CFTC Chairman Gary Gensler testified at the CFTC's 2014 fiscal year ("FY") budget hearing along with SEC Chairman Mary Jo White. According to his testimony, Chairman Gensler stated that this hearing occurred at an historic time in the markets because the CFTC now oversees not only futures markets, but also swap markets, and has completed 90 percent of the swap market reform rules required under Dodd-Frank. Mr. Gensler's testimony focused on five areas that are included in the CFTC's 2014 FY budget: Registration and Product Reviews; Examinations; Surveillance and Data; Enforcement; and

The SEC's Office of Investor Education and Advocacy issued an Investor Alert concerning fraudulent investment offers made by firms "implying" that they have SEC "approval." See: SEC Investor Alert Here.

SIFMA members submitted comments to the U.S. Department of Treasury and the IRS on a number of issues identified in the final regulations of the FATCA. One issue stressed in this letter is that the financial industry's IT systems will not be ready for the January 1, 2014 effective date. See: SIFMA Comment Letter.

SIFMA CEO, Judd Gregg, issued a statement expressing SIFMA's support of Treasury Secretary Jack Lew's call for legislation to improve cyber security efforts in the United States. Mr. Gregg urged Congress to pass legislation that promotes the timely sharing of threat information between the U.S. government and private sector firms. See:SIFMA Statement.

The House Financial Services Committee Chairman Jeb Hensarling (R-TX) stated that he welcomed the United States Supreme Court's announcement of its decision to hear a case over the validity of President Obama's "recess appointments" of three individuals to the National Labor Relations Board ("NLRB") on January 4, 2012. According to Representative Hensarling, the Court's decision regarding the constitutionality of the NLRB appointments will effectively determine the constitutionality of Richard Cordray's appointment to head the CFPB. See: Financial Services Committee Announcement.