Investment Company Use of Senior Securities — Select Bibliography

* August 21, 2007 Letter to Investment Company Institute re: Funds Use of Rule 22c-2 Information for Marketing Purposes

* June 28, 2007 Letter to Fidelity Investments, Massachusetts Financial Services Company and OppenheimerFunds, Inc. re: Implementation of FASB Interpretation No. 48

* Staff Responses to Questions Regarding Disclosure of Fund of Funds Expenses

* December 22, 2006 Letter to ICI re: Implementation of FASB Interpretation No. 48

* December 14, 2006 Letter to Babson Capital Management LLC re: Interpretive Guidance on Exchange Act Rule 16b-3

* Staff Letters Regarding Auditing Standards for Financial Statements of Insurance Company Depositors of Variable Insurance Products

* Staff Responses to Questions About Amended Custody Rule

* October 17, 2003 Letter to the ICI re: Disclosure by Funds Investing in Government Sponsored Enterprises

* Implications of the Growth of Hedge Funds

* Protecting Investors: A Half Century of Investment Company Regulation (May 1992)

* Questions and Answers Regarding the Mutual Fund Customer Identification Program Rule

* 2001 Mutual Fund Fee Report

* Staff Legal Bulletins


Miscellaneous Investor Information
* Variable Annuities: What You Should Know

* Invest Wisely: An Introduction to Mutual Funds

* Investment Advisers: What You Need to Know Before Choosing One

* Information on Investment Clubs

* Mutual Fund Investing: Look at More than a Mutual Funds Past Performance

* Mutual Fund Cost Calculator

Anti-Money Laundering Rulemaking Report Issued on Improving Financial Privacy Notices for Consumers 0 Contact Us Effectiveness Notices
Investment Company Regulation
Investment Company Registration and Regulation Package

Mutual Fund Registration Form (Form N-1a) and Instructions

Investment Adviser Regulation
Information for Newly-Registered Investment Advisers

IARD: Electronic Filing for Advisers

Compliance Information

IAPD: Investment Adviser Public Disclosure Website (Background Information)
Investment Adviser Forms

Investment Company Act Notices and Orders Investment Company Act Deregistration Notices and Orders Investment Advisers Act Notices and Orders Investment Management Staff
No-Action and Interpretive Letters Treasury’s Temporary Guarantee Program for Money Market Funds
Form 13F
* Frequently Asked Questions About Form 13F

* Official List of Section 13(f) Securities

GETS Cards
* Rule 12b-1

* Interactive Data

* Hedge Funds

* Role of Independent Investment Company Directors

* Investment Adviser Regulatory Issues (May 2000)

Annual Industry Comment Letters
* February 2001 Letter to Investment Company CFOs

* December 1999 Letter to Investment Company CFOs

* December 1998 Letter to Investment Company CFOs

Applications of Enron Corp. for Exemptions Under the Public Utility Holding Company Act of 1935


CCOutreach Program

The mission of the CCOutreach program for fund and adviser Chief Compliance Officers (“CCOs”) is to improve compliance by opening the lines of communication between CCOs of registered investment advisers and investment companies and SEC staff.

As part of the CCOutreach Program, we established an email address, CCOutreach@sec.gov. Please feel free to contact us or your local office (see office contact information at http://www.sec.gov/about/offices/ocie/ocie_org.htm) with any compliance questions or concerns you have regarding any industry or individual practice. You may request anonymity when speaking with the staff.

* National Seminar

The National Seminar is held annually at SEC headquarters in Washington, DC and covers various broad topics applicable to many firms. The topics may be most beneficial for larger adviser CCOs and may also include topics relevant to investment companies. This seminar consists of panel discussions among SEC staff and CCOs. SEC participants include staff from the Division of Investment Management and the Office of Compliance Inspections and Examinations, and examiners from various regional offices; CCO representatives are from firms ranging in asset size and complexity. The National Seminar is open to approximately 500 in-person attendees and is available via live and archived audio webcast. In-person attendees can submit question cards, which the various panels will attempt to address, time permitting.

