The CFTC issued an amended order of registration as a derivatives clearing organization ("DCO") to the Natural Gas Exchange Inc. ("NGX"). NGX, a registered DCO since 2008, had requested that the CFTC expand the scope of products which NGX is authorized to clear and to permit it to continue using an accrual accounting methodology for daily settlement. The amended order of registration permits NGX to clear: (i) physically delivered or financially settled contracts (futures or swaps) based on energy products that could qualify as exempt commodities traded on or subject to the rules of a

The SEC issued a no-action letter reaffirming its position as to when continuing commissions may be paid to retired associated persons. The letter permitted such commissions to be paid in respect of new accounts opened by the same customer. View letter in full here (links externally to SEC website). Cross-Reference(s): Exchange Act Section 15(a) [Registration and regulation of brokers and dealers]; Chapter 4 of Broker-Dealer Guide.

SIFMA submitted comments to the Basel Committee on Banking Supervision ("BCBS") and the International Organization of Securities Commissions ("IOSCO") on the Second Consultative Document on Margin Requirements for Non-Centrally-Cleared Derivatives. Click here to view letter in full (links externally to SIFMA website). See also: SIFMA Comments on the Original Consultation in a letter dated September 28, 2012. Related News: "NAPF Responds to BIS and IOSCO Margin Requirements for Non-Centrally-Cleared Derivatives" (March 20, 2013); "MFA Submits Comments on Basel-IOSCO Second Consultative Document

The NFA, the futures industry SRO, and Better Markets, Inc., "a non-profit organization," have filed a joint amicus curiae brief in the Investment Company Institute v. CFTC matter. The brief urges the U.S. Court of Appeals for the D.C. Circuit to uphold the CFTC's amendments toRule 4.5. The CFTC rule amendments at issue seek to re-impose de minimis trading and no-marketing restrictions upon SEC-registered investment companies ("RICs") seeking to trade in futures and swaps without becoming "commodity pools" regulated by the CFTC (in addition to their regulation by the SEC). The brief seeks to

The SEC announced that the New York-based hedge fund advisory firm, Sigma Capital Management, has agreed to pay nearly $14 million to settle charges that the firm engaged in insider trading. The charges are based on the use of material nonpublic information obtained through one of its analysts, who agreed to a settlement earlier this month in which he admitted liability. See: SEC Complaint and Litigation Release.