October 22, 2009 - A Joint Report of the SEC and the CFTC on Harmonization of Regulation (the "Harmonization Report") was issued on Friday of last week. The Harmonization Report, which can be found here, is of considerable importance not only because it makes significant recommendations for legislative action, but also because it recommends numerous regulatory changes that the SEC and CFTC can make, and probably will pursue, without Congressional action.

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