The CFTC Division of Market Oversight announced further implementation of the trade execution requirement for certain interest rate and credit default swaps. In Letter 14-62, the CFTC provided no-action relief previously for certain swaps required to be traded on a swap execution facility ("SEF") or designated contract market ("DCM") to the extent that those swaps were part of a package transaction. The CFTC determined that additional relief is necessary to provide market participants with adequate time to comply fully with the trade execution requirement with respect to swap components of

The Office of the Comptroller of the Currency named Kris Kiefer as the Deputy Comptroller for the Northeastern District, and Blake Paulson as the Deputy Comptroller for the Central District. See: OCC Press Release.

ESMA issued a consultation paper, titled "Review of the Technical Standards on Reporting under Article 9 of EMIR," which discusses issues with the current regulatory technical standards for EMIR reporting. ESMA proposed to revise the regulatory technical standards in order to clarify the interpretation of the data fields needed for reporting to trade repositories. The clarifications are introduced where either (i) the description of a field allows for interpretation of the content, or (ii) confusion over a field's name or description led to inconsistent approaches to completing it. Se e

FinCEN issued a cautionary statement to banks about their efforts to comply with Bank Secrecy Act obligations. FinCEN warned banks not to be over aggressive on MSB accounts. FinCEN stated its "concern" that banks are "indiscriminately terminating" and refusing to open accounts for money service business ("MSB") clients because of the risks that are sometimes associated with businesses that facilitate wire transfers or remit money overseas. FinCEN warned banks in no uncertain terms that painting with such a broad brush was unacceptable. Indeed, FinCEN criticized banks for taking an aggressive

The Over-the-Counter ("OTC") Derivatives Regulators Group ("ODRG") issued a report that provides an update to the G20 Leaders regarding the ODRG's continuing effort to identify and resolve cross-border issues associated with the implementation of the G20 OTC derivatives reform agenda. The ODRG is made up of authorities with responsibility for the regulation of OTC derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Quebec, Singapore, Switzerland, and the United States. The report reflects how the ODRG has addressed, or intends to address, cross-border