Linked below is an article published in the International Financial Law Review ("IFLR") that was authored by Robert Dilworth and discusses the CFTC's extension of the U.S. regulatory relief granted to EU multilateral trading facilities ("MTFs") and its announcement of imminent modifications to the CFTC-proposed regime for Qualifying MTFs. The article analyzes what this latest no-action letter means for swap execution on organized facilities. To read the full article, see " CFTC Extends Proposed Relief for EU MTFs," by Robert Dilworth. This article was used with the permission of the

FINRA updated the embedded text of the Exchange Act financial responsibility rules in the Interpretations of Financial and Operational Rules to reflect amendments that became effective on March 3, 2014. The updated embedded text relates to EA Rules: 15c3-1 ("Net Capital Requirements for Brokers or Dealers"); 15c3-3 ("Customer Protection - Reserves and Custody of Securities"); 15c3-3a ("Exhibit A - Formula for Determination of Customer and PAB Account Reserve Requirements of Brokers and Dealers under §240.15c3-3"); 17a-3 ("Records to Be Made by Certain Exchange Members, Brokers and Dealers")

Nineteen Congressional Democrats filed a motion for leave to file an amicus brief asking the U.S. Circuit Court of Appeals for the District of Columbia in support of the CFTC's issuance of issuance of Cross-Border Guidance, SIFMA v. CFTC, No. 13-cv-1916 (ESH). The amici oppose relief sought by a group of trade associations challenging the CFTC's Cross-Border Guidance, which in their words, would "allow swaps-market participants to evade United States regulation of almost the entire global swaps market by the expedients of trading swaps through foreign subsidiaries or booking swaps on foreign

FINRA released the second podcast in a five-part series providing an overview of FINRA's 2014 examination priorities. This podcast focuses on recidivist brokers, conflicts of interest, cybersecurity, qualified plan rollovers, suitability and due diligence of private placements. Recidivist brokers: A small number of brokers have demonstrated a pattern of complaints or disclosures for sales practice abuses that could harm investors as well as the reputations of the securities industry and financial markets. In 2014, FINRA will expand the high-risk broker program and create a dedicated

The Office of the Comptroller of the Currency ("OCC") announced that it is supplementing the examination procedures in the "Risk Management of Financial Derivatives" booklet of the Comptroller's Handbook. The OCC stated that, since the publication of "Risk Management of Financial Derivatives," national banks (particularly large banks) significantly expanded their end-user derivatives and trading activities, requiring focused examination procedures to detect, monitor and evaluate these activities' risks. The new procedures expand on and replace the general procedures for evaluating banks'