The National Futures Association ("NFA") released a notice reminding members that Columbus Day, October 14, 2013, will impact regulatory filings. Members should be aware of the following information regarding regulatory filings: Daily segregated, 30.7 secured, cleared swaps customer collateral and daily forex statements prepared as of October 11, 2013 are required to be submitted by 12:00 noon on October 14, 2013; Daily segregated, 30.7 secured, cleared swaps customer collateral and forex statements are required to be prepared as of October 14, 2013 and submitted by 12:00 noon on October 15

Janet Yellen was nominated by President Obama to serve as Chair of the Board of Governors of the Federal Reserve System ("FRB"). See: Janet Yellen Statement; Ben Bernake Statement. See also: Chairman Hensarling Statement.

SEC Chair Mary Jo White delivered a speech at the Securities Enforcement Forum which focused on the SEC's efforts to enhance its enforcement program's presence in the marketplace by pursuing both big and small violations of federal securities laws. Chair White touted the so-called "broken window" theory of regulation, stating that it is important for the SEC to pursue minor legal violations, as they can feed into larger ones, and highlighting that even violations such as control failures, negligence-based offenses, and violations of prophylactic rules with no intent requirement must be pursued

The Alternative Investment Management Association ("AIMA") updated its Guide to Sound Practices for Hedge Fund Valuation. The new additions to the guide include: a summary of valuation requirements under AIFMD; a revised introduction to international guidance on and disclosures of fair value accounting; recommendations that reflect industry sound practices within areas of governance, transparency, procedures and process; and a new outline of areas of hedge fund valuation that are now covered by regulation and those in which discretion still applies. See: AIMA Press Release.

Economist Craig Pirrong (" A Tower of Babel: OTC Derivatives Edition," Streetwise Professor) discussed a recent speech by Beniot Coeuré of the European Central Bank ("ECB") in which Coeuré argued that global regulators have created a system for the reporting of OTC derivatives transactions which does not promote transparency. According to Coeuré, privacy laws, blocking statutes, and indemnification clauses in several jurisdictions all restrict access to the details of OTC derivatives transactions, which prevents regulators from being able to aggregate data across trade repositories. Pirrong