In response to SIFMA, ISDA, and the Institute of International Bankers (the "Associations") opposition to the CFTC's request to file a supplemental declaration, the CFTC submitted a reply to the Court stating that the Associations' opposition only underscores the declaration's relevance to the CFTC Cross-Border Guidance case. According to the CFTC, the Associations have advanced inconsistent theories regarding how to interpret CEA Section 2(i). The CFTC explained that one of these theories, which coincides with the CFTC's interpretation, is supported by an internally-circulated SIFMA document

The Board of Governors of the Federal Reserve System released a report titled The 2013 Federal Reserve Payments Study, which provides new information on the domestic payments landscape. Specifically, the study investigated the intensity of credit card use by consumers and businesses, information on third-party payments fraud, new estimates of over-the-counter cash withdrawals and deposits at bank branches and wire transfers made by businesses and consumers, and emerging and alternative payments likely to replace traditional payments such as cash and checks. Findings of the study include

The SEC charged three affiliated entities with misleading investors in a pair of residential mortgage-backed securities ("RMBS") securitizations that the firms underwrote. According to the SEC Order, the firms misrepresented the current or historical delinquency status of mortgage loans underlying two subprime RMBS securitizations. See: SEC Order; SEC Press Release.

The Public Company Accounting Oversight Board ("PCAOB") proposed amendments to PCAOB Auditing Standard No. 18 regarding significant unusual transactions that were published in the Federal Register. The amendments involve significant transactions that are outside the normal course of business for a company, or that otherwise appear to be unusual due to their timing, size or nature, as well as financial relationships and transactions with its executive officers. Comments must be submitted by August 14, 2014. See: 79 FR 43164. See also: PCAOB Adopts Amendments to Auditing Standards Regarding

IOSCO published a report on the results of four surveys of market intermediary and regulatory practices regarding their use of (a) social media and (b) automated advice tools, and how regulators oversee the use of each of those tools. According to IOSCO, the surveys aimed to understand how market intermediaries are using social media and automated advice tools, their plans for future use, and how regulators are dealing with such usage. Additionally, the surveys explored the unique challenges the tools present to regulators, and whether it is appropriate to devise recommendations or principles