The SEC Division of Investment Management issued guidance relating to the enhanced mutual fund disclosure amendments that were adopted in 2009. After finding that mutual fund prospectuses were too long and contained too much complex language, in 2009, the SEC amended Form N-1A, the registration form used by mutual funds, and Securities Act Rule 498 ("Summary Prospectuses for Open-End Management Investment Companies"). The amended Rule 498 provided a new option for satisfying prospectus delivery obligations with respect to mutual fund securities. According to the guidance, the amendments

The U.S. Senate Committee on Appropriations issued its FY 2015 Financial Services and General Government Appropriations bill. This bill includes a budgetary increase for the SEC from $1.35 billion to $1.7 billion, and a CFTC increase from $215 million to $280 million. Separately on June 17, the House of Representatives released its proposed budget for both regulators, which contained a $50 million increase for the SEC (rather than the $350 million that would be provided by the Senate) and a $2.6 million increase for the CFTC (rather than $65 million). See : Senate Appropriations Committee FY

The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises held a hearing titled "Oversight of the SEC's Division of Trading and Markets." The sole witness was the Division of Trading and Markets' (the "Division") Director, Stephen Luparello, who provided an overview of the activities at the Division. C lick here to view a summary of the hearing provided by Delta Strategy Group. See: Subcommittee Chairman Garrett's Statement; Director Luparello's Written Remarks; Archived Webcast of Hearing.

The Board of Governors of the Federal Reserve System ("FRB") announced the availability of data that can be used to evaluate the individual systemic footprint of 33 large U.S. bank holding companies. The data covers five categories that are often used to consider the potential systemic risk of a banking organization: size, interconnectedness, complexity, substitutability and cross-jurisdictional activity. The information, based on data from the previous calendar year, will be published annually. To access the data for 2013, search for an individual holding company on the National Information

SIFMA, ISDA and the Institution of International Bankers ("Associations") submitted a response to the recent filing of supplemental authority, by the Commodity Futures Trading Commission ("CFTC"), which cited the June 4, 2014 decision of the U.S. Court of Appeals for the Second Circuit (the "Second Circuit") in Lotes Co., Ltd. v. Hon Hai Precision Industry Co., Ltd. (" Lotes"). According to the Associations, the CFTC made multiple mistakes in filing Lotes as its supplemental authority, beginning with "erroneously stating" that the central question of the Cross-Border Guidance case is whether