Division of Swap Dealer and Intermediary Oversight ("DSIO") today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities. The relief provided in the letter expires on October 2, 2013. During that limited time period, DSIO will not recommend that the CFTC take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of CFTC Regulation 1.3(ggg)(4) (definition of "swap dealer") a swap that is submitted for clearing to

The CFPB published a procedural final rule, which implements Dodd-Frank Section 1024(a)(1)(C) and authorizes the CFPB to supervise a nonbank covered person based on risk determination. Under the final rule, the CFPB must have reasonable cause to determine that such person is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services. Effective Date: 30 days after publication in the Federal Register. See: CFPB Final Rule Release.

CFTC Commissioner Jill Sommers released a statement supporting Commissioner Wetjen's proposal of an interim final guidance that would be based on industry and public feedback, after Chairman Gensler had criticized the idea of delaying cross-border rules at a Senate Appropriations hearing. Commissioner Sommers expressed her support for Commissioner Wetjen, and her general disagreement with Chairman Gensler by stating, "No one has ever accused Gary Gensler of being reasonable, but Commissioner Wetjen has put a reasonable proposal [for delay of the cross-border rules] on the table that would

FINRA filed with the SEC revisions to the content outline and selection specifications for the Equity Trader ("Series 55") examination program. The proposed revisions update the material to reflect changes to the laws, rules and regulations covered by the examination and to reflect the functions currently performed by an Equity Trader. FINRA is not proposing any textual changes to the By-Laws, Schedules to the By-Laws, or Rules of FINRA. See: Text of Proposed Rule Change.

The CFTC filed an enforcement action against MF Global Inc., former Chief Executive Officer Jon S. Corzine, and former MF Global Assistant Treasurer Edith O'Brien. The charges originate from MF Global's alleged unlawful misuse of nearly one billion dollars of customer funds and related violations, that, according to the CFTC, "harmed thousands of customers and violated fundamental customer protection laws on an unprecedented scale." The complaint outlines the sequence of events prior to MF Global's demise, highlighting the claimed failures of each individual or entity. MF Global has already