The European Securities and Markets Authority ("ESMA") presented technical advice on the Evaluation of Regulation 236/2012 to the European Parliament and the Council on Short Selling and Certain Aspects of Credit Default Swaps in compliance with its reporting obligation on the appropriateness, impact and operation of the Regulation's requirements and restrictions. The report indicated that the short-selling regulation increased market transparency, reduced risks of fails and led to a decline in liquidity, a decrease in bid-ask spreads, and a decline in the speed of price discovery. Among the

The CFTC met with LCH.Clearnet on DCO Core Principles. See: Press Release.

The CFTC Division of Clearing and Risk ("DCR") announced the issuance of an extension of time for compliance in order to provide additional time for market participants to coordinate on the communication of limits for bunched orders for futures. The extension applies to the obligation of futures commission merchants ("FCMs") clearing allocated futures trades to establish risk-based limits for each customer and enter into an agreement with the account manager requiring the account manager to screen orders for compliance with those limits. This extension of time is intended to provide sufficient

Financial Services Committee Chairman Jeb Hensarling (R-TX) issued a statement criticizing the decision by the Financial Stability Oversight Council to designate certain non-bank financial firms as "too big to fail." See: Press Release.

The SEC Office of the Inspector General released its 2013 Semiannual Report on its own activities to Congress covering October 1, 2012, through March 31, 2013. The OIG report gives a generally favorable assessment of the work of the OIG during the relevant period. It also provides a summary of the various studies that the OIG performed during the relevant assessment period as to the work of the SEC. Lofchie Comment: Beginning on page 20 of the report is a list of OIG recommendations to the SEC on which the SEC has not taken action for six months or longer. Most of the recommendations involve