CFTC Commissioner J. Christopher Giancarlo issued a statement commending the CFTC for its recent steps to improve the regulatory framework for swaps trade execution and swap execution facility ("SEF") operability. Commissioner Giancarlo stated that the CFTC's recent implementation of "commonsense measures" address the concerns raised in his January 2015 White Paper; namely, "streamlining the process of correcting error trades, flexibly interpreting SEF's financial resources requirement and simplifying swap trade confirmations by SEFs." See: Commissioner Giancarlo's Statement. See also: CFTC

The SEC issued a notice in the Federal Register announcing that it will hold an open meeting on April 29, 2015 to discuss (i) foreign security-based swap dealers and (ii) executive compensation rulemaking. Specifically, meeting attendees will consider: whether to propose amendments and repropose a rule under the Exchange Act concerning the requirements for a security-based swap transaction connected with a non-U.S. person's dealing activity that is arranged, negotiated or executed by personnel located in a U.S. branch or office or in the U.S. branch or office of an agent; and whether to

The Office of the Comptroller of the Currency ("OCC") announced that Michael Brickman was named Deputy Comptroller for Thrift Supervision. Mr. Brickman's new responsibilities include supervision of federal savings associations and ensuring the consistent interpretation and application of supervisory policies to the thrift industry. See: OCC Press Release.

SIFMA requested that the IRS establish a safe harbor, which would not penalize a taxpayer's failure to file a corrected IRS Form 1099-B, -DIV, -INT, -MISC, or -OID if the amount of the correction was de minimis. Under SIFMA's proposal, except when requested by a payee, a taxpayer would not have to file a corrected Form 1099 unless any box within the applicable form exceeded $50. Asamoto Comment: Simply put, SIFMA is requesting that a corrected Form 1099 would not be required at all if all of the boxes within the applicable form had changed by $50 or less. See: SIFMA Letter; SIFMA Announcement

The SEC issued a notice soliciting comments on rules for the collection of information provided for in the privacy notice and opt out notice provisions of Regulation S-P. The SEC plans to submit the collection of information rules to the Office of Management and Budget ("OMB") for extension and approval. The privacy notice and opt out notice provisions of Regulation S-P (implementing Title V of the Gramm-Leach-Bliley Act) include the requirement that at the time of establishing a customer relationship with a consumer and not less than annually during the continuation of such relationship, a