Slovenia and the United States signed an Intergovernmental Agreement ("IGA") implementing FATCA. The IGA is a Model 1 reciprocal agreement under which Slovenian financial institutions will be required to report information about accounts held directly or indirectly by U.S., persons to Slovenian tax authorities for automatic transfer to the IRS in the United States. U.S. financial institutions will be required to report to the IRS, for automatic exchange with Slovenia, certain account information on accounts held by Slovenian residents at such U.S. financial institutions. Slovenia was

Timothy Massad was officially sworn in to serve as the Chairman of the CFTC. Mr. Massad will assume his responsibilities immediately. Mr. Massad joined the CFTC after serving as the Assistant Secretary for Financial Stability at the U.S. Treasury Department ("Treasury"). In that capacity, Mr. Massad oversaw the Troubled Asset Relief Program - the principal U.S. governmental response to the 2008 financial crisis - which was designed to help stabilize the economy and provide help to homeowners. Prior to joining the Treasury, Mr. Massad served as a legal advisor to the Congressional Oversight

The SEC obtained a final judgement against Capital Management Associates ("CMA") and its owners for conducting a "cherry-picking" scheme. The complaint found that the owners of CMA placed millions of dollars in securities trades without designating in advance whether they were trading personal funds or client funds, delaying the allocation of the trades so that they could cherry-pick winning trades for their personal accounts and dump losing trades on clients. See: Litigation Release.

The National Futures Association ("NFA") Board of Directors ("the Board") ratified a proposal to amend Article VII of the NFA's Articles of Incorporation to increase CPO/CTA representation on the Board. Currently, the Board must include four CPO/CTA representatives, of which at least two must rank in the top 20 percent of funds under management allocated to futures and swaps. The amendment would increase the number of CPO/CTA representatives to five and require that at least three rank within the top 20 percent of funds under management and one rank within the top five percent. Ballot votes on

SEC Chair Mary Jo White delivered significant remarks concerning SEC initiatives on equity market structure. Her speech covered important subjects including algorithmic trading, exchange fees, and a possible review of the authority of the securities exchanges as self-regulatory organizations. Chair White stated that, despite rumors about the current market structure being fundamentally broken or rigged, empirical evidence shows that investors are doing better in today's technology-dominated marketplace than they did in the older manual markets. However, she conceded, potential additional