ISDA CEO Scott O'Malia authored the blog post "No Answer Yet to Cross-Border Concerns." The piece focuses on the long-running negotiations between U.S. and EU regulators regarding mutual recognition of clearinghouses. According to Mr. O'Malia, while U.S. and European regulators are continuing their efforts to reach agreement on clearing house rules, it seems an agreement is unlikely "before the third quarter at the earliest." He explained that cross-border issues are of particular concern for ISDA members, since without an effective process for recognizing and deferring to comparable regimes,

FINRA updated the FAQs for firms participating in the SEC's Municipalities Continuing Disclosure Cooperation Initiative ("MCDC Initiative") statutory disqualification process. The FAQs address topics that firms participating in the MCDC Initiative have recently raised with FINRA. For general information relating to FINRA's statutory disqualification process, FINRA recommended that market participants review FINRA's Statutory Disqualification page. See: Updated FAQ.

The SEC Office of Investor Education and Advocacy and FINRA issued an alert to provide investors with a general overview of automated investment tools. According to the alert, automated investment tools range from personal financial planning tools, to portfolio selection or asset optimization services, to online investment management programs. The alert provided five tips for investors to follow before using any automated investment tool, and explained that it is important for investors to understand both the benefits and risks of using such tools. See: Investor Alert.

The CFTC fined Libero Commodities SA ("Libero"), an agricultural trading company, for failing to comply with its legal obligation as a reportable trader. Libero failed to submit weekly call cotton purchases and sales to the CFTC. Specifically, the CFTC issued an Order which found that on approximately 200 occasions from May 2010 through April 29, 2014, Libero held or controlled at least 100 cotton futures positions, but failed to file weekly CFTC Form 304 Reports as required by CFTC Rule 19.02. The CFTC fined Libero $480,000 as a result of the firm's failure to file the necessary reports

U.S. Senators Elizabeth Warren (D-MA) and David Vitter (R-LA) introduced the Fed Accountability Act ( S. 1248), which is intended to increase independence of individual Governors on the Board of Governors of the Federal Reserve System ("FRB"). The Act is designed to increase transparency by requiring a public vote on all enforcement actions resulting in fines over $1 million. According to the sponsors, the bill would allow each member of the FRB to maintain his or her own staff. The bill was introduced on May 7, 2015, and referred to the Committee on Banking, Housing, and Urban Affairs