Public Comments on SEC Regulatory Initiatives Under the Dodd-Frank Act

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Issues We Have Addressed:

Year	Issue	Action	Result Description
2010	Reg. Notice 10-33 (FOCUS Expansion)	Roth wrote to oppose overly broad and inflexible provisions of the proposal.	TBD - Comment period still open.
2010	8210 Requests (Require information provided via portable media device be encrypted)	Roth wrote in opposition to 8210 based on high cost to small firms, among other concerns.*	TBD - Comment period still open.
2010	SEC IA-2910	Roth lobbied SEC and FINRA Staff to encourage cooperation that would allow the bill to move forward on pay to play WITHOUT a ban on placement agents.	Success in overturning the ban on placement agents.
2010	CA Assembly Bill 1743 (Placement Agents to register as lobbyists)	Roth meets with Senator Kehoe, Chair of CA Senate Appropriations Committee to influence a "NO" on AB 1743.	The bill is currently pending. Despite notable opposition, it continues to move through the Senate committee.
2010	BrokerCheck Expansion	Roth wrote to oppose public disclosure of dismissed complaints and aspect of dispute protocol.*	FINRA agrees to segregate denied, withdrawn, prevailed claims on BrokerCheck.
2010	PCAOB	Roth wrote to all members of Senate Banking Committee regarding terms of Restoring American Financial Stability Act (Bayh; US Senate) that would impact small firms without adding meaningful investor protections.*	KANJORSKI-GARRETT amendment is incorporated into the final version of the ACT now pending in the senate.
2010	Placement Agents (Ketchum response to Donohue)	Roth met with Ketchum and FINRA staff in continued effort to promote tailored rulemaking for placement agents.	Ketchum writes to Donohue, accepts responsibility for Placement Agent regulation; ban is eliminated from final rule.
2010	CA Assembly Bill 1743 (Placement Agents to register as lobbyists)	Roth testified to Assembly committee in opposition to the Bill, in particular the ban on contingency fees. Roth wrote to Assembly Committee Leaders and Bill Sponsors. **	Bill continues to encounter notable opposition, but is passing through committee. New tactic employed as of July 10. Status TBD.
2009-2010	Notice 09-25 - SR 2010-039 (Suitability Rule)	Roth wrote in opposition to several aspects of the rule proposal.	Two of Roth's four recommendations were incorporated into the rule as posted to the fed. register.
2009	PCAOB	Roth met to present alternate language to H.R. 1212 with Congressmen including Garrett, Kanjorksi, and Hunter. Continue in collaboration with AICPA to present amendment to pending financial reform legislation in Senate.*	Garrett amendment (similar to NAIBD proposal) was presented on house floor but was not incorporated into final bill.
2009	Personal Securities Transactions (Reg. Notice 09-22)	Roth wrote to comment in favor of streamlined reporting mechanism.*	None to date.
2009	Garrett, Bachus Amendments to the Investor Protection Act (House Bill)	Roth wrote to members of the House Financial Services Committee in favor of Garrett and Bachus Amendments. Roth initiated a letter-writing campaign by constituents to other House Representatives.*	Bachus amendment passed verbal vote on house floor but ultimately was defeated. Senate version now being debated.
2009	SEC IA-2910 (Proposed ban on Placement Agents)	Roth wrote in strong opposition to the SEC’s proposal to ban placement agents in the public fund arena, citing that approximately 400 small firms would be impacted or may be put out of business as a result. Roth met with FINRA’s Rick Ketchum and other FINRA Sr. Staff in 2009 to propose rulemaking tailored to placement agents.*	Donohue responded with openness to FINRA's involvement in tailoring rule-making to Placement Agents.
2008	Best Execution (FINRA Reg. Notice 08-80)	Roth wrote to advocate in favor of delegation to clearing firms, on behalf of introducing BDs.*	Consideration given in final rule-making.
2008	Supervisory Rules; Supervisory Controls (Reg. Notice 08-24)	Roth wrote in opposition to numerous aspects of the proposal in regard to inefficiencies, unworkable requirements, and over burdensome requirements for small firms.*	Rules as proposed have NOT advanced.
2008	SEC File No. S7-06-08 (Regulation SP Amendments)	Roth wrote to contest several aspects including the high cost of implementation.*	Rule as proposed has NOT advanced.
2008	Complaint Reporting (Reg. Notice 08-71)	Roth wrote to stress importance of greater efficiency in the Gateway reporting feature. Roth met with FINRA staff to propose specific changes.*	Roth continues to work with Gateway staff when able to recommend system enhancements.

*Roth’s activities were performed in whole or in part in her capacity as Chair of the NAIBD Member Advocacy Committee.

* *Roth’s activities were performed in whole or in part in her capacity as a representative of the Third Party Marketers’ Association.