The Futures Industry Association ("FIA") released the third report in a series covering the specific areas of the ESMA consultation process for the implementation of the recast MiFID II and MiFIR. The report provides an overview of the proposals for open access for trading venues and central counterparties ("CCPs"). Topics covered in the report include: open access requirements; non-discriminatory access to CCPs and trading venues (grounds for denying access, conditions under which access is granted and temporary exception for exchange-traded derivatives); and non-discriminatory access to, and

CFTC Chairman Timothy Massad named Aitan Goelman as the CFTC Director of the Division of Enforcement. Mr. Goelman was formerly a federal prosecutor in both criminal and civil matters, serving as a litigation partner for 11 years with a focus on white-collar crime and complex commercial litigation. Mr. Goelman also served in the Department of Justice for nine years as an Assistant U.S. Attorney in the Southern District of New York and as a Special Attorney to the U.S. Attorney General. See: CFTC Press Release.

The staff of the SEC's Division of Investment Management ("IM") issued guidance to remind mutual funds that are "series companies" that their compliance policies and procedures must be designed reasonably to prevent violations of the federal securities laws as they apply to each series; i.e., that each "series company" should be treated as a separate legal entity. In particular, a mutual fund should review its compliance policies and procedures for the appropriate identification of "affiliated persons" with respect to each series of the mutual fund for purposes of transactions that may be

After being confirmed by the U.S. Senate on June 3, Sharon Bowen was officially sworn in on June 9 to serve as a Commissioner of the CFTC. Ms. Bowen joins the CFTC from the New York office of Latham Watkins LLP, where she had been a partner since 1991. Ms. Bowen also was Vice Chair of the Securities Investor Protection Corporation ("SIPC") and became its Acting Chair in 2012. See : CFTC Press Release.

The Swiss Federal Council approved legislation that will bring the FATCA Act into force on June 30, 2014, the day before FATCA becomes operative in the United States. The FATCA Intergovernmental Agreement ("IGA") between Switzerland and the United States was approved by the Swiss Parliament in September 2013 and came into force on June 2, 2014, upon an exchange of notes between the United States and Switzerland. Parliament also approved legislation to implement FATCA in September 2013. Switzerland's IGA with the United States is a Model 2 agreement, which means Swiss financial institutions