The Asset Management Group of SIFMA ("SIFMA AMG") issued a statement regarding the CFTC no-action relief for asset managers from oral recordkeeping requirements in connection with swaps transactions, commending the CFTC for extending the relief. Additionally, SIFMA AMG stated that it continues to believe that CFTC Rule 1.35(a) should not be applicable to asset managers that access SEFs to execute swaps. SIFMA AMG noted that, while its members will use the extension of the relief to prepare for compliance with the oral recording requirements, it hopes that the CFTC will continue to assess SIFMA

The SEC Division of Corporation Finance issued a letter confirming that the designation of each of NASDAQ OMC Stockholm AB, NASDAQ OMX Copenhagen A/S and NASDAQ OMX Helsinki Ltd. (the "Exchanges") as a "designated off-shore securities market" under Regulation S includes "First North," a division of each of the Exchanges that focuses on the trading of small and midsized companies. See: SEC Letter to the Exchanges; Incoming Request from Exchanges to SEC.

On Monday, April 28, 2014, the United States expanded its Ukraine-related sanctions program, designating an additional seven Russian individuals and seventeen entities. ( See Updated List of Specially Designated Nationals and Blocked Persons.) Notably, the list included Igor Sechin, the President and Chairman of Russia's leading oil company, Rosneft. The list did not include Rosneft itself and, to preclude any questions about the effect of Sechin's designation, the Treasury Department's press release announcing the new sanctions included a statement confirming that Rosneft "has not been

In a Joint Statement issued on April 28, SEC Commissioners Gallagher and Piwowar assert that the United States District Court for the District of Columbia should invalidate the SEC's conflict minerals rule in its entirety. The Commissioners also argue that the SEC should grant a full stay of the conflict minerals rule pending the District Court's ruling. The Commissioners offer two reasons for the ultimate rejection of the rule. First, they argue that the courts would eventually invalidate the entire rule, given their belief that First Amendment concerns "permeate all the required disclosures

The Alternative Investment Management Association ("AIMA") published a new educational guide titled "Apples and Apples: How to Better Understand Hedge Fund Performance." The guide proposes five steps toward improving understanding of hedge fund performance: Look at risk-adjusted returns: The guide states that hedge funds consistently outperform U.S. equities (as measured by the S&P 500), global equities (MSCI World) and global bonds (Barclays Global Aggregate ex-USD Index) on a risk-adjusted basis. Look at long-term data: The guide says that short-term data, such as monthly comparisons, can be