The DSIO today issued an amended no-action letter providing relief from certain duties imposed on swap dealers ("SDs") and major swap participants ("MSPs") pursuant to the Commission's Business Conduct Standards with Counterparties, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation§ 23.504, when executing swaps with the intention to clear contemporaneously with execution. The letter has been corrected from the original version that was issued on June 26, 2013. The correction removes bracketed language inadvertently included in footnote 1 on

Delta Strategy Group released a summary of the Senate Banking Committee Hearing Nominations which focuses on the nominations for SEC commissioners. Click here to see a summary of the nominations hearing from Delta Strategy Group.

The CFTC's Division of Market Oversight ("DMO") issued the attached no-action letter extending time-limited relief to SDs and MSPs from the obligation to report valuation data for cleared swaps as required by CFTC Rule 45.4(b)(2)(ii) ("Swap Data Reporting: Continuation Data"). The extension alters the initial no-action relief expiration date from June 30, 2013 to June 30, 2014. The relief applies to the following parties: All SDs and MSPs that are reporting counterparties under regulation 45.4(b)(2)(ii), and All cleared swaps for which the SD or MSP has the obligation to report valuation data

Division of Swap Dealer and Intermediary Oversight ("DSIO") today issued a time-limited no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements. The relief provided in the no-action letter is applicable to all swap dealers, subject to the conditions and limitations set forth in the letter. Lofchie Comment: Another no-action letter subject to numerous conditions and requiring yet more documentation. Click here to view the No-Action Letter.

The SEC's Office of Investor Education and Advocacy issued an Investor Bulletin to educate investors about interest rate risk: the fundamental principle of bond investing in which interest rates and bond prices move in opposite directions. The SEC explained when market interest rates rise, the price of fixed-rate bonds fall. The SEC also noted that, due to this relationship, it is particularly important for investors to consider interest rate risk when they purchase bonds in a low-interest-rate environment. See: SEC Investor Bulletin.