Speaking at the Peterson Institute for International Economics in Washington, D.C., FDIC Chair Martin Gruenberg emphasized the "impressive and somewhat underappreciated" progress of the FDIC in implementing post-crisis regulatory reforms concerning the bankruptcy and resolution of systemically important financial institutions ("SIFIs"). First, Chair Gruenberg discussed efforts by the FDIC to strengthen the process for resolving SIFIs under the Bankruptcy Code, and noted that the FDIC has and will continue to provide guidance to SIFIs regarding the deficiencies in their Dodd-Frank resolutions

The CFTC released its final interpretation of "Forward Contracts with Embedded Volumetric Optionality" (the "Interpretation"). The Interpretation consists of seven elements that clarify when an agreement, contract or transaction falls within the forward contract exclusion from the "swap" and "future delivery" definitions in the CEA, notwithstanding that it contains embedded volumetric optionality. While most of the seven elements of the Interpretation remain largely unchanged from those in the original release, the fourth, fifth and seventh elements were modified for clarity. The seven

Due to continuing fraudulent solicitations that purport to be affiliated with or sponsored by the SEC, the SEC issued an updated investor alert regarding government impersonators. According to the investor alert, the SEC does not "endorse investment offers, assist in the purchase or sale of securities, or participate in money transfers." See: Updated Investor Alert.

The SEC charged a self-described retirement planning firm and its principals with falsely telling customers that interests in life settlements that they offered and sold were "guaranteed," as "safe as CDs," and "federally insured." The SEC also alleged that the retirement planning firm used a "bogus net worth calculator" that improperly qualified some prospective investors for purchases by including income that investors had not received. See: SEC Complaint; SEC Press Release.

The Supreme Court of Texas issued a decision in Life Partners, Inc. v. Arnold, ruling that life settlement contacts and viaticals satisfy the definition of an investment contact under the Texas Securities Act (the "Act"), making them securities subject to the Act. In response to the ruling, North American Securities Administrators Association ("NASAA") President William Beatty issued a statement in support of the decision and its implications throughout the United States. He explained that for "more than a decade," state securities regulators "have seen widespread abuses involved in the