SIFMA Asset Management Group ("SIFMA AMG") submitted a request for an extension of the relief from the trade execution requirement for package transactions beyond the expiration date provided by CFTC No-Action Letter 14-62. Letter 14-62 provided relief to market participants executing swaps that are subject to the trade execution requirement but are also part of a "package transaction" from the requirement that these transactions must be executed on a swap execution facility ("SEF") or designated contract market ("DCM"). Furthermore, the letter provided a phased compliance timeline, with the

The Asset Management Group of SIFMA ("SIFMA AMG") submitted a response to ESMA regarding its discussion paper considering the application of counterparty risk limits to undertakings for collective investment in transferable securities ("UCITS") in centrally cleared OTC derivatives transactions ("Cleared OTC Derivatives"). In its response, SIFMA AMG focused on the question of whether it is appropriate to introduce counterparty risk limits to central counterparties ("CCPs") authorized or recognized by ESMA under EMIR, or to clearing members of those CCPs ("CMs"), in relation to Cleared OTC

The MSRB announced that its Board of Directors will meet October 29-31, 2014 to discuss rulemaking. Topics that are expected to be discussed include: comments received on draft amendments to MSRB Rule G-37, which address a potential pay-to-play rule for municipal advisors; comments received on potential enhancements to post-trade transaction data that would be disseminated through a new central transparency platform; and changes to the facility for the EMMA system to reflect the new category of disclosure under Exchange Act Rule 15Ga-1 on repurchases and replacements related to asset-backed

Federal Reserve Bank of New York ("New York Fed.") Vice President Christine Cumming announced that she plans to retire in June 2015. Ms. Cumming is the second-ranking officer at the New York Federal Reserve Bank and a member of the Bank's Management Committee. She is also an alternate voting member of the Federal Open Market Committee. See: Press Release.

FINRA released the fourth podcast in a five-part series about FINRA's new Consolidated Supervision Rules. This podcast focuses on transaction review and reporting under new FINRA Rule 3110. FINRA explained that firms must review transactions in certain categories of accounts that include (i) firms' accounts; (ii) accounts introduced or carried by a firm in which a person associated with that firm has a beneficial interest or the authority to make investment decisions; (iii) any associated person accounts; and (iv) covered accounts. FINRA noted that, although there is no obligation for firms to