At the SEC Annual International Institute for Securities Market Development, SEC Commissioner Michael Piwowar delivered opening remarks about the importance of effective regulation and the development of capital markets. Commissioner Piwowar first explained the significance of the two-week global training program, turning quickly to a discussion of capital markets. Commissioner Piwowar stated that an overarching theme of the training program is that "a jurisdiction's institutional and regulatory policy framework can strongly influence capital market regulation," noting that countries with

The Board of Governors of the Federal Reserve System ("FRB") announced that it intends to give banking entities two additional one-year extensions to conform their ownership interests in and sponsorship of certain collateralized loan obligations ("CLOs") covered by the Volcker Rule. The FRB previously extended the conformance period for all activities and investment by one year, to July 21, 2015. To ensure effective compliance, the FRB stated that it intends to grant banking entities two additional one-year extensions, which together would extend the conformance period until July 21, 2017

In a keynote address at the New Risk in Energy 2014 Conference, CFTC Commissioner Scott O'Malia discussed how Dodd-Frank rulemakings impact the energy sector. Commissioner O'Malia's speech focused on, among others, the following key areas: the importance of technological innovation as the CFTC moves to implement and enforce its new rules; the need to limit the costs imposed on end users; and the "futurization" of swaps and the negative impact that has on end users' hedging activity. Commissioner O'Malia began by discussing the CFTC's technological shortcomings. He urged the CFTC to adopt a

Futures Industry Association ("FIA") President Walt Lukken delivered a speech at the SIFMA Compliance and Legal Seminar discussing the five trends that he believes are affecting the financial services industry and how to proceed with regulation pragmatically. The Era of Regulatory Cooperation: Since the passage of Dodd-Frank, both the SEC and CFTC have faced a tidal wave of regulatory change in attempting to finalize rule writing. When viewing this in the context of static and tightening budgets and the increasing globalization of the markets, it is clear that "regulatory compliance is going

The CFTC issued an Order filing and simultaneously settling charges that Capital Market Services, LLC ("CMS"), a CFTC-registered futures commission merchant ("FCM") and former retail foreign exchange dealer ("RFED"), failed to comply with minimum financial requirements for FCMs and RFEDs. According to the Order, CFTC rules state that an FCM must maintain adjusted net capital ("ANC") equal to or in excess of the greatest of $1,000,000 or various other measures, including the "amount of [ANC] required by a registered futures association of which it is a member." The Order stated that CMS did not