1. FINRA Updates Online Filing of Arb Claims.
2. SEC: Fee Rate Advisory for FY 2011.
3. FINRA: ADF Quotation Reqs.
4. Nasdaq: Voting Uninstructed Shares.
5. MSRB: Disseminating ARS, VRDO Data.

    2.  SEC: Fee Rate Advisory for FY 2011.    When fiscal year 2011 starts on Friday, 10/1/10, the SEC expects to be operating under a continuing resolution that will extend through 12/3/10.  During this period, fees paid under Section 6(b) of the '33 Act and Sections 13(e), 14(g) and 31 of the '34 Act will remain at their current rates.  As previously announced, 30 days after the date of enactment of the Commission's regular fiscal year 2011 appropriation, the Section 31 fee rate applicable to securities transactions on the exchanges and in the OTC markets will increase from their current rate of $16.90 per million dollars to a new rate of $19.20 per million dollars.  The assessment on security futures transactions under Section 31(d) will remain unchanged at $0.0042 for each round turn transaction.  For furrther details, refer to:  [PR 10-173, 9/29] 

    3.  FINRA: ADF Quotation Requirements.    FINRA and numerous exchanges are filing proposed rule changes to enhance the minimum quotation requirements for market makers by requiring market makers for each stock in which they are registered to continuously maintain 2-sided quotations within a designated percentage of the NBBO (or if there is not an NBBO, the last reported sale).  These rule changes are intended to eliminate trade executions against market maker “placeholder” quotations that are priced far away from the inside market - aka “stub quotes.”  Under these proposed rules, limitations on permissible quotations are determined by the individual character of the security, the time of day in which the quote is entered, and any applicable stock trading pause triggers.   [Rule Filing 10-49, 9/17]

    4.  Nasdaq: Voting Uninstructed Shares.   The SEC granted accelerated approval to Nasdaq's proposal to modify Rule 2251, prohibiting members from voting on the election of a member of the board of directors of an issuer (except for a vote with respect to the uncontested election of a member of the board of directors of any investment company registered under the '40 Act, executive compensation, or any other significant matter, as determined by the SEC, unless instructed by the beneficial owner of the shares.  The rule change is mandated by Section 957 of Dodd-Frank.  [Rule Filing 10-114, 9/24] 

    5.  MSRB:  Disseminating ARS, VRDO Data.   The SEC approved MSRB's proposal to provide a real-time subscription to interest rate and other information about municipal auction rate securities (ARS) and variable rate demand obligations (VRDOs).  The MSRB today also published a report summarizing data it collected about these variable rate securities beginning in early 2009 through May 2010.  The new MSRB Short-term Obligation Subscription Service, beginning 9/30, will provide the same data through an electronic feed and is consistent with the MSRB’s mission to make municipal market data readily available.  [News Release, Notice 10-38, 9/28]