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Commentary by Steven Lofchie

A former managing director of a bank agreed to pay $350,000 to settle CFTC charges for illegally "mismarking" swap valuations in an effort to hide significant trading losses. According to the CFTC Order, the former managing director mismarked the valuations of swap instruments in an attempt to cover up significant trading losses incurred by entering false "end-of-day" marks into an internal bank spreadsheet utilized for internal asset valuations. In connection with this action, the CFTC Division of Enforcement closed its investigation. The CFTC noted that its decision to terminate the

The Board of Governors of the Federal Reserve System ("FRB") approved a final rule titled Prohibition Against Federal Assistance to Swaps Entities ("Regulation KK"), which clarifies the treatment of uninsured U.S. branches and agencies of foreign banks under Dodd-Frank Section 716, commonly known as "Lincoln", or as the swaps push-out provision. The final rule adopts without change the interim final rule issued by the Board on June 5, 2013. Section 716 of Dodd-Frank generally prohibits the provision of certain types of federal assistance, such as discount window lending and deposit insurance