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The Commission proposed requirements to implement the following sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act, insofar as they pertain to conflicts of interest, governance, and fitness:  section 726 (Rulemaking on Conflict of Interest); sections 725(c) and (d) (DCO Core Principles and Conflicts of Interest); section 735(b) (DCM Core Principles); and section 733 (SEF Core Principles).  After reviewing public comments, and following certain changes in U.S. and international supervisory standards, the Commission proceeded to propose and adopt Governance and Conflict of Interest standards for DCOs in a separate rulemaking.  In light of this development, the Commission will issue a new proposed rulemaking, which will:  (1) Apply to DCMs and SEFs alone; and (2) take into account domestic and international market developments since the publication of the original proposed rulemaking.  The title of this rule has been updated accordingly, to reflect the focus going forward on DCMs and SEFs.