The European Securities and Markets Authority ("ESMA") issued a request for comments on a discussion paper and a consultation paper regarding the implementation of the revised MiFID and MiFIR. The main issues covered in the discussion paper and consultation paper are those addressing the structure, transparency and regulation of financial markets, as well as those aimed at strengthening investor protection. ESMA also noted that it will hold three public hearings on secondary markets, investor protection and commodity derivatives issues. The first two hearings will be held on July 7 and July 8

An amended and corrected version of the SEC-proposed rule for standards for covered clearing agencies was published in the Federal Register. On March 26, 2014, the SEC-proposed rules regarding systemically important and security-based swap clearing agencies were published in the Federal Register. The release contained erroneous footnote entries that have been corrected in the republished version. See: 79 FR 29508. Related news: SEC Publishes Proposed Rules for Systemically Important and Security-Based Swap Clearing Agencies (Fed. Reg.) (March 26, 2014); SEC Proposes Rules for Systemically

The CFTC announced three actions to address problems in prior rulemakings: (i) a proposed rule amendment to the swap dealer de minimis provisions that would allow parties to enter into a meaningful volume of swaps with utility special entities before being required to register with the CFTC, (ii) an extension of the comment period on the CFTC's proposed position limits as applied to commercial market participants, and (iii) the promotion of end-user trading on swap execution facilities ("SEFs") and designated contract markets ("DCMs"). Both Acting Chairman Wetjen and Commissioner O'Malia

Delta Strategy Group issued an updated version of its CFTC Implementation of Trading Requirements Timeline. The timeline includes dates relevant to the execution of package transactions, as well as information regarding the potential change to initial block sizes for swaps. Click here to view the updated CFTC Implementation of Trading Requirements Timeline by Delta Strategy Group. Related news: Revised Estimated Timeline for Implementation of Various CFTC Rules (prepared by Delta Strategy Group) (September 19, 2013).

The Office of the Comptroller of the Currency ("OCC") issued a Notice of Proposed Rulemaking ("NPRM") to integrate rules for national banks and Federal savings associations relating to policies and procedures for corporate activities and transactions. Prior to the enactment of Dodd-Frank, the OCC had regulatory oversight of national banks while the Office of Thrift Supervision ("OTS") regulated Federal savings associations. Dodd-Frank eliminated the OTS and gave the OCC regulatory authority over Federal savings associations. The NPRM is part of the OCC's ongoing effort to consolidate rules