The CFTC announced that its Technology Advisory Committee ("TAC") will hold a public meeting on June 3, 2014, to discuss issues related to high-frequency trading, the CFTC surveillance program and swap execution facilities. See: CFTC Press Release.

Linked below is an article featured in the Energy Metro Desk series, "Drums along the Potomac," which discusses the recent attention to market rigging and examines how regulators plan to address high-frequency trading ("HFT"). According to the article, the upcoming CFTC Technology Advisory Committee ("TAC") meeting will focus on an in-depth discussion of HFT. When asked about the upcoming meeting in an interview in Energy Metro Desk, Commissioner O'Malia said, "I don’t want to overstate the political on this. I think people want to be informed and prepared on these issues, of the assertions

The CFTC approved the application of Clear Markets North America, Inc. ("CMSEF") for temporary registration as a swap execution facility ("SEF"). As a next step, the CFTC stated that it would undertake a substantive review of CMSEF's application for full registration. See: Letter of Approval to CMSEF. See also: Cabinet SEF Chart (available to Cabinet subscribers only). Related news: CFTC Issues Notice of Temporary SEF Registration to IGDL (May 9, 2014); CFTC Issues Notice of Temporary SEF Registration to GTX (April 17, 2014); CFTC Issues Notice of Temporary SEF Registration to LatAm SEF, LLC

The Cayman Islands Working Group released a draft of Guidance Notes on the FATCA intergovernmental Agreements ("IGA") between the Cayman Islands and the United States, and the Cayman Islands and the United Kingdom. The 200-page document was issued in draft form to obtain feedback from both Cayman financial institutions and other parties with interest in the Cayman Islands, as well as from the UK's HM Revenue and Customs and the U.S. Department of Treasury. The Working Group expects to finalize the Guidance Notes by the end of June. The Cayman Islands and the UK signed an IGA on November 5

At a presentation on the evolving role of compliance, SEC Commissioner Daniel Gallagher delivered introductory remarks in which he discussed the challenges facing today's compliance professionals and how the SEC can help to encourage an effective compliance function at its regulated entities. Commissioner Gallagher stated that today's compliance personnel must address an ever-broadening and complicated array of financial products, new trading and communication technologies, and diverse market venues. However, he noted, while demands faced by compliance officers have increased dramatically