The CFTC proposed excluding certain data fields from the definition of material terms under CFTC Rule 23.500(g) (Swap Documentation Definitions). The proposed rule generally would codify relief granted previously by CFTC staff in their Letter No. 13-31, subject to certain modifications, and allow firms to exclude certain information reported under CFR Part 45 (Swap Data Recordkeeping and Reporting Requirements) for purposes of portfolio reconciliations under CFTC Rule 23.502 (Portfolio Reconciliation). The CFTC proposed to exclude the following data fields from the definition of material terms

The SEC issued an order extending exemptions from compliance with two statutory provisions applicable to security-based swap ("SBS") intermediaries until the compliance date for registration of such intermediaries. In a public statement, Commissioner Aguilar said that these temporary extensions are necessary to prevent unwarranted market disruptions caused by regulatory uncertainty. On June 15, 2011, the SEC issued an order granting temporary exemptions and exceptions from compliance with certain provisions of the Exchange Act applicable to security-based swaps. The Temporary Exemptions Order

SIFMA, the Loan Syndications and Trading Association ("LSTA") and the Managed Funds Association ("MFA") (collectively "the associations") filed an amici curiae brief in a case that considered how to discount future payments under a plan of reorganization in order to provide secured creditors with payments "of at least the value" of their claim pursuant to Section 1129(b) of the Bankruptcy Code. The brief was filed with the U.S. Court of Appeals for the Second Circuit in Momentive Performance Materials Incorporated, et al. v. BOKF, NA et al. Section 1129(b) allows the court to confirm a plan of

An administrative law judge dismissed an insider trading case brought by the SEC against a trader at an investment bank. The case examined the personal benefit prong of the "misappropriation theory". The inside information was provided by a research analyst at the bank and concerned an imminent change in the rating of a security. Administrative Law Judge Jason S. Patil concluded that the SEC Division of Enforcement failed to meet its burden of proof in attempting to show that the insider tip was offered in exchange for a personal benefit and that, given the absence of proof of personal benefit

FINRA issued guidance on liquidity risk management practices for senior management and risk managers at firms that either hold inventory positions or clear and carry customer transactions. The guidance was based on FINRA's review of forty-three firms' practices concerning managing liquidity needs in a stressed environment. The guidance was published on FINRA's Web site. FINRA suggested that firms test for the following stresses (among others): Loss of funding from money market funds and loss of funding on the basis of collateral other than that of governments; A doubling of the margin