The CFTC Interim Final Rule, dated December 18, 2012, deferred the compliance deadline for the portfolio reconciliation and swap trading relationship documentation requirements, set out in Commission Regulations 23.502 ("Portfolio Reconciliation") and 23.504 ("Swap Trading Relationship Documentation"), to July 1, 2013. The CFTC issued Letter No. 13-40, further extending the deadline that SDs and MSPs have to submit portfolio reconciliation proposals pursuant to 23.502, from July 1, 2013 to August 23, 2013. This does not, however, alter the swap trading relationship documentation requirements

MFA submitted a comment letter to the European Securities and Markets Authority ("ESMA") in response to ESMA's consultation paper on the Alternative Investment Fund Managers Directive ("AIFMD") reporting guidelines. In the letter, MFA asked ESMA to: (1) clarify or confirm a number of specific items in the reporting form; (2) develop a harmonized approach to reporting across EU Member States; (3) limit the scope of required information to what was required by the European Commission in the Level 2 Delegated Regulations; (4) permit AIFMs to report information on the basis of the best data

The SEC announced three new enforcement related initiatives, consisting of: The Financial Reporting and Audit Task Force, which will concentrate on expanding and strengthening the Division's efforts to identify securities-law violations relating to financial statements, issuer reporting and disclosure and audit failures; The Microcap Fraud Task Force, which will investigate fraud in the issuance, marketing, and trading of microcap securities; and The Center for Risk and Quantitative Analytics, which will support and coordinate the Division's risk identification, risk assessment and data

The OCC and Federal Reserve Board approved final rules to implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. The rule is intended to minimize the burden on smaller, less complex financial institutions, while establishing an integrated regulatory capital framework that addresses shortcomings in capital requirements, particularly for large, internationally active banking organizations. Minimum requirements under this final rule will increase for both the quantity and quality of capital held by

A federal district court upheld a challenge by four trade associations (American Petroleum Institute, Independent Petroleum Association of America, U.S. Chamber of Commerce, and National Foreign Trade Council) ("API") to SEC Rule 13q-1 ("Disclosure of Payments Made by Resource Extraction Issuers"), which requires resource extraction issuers to annually disclose payments made to a foreign government in connection with the issuer's commercial development of oil, natural gas or minerals. The court granted API's motion for summary judgment, vacated the SEC's rule, and remanded it to the SEC for