The Managed Funds Association ("MFA") submitted a letter to the CFTC staff requesting clarifications to CFTC Letter 14-69, which established a streamlined process for receiving expedited no-action relief with respect to delegation of the commodity pool operator ("CPO") function by certain persons. MFA stated it is concerned that, absent clarification, affiliated directors of a fund might not be able to use the expedited no-action relief process. Specifically, MFA requested clarification from the CFTC that: the satisfaction of the delegation of investment management authority criteria is not

The Futures Industry Association ("FIA") announced that Gerald F. Corcoran, chairman and chief executive officer of R.J. O'Brien Associates LLC, was elected as chairman of FIA by its board of directors. Two new board members were also chosen: Jan Bart de Boer, board member and chief commercial officer of ABN AMRO Clearing Bank N.V., and Raymond Kahn, head of futures clearing and head of agency derivatives services, Americas, at Barclays. Se e: FIA Press Release.

The New York Department of Financial Services ("DFS") released a draft proposal for licensing and regulating virtual currency businesses like Bitcoin. The proposed "BitLicense" regulatory framework contains consumer protection, anti-money laundering compliance, and cybersecurity rules tailored for virtual currency firms. The new DFS BitLicenses would be required for firms engaged in virtual currency businesses including: receiving or transmitting virtual currency on behalf of consumers; securing, storing, or maintaining custody or control of such virtual currency on the behalf of customers

The Office of the Comptroller of the Currency ("OCC") issued a proposed regulation that would adjust the timing of the annual stress testing cycle and clarify the method used to calculate regulatory capital in the stress tests. The proposed regulation also provides that covered institutions will not have to calculate their regulatory capital requirements using the advanced approaches capital methodology in its stress testing projections until the stress testing cycle beginning on January 1, 2016. Comments are due by July 24, 2014. See: 79 FR 37231.

In a Notice of Proposed Rulemaking ("NOPR"), FERC proposed to approve the physical security Reliability Standard ( CIP-014-1) submitted by the North American Electric Reliability Corporation ("NERC"). The purpose of the proposed Reliability Standard is to enhance physical security measures for the most critical Bulk-Power System facilities. NERC submitted the proposed Reliability Standard for Commission approval in response to FERC's March 7 Order, in which FERC determined that existing Critical Infrastructure Protection ("CIP") Reliability Standards did not specifically require entities to