The CFTC has approved the applications of SwapEx, LLC, GFI Swaps Exchange LLC, and MarketAxess SEF Corporation for temporary registration as swap execution facilities ("SEFs") pursuant to CEA Section 5h ("Swap Execution Facilities") and CFTC Rule 37.3(c). See: CFTC Press Release. See also: CFTC Issues Notices of Temporary Registration to TW SEF LLC and DW SEF LLC as Swap Execution Facilities (September 9, 2013); CFTC Issues Temporary Registration as Swap Execution Facility to Bloomberg (with Lofchie Comment) (July 31, 2013).

The CFTC published a Concept Release and requested comments on risk controls and safeguards for automatic trading systems in the Federal Register. In the release, the CFTC noted that traditional risk controls and safeguards which relied on human judgements must be reevaluated, due to the transition of highly automated and interconnected trading environments. The Commission also stated its continuing commitment to the safety and soundness of the U.S. derivatives market. Comments must be submitted by December 11, 2013. See: 78 FR 56542. See also: CFTC Concept Release on Supervision and

The SEC announced that Paul Levenson has been named as the director of the Boston Regional Office, where he will oversee enforcement and examinations in the New England region. See: SEC Press Release.

Norm Champ, Director of the SEC Division of Investment Management, spoke at the PLI Hedge Fund Management Conference to discuss important issues regarding hedge fund managers, with a focus on the recent JOBS Act rulemaking. Mr. Champ highlighted the opportunity given to investment advisers by the JOBS Act to reach a much wider audience in the distribution of shares of private funds, but noted the new regulatory burdens and additional regulatory focus on private funds. In particular, he cautioned fund managers to be particularly mindful of the content of their promotional materials, since those

The European Court of Justice issued an opinion from the Advocate General supporting the UK's claim that the authority granted to ESMA in Article 28 of the Short Selling Regulation does not a have proper legal basis. Article 28 of the Short Selling Regulation outlines ESMA's intervention powers in exceptional situations, including prohibitions on short selling. The Advocate General's opinion supports the UK's claim that these powers were adopted on an incorrect legal basis. The MFA Blog notes that the Advocate General's opinions are not binding, but only persuasive. Generally, the Court is