The U.S. House of Representatives voted on Wednesday to pass H.R. 5405, the Promoting Job Creation and Reducing Small Business Burdens Act. One provision of the bill would grandfather certain CLOs from the covered fund prohibitions of the Volcker Rule and would override the Volcker Rule regulations' definition of "ownership interest." The bill now moves to the Senate Banking Committee, where the CLO provision is expected to meet opposition. See : Text of Legislation. Related News : FRB Allows Banking Entities Two Additional One-Year Extensions to Conform CLO Ownerships Covered by Volcker (with

ICE Clear Credit issued a notice informing CDS Clearing Participants of its implementation schedule for the 2014 ISDA Credit Derivatives Definitions. The ISDA Credit Derivatives Definitions are an updated and revised version (from 2013) that contain basic terms used in documentation of most credit derivatives transactions. The schedule for implementing the definitions is as follows: Monday, September 22, 2014 Non-Protocol single names will be clearing-eligible under 2003 and 2014 Definitions; All indices and Protocol single names will be clearing eligible under 2003 Definitions only. Monday

The House Financial Services Committee Subcommittee of Oversight and Investigation held a hearing titled "Oversight of the Financial Stability Oversight Council ("FSOC")" which examined FSOC's operations, policies, and procedures. The following witnesses testified: Mr. Patrick Pinschmidt, Deputy Assistant Secretary, Financial Stability Oversight Council (written testimony), Ms. A. Nicole Clowers, Director, Financial Markets and Community Investment, Government Accountability Office (written testimony). Se e: Committee Memorandum; Archived Webcast.

The FINRA Board approved a number of proposed rule changes and regulatory notices regarding high-speed and algorithmic trading, as well as initiatives to enhance transparency and execution quality in fixed income markets. While descriptions of the relevant items were posted on the FINRA website, the actual rule change proposals and notices were not. In the absence of the rule text, we leave interested persons to review the brief summary of each rule provided on the FINRA website. Any FINRA rule change or major interpretation must be approved by the SEC. The Board actions relate to the

The CFTC's Division of Market Oversight ("DMO") provided temporary no-action relief concerning Swap Execution Facility ("SEF") access for block trade execution. This relief is intended to facilitate market compliance with credit screening and efficient straight-through processing requirements for block trades. This temporary relief to SEFs expires on December 15, 2015. According to the CFTC, there are concerns, due to technological limitations, about the ability to perform pre-execution credit checks for block trades away from the facility. DMO is providing this relief to SEFs from the "occurs