The CFTC has approved the applications of Javelin SEF, LLC and BGC Derivative Markets, L.P for temporary registration as swap execution facilities ("SEFs") pursuant to CEA Section 5h ("Swap Execution Facilities") and CFTC Rule 37.3(c). See: CFTC Letter to Javelin; CFTC Letter to BGC; CFTC Press Release. See also: CFTC Issues Notice of Temporary Registration as SEFs to SwapEx, LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corp. (September 13, 2013); CFTC Issues Notices of Temporary Registration to TW SEF LLC and DW SEF LLC as Swap Execution Facilities (September 9, 2013); CFTC Issues

SIFMA submitted comments to the SEC regarding the SEC proposed changes to reform the way money market funds ("MMFs") operate. In the comment letter, SIFMA stated their support of the SEC goals to enhance the resiliency of MMFs. However, SIFMA voiced concerns that some elements of the SEC proposal would alter certain indispensable characteristics of MMFs that make them attractive to shareholders, thereby endangering the viability of MMFs as an investment option and vital element of capital formation and credit availability. SIFMA urged the SEC not to impose both the floating net asset value (

The SEC voted (3-2) to propose a rule that would require public companies to disclose the ratio of the compensation of its CEO to the median compensation of all of its employees around the world, including employees at subsidiaries, and temporary, seasonal and part-time workers. The disclosure is required pursuant to Dodd-Frank Section 953(b) ("Executive Compensation Disclosures"). The proposed rule would not prescribe a specific methodology for companies to use in calculating the a pay ratio; rather, companies themselves would determine the median annual total compensation of its employees

The SEC voted unanimously to adopt rules establishing a permanent registration regime for municipal advisers as required by the Dodd-Frank Act. The new rule requires a municipal advisor to permanently register with the SEC if it provides advice on the issuance of municipal securities, certain investment strategies or municipal derivatives. The final registration requirement is materially narrower than had been originally proposed; for example, the SEC would not require the registration of persons who were actually employees of the municipality or who were board members of municipal entities

The SEC charged Shadron L. Stastney, a partner at New York-based investment advisory firm Vicis Capital LLC, with breaching his fiduciary duty by engineering an undisclosed principal transaction in which he had a financial conflict of interest. The SEC alleges that Stastney traded as a principal when he authorized the client hedge fund to pay approximately $7.5 million to purchase a basket of illiquid securities from a personal friend and outside business partner hired by the firm as a managing director. Stastney required his friend to divest these personal securities holdings as he came on