Linked below is an article written by Energy Metro desk entitled "Drums Along the Potomac," which focuses on CFTC Commissioner O'Malia's speech regarding the CFTC's 2014 regulatory agenda. The article cited a number of sources as to their opinions regarding O'Malia's speech. The sources generally agreed with Commissioner O'Malia's view that the CFTC rule making process "has been anything but smooth and transparent." The article also notes a number of recent legal developments including the recent suit filed by three associations in a federal court that challenged the CFTC cross-border guidance

SIFMA submitted a letter to SEC Chair Mary Jo White in response to her recent statement on the SEC's review of Securities Information Processors ("SIPs") in light of the August 22, 2013 SIP outage that led to a halt in the trading of NASDAQ-listed securities. According to the SIFMA, the August 22 events highlighted the "critical nature of the SIPs in maintaining fair and orderly markets," and emphasized "the need for regulators and market participants to coordinate and collaborate to make sure the markets are operationally resilient and robust." SIFMA commended the SEC's initiative in

At the Consumer Federation of America's 26th Annual Conference, SEC Commissioner Luis Aguilar delivered a speech on investor protection, with a specific focus on new private placement rules, proxy voting and Regulation NMS ("Regulation of the National Market System"). Commissioner Aguilar stated that investor protection is fundamental, since investors are the ones who provide the capital that allows companies to grow and expand. According to Commissioner Aguilar, the first step in ensuring investor protection is "facilitating true capital formation" and not merely capital raising. Aguilar

SEC Commissioners Michael Piwowar and Luis Aguilar discussed their concerns regarding proxy advisory firms at the SEC's proxy roundtable. Commissioner Piwowar delivered the opening remarks at the Roundtable, expressing his concern that the 2003 SEC Proxy Voting release, which stated that "the duty of care requires an adviser with voting authority to monitor corporate actions and vote proxies," may have created a regulatory compliance mandate to vote every share. Additionally, Piwowar said that the subsequent SEC staff no-action letters "had the unintended effect of institutionalizing the use

The National Futures Association ("NFA") has published guidance on the annual affirmation requirement for entities that are currently operating under an exemption or exclusion from CPO or CTA registration. The guidance states that the CFTC requires any person that claims an exemption or exclusion from CPO registration under CFTC Rule 4.5 ("Exclusion for Certain Otherwise Regulated Persons from the Definition of the Term 'Commodity Pool Operator'") or Rule 4.13 ("Exemption from Registration as a Commodity Pool Operator"), or an exemption from CTA registration under Rule 4.14(a)(8) ("Exemption