CFTC Chair Massad discussed the CFTC's ongoing work in establishing a regulatory framework to reform the over-the-counter ("OTC") derivatives marketplace. He delivered his remarks at the North American OTC Derivatives Summit Conference. Chair Massad championed the CFTC's work in mandating clearing for most interest rate and credit default swaps though he noted the need for greater clearinghouse resiliency. He added that recovery and resolute planning for clearinghouses are at the top of the CFTC's agenda and that Europe has "an ample basis" for declaring the U.S. clearing system to be

The MFA updated its equity market structure recommendations. It made the following new recommendations to the SEC for enhancing the resilience of critical infrastructure and the robustness of the market framework: improve the reliability and oversight of consolidated market data; require electronic trading venues to provide trade order and execution information in milliseconds; develop contingency plans and interim processes to address unexpected trading halts, particularly those that are caused by technology failures; at least every two years, reexamine the parameters used to set circuit

The North American Securities Administrators Association ("NASAA") appointed Judith Shaw its new President. In her inaugural address at NASAA's 98th Annual Conference in San Juan, Puerto Rico, Ms. Shaw encouraged NASAA members to strengthen their coordinated efforts and explore new opportunities to work more closely with fellow regulators. Most recently, Ms. Shaw served as NASAA's President-elect in addition to holding a number of other significant roles at NASAA. In 2008, she was appointed Securities Administrator for the State of Maine Office of Securities. NASAA also named Michael Rothman

The SEC and FINRA each charged a Puerto Rico-based broker-dealer and one of its branch office managers with supervisory and suitability violations. The charges concern a former broker who persuaded customers to invest in company-affiliated mutual funds using money borrowed from a company-affiliated bank. In settled administrative proceedings, the SEC and FINRA collectively charged (i) the company with violating SEA Section 15(b)(4)(E) ("Registration and Regulation of Brokers and Dealers"), NASD Rule 3100 and FINRA Rule 2010 ("Standards of Commercial Honor and Principles of Trade"); and (ii)

The CFTC filed a civil injunctive enforcement action against a Florida-based individual and his two asset management companies for engaging in "illegal, off-exchange transactions in precious metals with retail customers." The CFTC also charged the accused individual and his companies with acting as futures commission merchants ("FCMs") without registering with the CFTC, as required by CEA Section 4d(a)(1) ("Dealing by Unregistered Futures Commission Merchants or Introducing Brokers Prohibited; Duties in Handling Customer Receipts; Rules to Avoid Duplicative Regulations"). In its complaint, the