The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action relief to two futures commission merchants ("FCMs") from the oral recordkeeping requirements of CFTC Rule 1.35(a)(1) ("Records of Commodity, Interest and Related Cash or Forward Transactions"). CFTC Rule 1.35(a)(1) requires FCMs to record all oral communications "provided or received concerning quotes, solicitations, bids, offers, instructions, trading, and prices that lead to the execution of a transaction in a commodity interest." In response to comments asserting that the cost of implementing and

SIFMA has submitted comments regarding proposed standards from six federal agencies to address the diversity policies and practices of regulated entities. In the letter linked below, SIFMA stated that achieving a diverse environment is an "evolutionary process" which requires the continued renewal of policies and practices. SIFMA explained that the proposed standards encompasses four key areas: organizational commitment to diversity and inclusion; workforce profile and employment practices; procurement and business practices and supplier diversity; and practices to promote the transparency of

The Office of the Comptroller of the Currency ("OCC") and Financial Institutions Examination Council ("FFIEC") published final supervisory guidance titled "Social Media: Consumer Compliance Risk Management Guidance." "Social media" is broadly defined to include "interactive onlne communication," and services such as LinkedIn, Google Plus, Facebook and Twitter. The OCC stated that technological advancements allow financial institutions to use social media in a variety of ways, including marketing; facilitating applications for new accounts, products, or services; and engaging with existing and

Pursuant to Dodd-Frank, the GAO conducted its annual audit of the financial statements of the SEC and its Investor Protection Fund ("IPF"). Dodd-Frank Section 963 ("Annual Financial Controls Audit") requires that (1) the SEC annually submit a report to Congress describing management's responsibility for internal control over financial reporting and assessing the effectiveness of such internal control during the fiscal year, (2) the SEC Chairman and Chief Financial Officer attest to the SEC's report and (3) the GAO attest to and report on the assessment made by the SEC. In the report linked

The SEC announced that its enforcement actions in the fiscal year 2013 resulted in a record $3.4 billion in monetary sanctions ordered against wrongdoers from the 686 enforcement actions it filed. In addition, the SEC spelled out new initiatives for the upcoming year, including: new task forces - including the Financial Reporting and Audit Task Force and the Microcap Task Force; consolidated short-selling charges (the SEC stated that it will continue to conduct streamlined investigations to crack down on Reg. M violations); and technology improvements - including forming a Center for Risk and