The European Securities and Markets Authority ("ESMA") published a statement regarding its consultation paper on the clearing obligation for non-deliverable foreign exchange forwards ("NDFs"). The European Markets Infrastructure Regulation requires ESMA to draft technical standards for the clearing obligations of different derivative classes. The statement summarizes the feedback received in response to the consultation paper. Based on the feedback that it received, ESMA stated, it is not proposing a clearing obligation on the NDF classes at this stage. ESMA explained that more time is needed

The CFTC announced that the U.S. District Court for the Northern District of Iowa entered a Consent Order imposing a permanent injunction against U.S. Bank National Association ("U.S. Bank") and ordering the bank to pay restitution to be returned to the customers of Peregrine Financial Group, Inc. ("Peregrine"). In July 2012, the CFTC instituted a civil action against Peregrine and its owner alleging that the owner withdrew and transferred money from a customer segregated funds account held by U.S. Bank for Peregrine and its owner to persons and entities that were not Peregrine's customers

The SEC announced that David Grim was named as Acting Director of the Division of Investment Management (the "Division"). He will replace Norm Champ, the Division's former director, who left the SEC last January. See: Press Release. Related news: Investment Management Director Norm Champ to Leave SEC (with Lofchie Comment) (January 21, 2015).

The SEC charged a man with insider trading based on material nonpublic information that he misappropriated from his son regarding the Nationwide Mutual Insurance Company's merger with Harleysville Group, Inc. According to the SEC, the individual's son learned about the impending merger from his longtime girlfriend. See: SEC Litigation Release.

BATS Global Markets ("BATS") filed a petition for rulemaking with the SEC regarding Regulation NMS market structure reform, and issued a letter to market participants asking them to participate in a "constructive dialogue" intended to improve U.S. equity markets. The petition, which was sent to the SEC on January 21, 2015, requests that the SEC adopt amendments to Regulation NMS Rules 600, 605, 606 and 610, as well as the consolidated tape plan in Rule 608. The petition focuses on three measures that BATS believes will improve the equity markets: (i) reducing access fees generally, (ii)