The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") published responses to frequently asked questions ("FAQs") concerning CFTC Forms CPO-PQR and CTA-PR. The FAQs address issues ranging from Form CPO-PQR and Form CTA-PR filing mechanics and deadlines to technical questions regarding asset reporting classification. DSIO staff intends to update the FAQs on an as-needed basis in order to clarify issues for the broadest range of filers.

The Investment Company Institute (ICI) voiced support for the Financial Stability and Oversight Council (FSOC) Improvement Act ( H.R. 1550). Passed by the Financial Services Committee, the bill (i) addresses potential risks to the financial system; (ii) makes FSOC's designation process more accountable and transparent; and (iii) ensures that a nonbank entity will be designated as a systemically important financial institution (SIFI) only when systemic risk cannot be addressed more effectively by that entity's primary regulator or an action on the part of the entity itself. More generally, the

The SEC named Bryan Bennett to lead the examination program in its Los Angeles Regional Office. Mr. Bennett will oversee the SEC's examination programs in Southern California, Nevada, Arizona, Hawaii and Guam. His staff will include approximately 60 examiners, accountants and attorneys.

Board of Governors of the Federal Reserve ("FRB") Governor Daniel K. Tarullo encouraged regulators from home and foreign jurisdictions to share responsibility for supervising international banks. "In the absence of either a global regulator or completely insular national banking systems," he said, regulators "must continue to work toward a system of shared responsibilities to assure both home and host regulators that internationally active banks are subject to adequate oversight and controls." Governor Tarullo noted that "what might have been economic advantages for host countries from foreign

CFTC Chair Timothy Massad provided updates on the CFTC's efforts to improve swap data reporting. Chair Massad recommended the following measures for the improvement of swap data reporting: Making Sure the Data Is Complete: Chair Massad (i) encouraged swap data repositories ("SDRs") to utilize heat maps and similar tools to improve the quality of reporting; (ii) asserted that the CFTC should "empower" the SDRs to validate the completeness and accuracy of the data prior to submission; (iii) specified that if a SDR rejects a participant's submission, then the participant should be considered out