ISDA announced that its CEO, Robert Pickel, will step down from his role later this year. Mr. Pickel will continue to serve during the transitional phase in which the board turns to the task of appointing a successor. Stromfeld Comment: For the better part of two decades, Bob has helped to guide ISDA and the derivatives industry through many significant changes. His leadership, knowledge and sense of humor will be valuable assets in whatever endeavor he chooses to pursue. We are grateful for the opportunity to have worked with him. See: ISDA Press Release.

On April 17, 2014, OFAC designated three individuals and one entity to its Zimbabwe list under Executive Order 13469 (signed July 25, 2008) for their role in "undermining democratic processes and institutions in Zimbabwe." According to the Department of Treasury press release, Tobaiwa Mudede, one of the designated individuals, oversaw "critical elements of Zimbabwe's flawed July 2013 presidential and parliamentary elections" in his role as Zimbabwe's Registrar General. The new designations also target Sam Pa, an Angolan businessman of Chinese descent who allegedly concluded illicit diamond

The MSRB filed with the SEC an immediately effective proposed rule amendment to MSRB Rule A-11, to, among other things, establish an annual municipal advisor professional fee. The proposed rule will require a $300 fee per municipal advisor professional to be paid by registered municipal advisors. MSRB stated that this fee will help "defray" the costs and expenses of operating and administering the MSRB, including the increased costs associated with the regulation of municipal advisors. In additionally, the rule will also assess late fees for delayed payments, as well as a transitional

The CFTC announced that it has approved the application of GTX SEF, LLC (GTX) for temporary registration as a swap execution facility ("SEF"). GTX, a Delaware limited liability company and an indirect wholly owned subsidiary of Gain Capital Holdings, Inc., is the 20th SEF to be registered temporarily by the CFTC to date. The CFTC noted that GTX will be required (as with all future temporarily and fully registered SEFs) to demonstrate continued compliance with applicable provisions of the CEA and CFTC regulations thereunder. As a next step, the CFTC will undertake a substantive review of GTX's

The CFTC Division of Swap Dealer and Intermediary Oversight issued two no-action letters to CPOs of commodity pools regarding their annual report filing requirements. CFTC Letter 14-48 granted exemptive relief to the CPO of a commodity pool from the annual report filing requirements in CFTC Rule 4.22(c), and permitted the CPO instead to file with the National Futures Association ("NFA") and distribute to pool participants by April 30, 2014 an annual report for the commodity pool covering the period from January 1, 2013 to January 31, 2014. CFTC Letter 14-49 granted exemptive relief to the CPO