The CFTC issued four no-action letters that address certain issues relating to swaps regulation, following the announcement earlier today by European Commissioner Barnier and CFTC Chairman Gensler of a "Path Forward" for how to jointly approach cross-border derivatives. Two of the letters were issued by the CFTC's Division of Clearing and Risk ("DCR") to two European-based clearing organizations, respectively, intended to facilitate their provision of certain clearing services to clearing members that are U.S. persons, during the pendency of their derivatives clearing organization ("DCO")

Elizabeth A. Duke submitted her resignation as a member of the Board of Governors of the Federal Reserve System, effective August 31, 2013. Ms. Duke has made no announcements about her future plans. See: Federal Reserve Press Release.

The U.S. Bankruptcy Court overseeing the liquidation of failed futures commission merchant MF Global Inc. ("MFGI") has approved a settlement between MFGI and a class of former customers of MFGI for the return of $100 million of customer money to the class. The agreement resolves claims against JP Morgan, and all outstanding matters between JP Morgan and the MF Global estate, its customers and creditors, which arise from transfers of customer property during the days before MF Global entered into bankruptcy. See:Deangelis v. Corzine Settlement Agreement (03-19-2013); Deangelis v. Corzine

The SEC approved three final rules implementing the JOBS Act at an open meeting on Rule 506 of Regulation D ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering") of the Securities Act. The following rules were approved: Amendments to Rule 506 of Regulation D and Rule 144A to Section 201(a) ("Modification of Rules") of the JOBS Act so as to eliminate the prohibition on general solicitation and advertising for certain offerings made pursuant to Rule 506 and Rule 144A ("Private Resales of Securities to Institutions") under the Securities Act, where the relevant

In accordance with its authority under Title I of the Dodd-Frank Act, the Financial Stability Oversight Council ("FSOC") designated two nonbank financial companies for consolidated supervision and enhanced prudential standards by the Federal Reserve Board of Governors. The companies are: American International Group, Inc. ("AIG"); and General Electric Capital Corporation, Inc. ("GECC"). Lofchie Comment:It had been widely reported that Prudential also would be named as systemically significant, but that Prudential (unlike AIG and GE) intended to resist such a designation. See: American