If you are a CCO interested in speaking at future National Seminars or have suggestions for panel discussions, please send an email to CCOutreach@sec.gov.

o November 13, 2008

+ Agenda

o November 14, 2007

o November 14, 2006

o November 8, 2005

* Regional Seminars

The Regional Seminars are hosted by examination staff located in the regional offices and are held in the spring and summer in various cities throughout the country. These seminars are intended to address more “nuts and bolts” of the examination process and are typically limited to 50 to 120 attendees. The topics may be most beneficial for mid-size and smaller adviser CCOs. The Regional Seminars often include question and answer sessions and, given their smaller size, are more conducive to audience interaction than the National Seminar. These seminars enable CCOs to interact with the staff from their local SEC office.
o 2008 Seminar Information

o 2007 Seminar Information

o 2006 Seminar Information

o 2005 Seminar Information

* Interactive Broadcast Seminars

Interactive Broadcast Seminars will be held periodically via webcast and will each focus on a specific topic. These programs have been developed in response to requests from CCOs for programs tailored to specific types of advisory firms. The first Interactive Broadcast Seminar was dedicated to compliance practices of smaller advisory programs.
o Focused Seminar for Small Advisers (September 16, 2008)

+ Agenda

+ Webcast

Availability of Continuing Education Credits for CPAs Attending the National and Regional CCOutreach Seminars

As of November 2006, the CCOutreach National and Regional Seminars have been designated as professional training programs for which certified public accountants may earn continuing professional education (“CPE”) credits. The estimated CPE credits for attending the National Program are 7 hours and the Regional Programs are 4 hours, with all credits in specialized knowledge and applications. Students and instructors who are certified public accountants are eligible to receive CPE credits based on their in-person participation in the program. Application forms will be available at each program.

The U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417 or by visiting the website: http://www.nasba.org.

There are no prerequisites for these programs. No advance preparation for these programs is required and there is no charge to attend. You will be notified of any changes in the date, time, or cancellation of these programs. If you have any suggestions or complaints about earning CPEs at these programs, please contact either Karen Rossotto (202/551-6779) or Mavis Kelly (202/551-6381) to discuss/resolve the issue.
News & Public Statements

* SEC Examination Staff to Sponsor Regional Seminars (Press Release No. 2006-72, May 15, 2006)

* SEC Chairman Announces First National ‘CCOutreach’ Seminar (Press Release No. 2005-136, Sept. 26, 2005)

* Speeches and Public Statements
o Opening Message by SEC Chairman Cox before the CCOutreach National Seminar (November 8, 2005)
+ Windows Media Streaming (13 Mb)
+ Windows Media Player (20 Mb)
+ AVI format (50 Mb)
o Statement by SEC Chairman Cox Regarding the CCOutreach National Seminar (November 2, 2005)

o Speech by Former SEC Chairman Donaldson: Remarks Before the ICI Mutual Fund and Investment Management Conference (March 14, 2005)


* July 2008

* June 2007


* Questions Advisers Should Ask Regarding Their Compliance Program

* Investment Adviser Scenario Analysis/Risk Matrix

* Examiner Oversight of Annual Reviews

* Helpful ResourcesNew

* Information for Newly-Registered Investment Advisers


* Investment Adviser Examinations: Core Initial Request for InformationNew

* Examination Process and Risk Assessment

* Information Requested and Tests Performed in Key Focus Areas

* Information For Small Advisers

* Summary of Recent Rulemaking Initiatives

* Information Regarding Top Deficiencies Found During Examinations

* Risk Assessment Flowchart

* Red Flag Legend

(Don’t tell me these people didn’t know what was going on and couldn’t understand the risks associated with their activities and choices of actions considering the above list of interactions with regulations and regulators.)


My note –

It is my opinion that the one single thing that would go farther to help our government and our Congress (and consequently, the American people) than anyone other thing would be – to enforce a standard for denoting amounts of appropriations and uses of moneys.

Either write out the whole numbers or express Billions and Trillions as such to the same standard across all the uses in reports, budgets, summaries, appropriations, agency uses, Congressional summations of quantities and uses of taxpayer moneys.

Here is what I’ve noticed, in the same documents, budgets, appropriations and requests for appropriations, reports of summarized used of moneys, there are numbers that go along like this – $1.984 million – $800,889 million, $234,076 million, 2.14 million, etc.

In some of those notations of monetary sums being used or budgeted for things, it is millions and some portion of millions and in others – those are Billions or even sometimes, Trillions of dollars. I think much more intelligent uses of resources and determinations could be made if all figures were simply denoted in the same manner, whatever that is.

** The other thing that I’ve noticed generally, is that, “The facts are not going to change simply because you don’t want to believe them.”

And, that is about to be a really big problem for a whole bunch of people who don’t want to be bothered by a “negative” look at the markets, the economy and / or the financial reality of the bonds, stocks and other invested funds that they hold and rely upon.

– cricketdiane, 02-20-09


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