The SEC announced that it named Mark J. Flannery as Chief Economist and Director of its Division of Economic and Risk Analysis ("DERA"). The DERA provides interdisciplinary analysis to help inform the SEC's policymaking, rulemaking, enforcement and examinations. Mr. Flannery, who will replace Craig M. Lewis in September, is a finance professor at the University of Florida's Warrington School of Business Administration. See: Press Release.

The MSRB announced the creation of a Market Structure Department and hired a new Chief Economist. The MSRB stated that the new department will consolidate its activities related to market structure and transparency, economic analysis, research, and industry operations. The MSRB also hired David H. Saltiel to serve as its new Chief Economist. Mr. Saltiel will oversee the economic analysis of MSRB's rulemaking and market transparency initiatives, as well as conduct related statistical, econometric and financial analysis. Se e: Press Release.

The FDIC issued proposed and final rules regarding regulations transferred from the former Office of Thrift Supervision ("OTS"). The FDIC finalized two rules rescinding and removing OTS Regulations involving the post-employment activities of senior examiners and the disclosure reporting of Community Reinvestment Act-related agreements that were transferred to the FDIC. The final rules will become effective on August 20, 2014. Additionally, the FDIC proposed to rescind certain regulations pertaining to the former OTS in order to eliminate duplicative or inconsistent rules and procedures

The National Futures Association ("NFA") fined registered retail foreign exchange dealer and NFA member, Forex Capital Markets LLC ("FXCM"), for conducting business with an unregistered entity and for failing to submit trade data. According to the complaint, FXCM conducted business with a firm that was required to be registered with the CFTC as a CPO and an NFA Member. NFA found that FXCM did not take proper steps to ensure that the firm was properly registered. Additionally, FXCM failed to submit certain trade data to NFA through NFA's Forex Transaction Reporting Execution Surveillance System

The IRS finalized regulations governing "identified mixed straddles" under Section 1092 of the Internal Revenue Code to prevent taxpayers from selectively triggering capital gains and losses by using identified mixed straddles. A mixed straddle is a straddle ( i.e., offsetting positions in personal property) where at least one, but not all positions are Section 1256 contracts subject to mark to market and 60/40 tax rules. In order to avoid character and timing mismatches of mixed straddles, a taxpayer can identify the transaction under Section 1092 and offset gains or losses from positions