The decision of the D.C. Circuit upheld a long line of case law interpreting the CEA's exclusive jurisdiction clause as preempting the authority of another regulatory agency to regulate or bring an enforcement action over a transaction that took place, in the words of the D.C. Circuit, on "a CFTC-regulated exchange." Pantano Comment: In an opinion for the court by Circuit Judge David S. Tatel, the court held categorically that "[b]ecause manipulation of natural gas futures contracts falls within the CFTC's exclusive jurisdiction and because nothing in the Energy Policy Act clearly and

The SEC has granted seven major broker-dealers temporary approval of a margin methodology to be applied to cleared CDS transactions. This approval, in combination with an exemptive order entered by the SEC last year, will enable the broker-dealers to commingle customers' CDS transactions consisting of swaps and security-based swaps in a segregated account maintained in accordance with section 4d(f) of the Commodity Exchange Act. This, in turn, will enable the broker-dealers to margin the positions on a portfolio basis. The margin methodology approved by the SEC imposes margin requirements

SIFMA Acting President and CEO Kenneth E. Bentsen, Jr. provided the attached testimony before the U.S. House Agriculture Committee for a hearing to examine legislative improvements to Dodd-Frank Title VII ("Wall Street Transparency and Accountability"), which deals primarily with derivatives. While affirming that SIFMA supports the intended goals of the Act, Bentsen called attention to the fact that, if Title VII is implemented incorrectly, it may cause more harm than good, since incorrect implementation has the potential to detrimentally limit the availability and increase the cost of

SIFMA Managing Director Nancy Donohoe Lancia testified before a Minnesota State Legislature panel on state bills HF 677 and SF 552, which would create a tax on financial services. SIFMA and its member firms testified in opposition to the imposition of the sales tax on financial services, arguing that the sales tax on services proposed in HF 677 and SF 552 would likely lead to decreased business activity and employment in the state and would increase the cost of doing business in Minnesota. Click here to view testimony in full (links externally to SIFMA website). Related News: "SIFMA Memorandum

In a new report, the GAO found that both the Financial Stability Oversight Council ("FSOC") and the Office of Financial Research ("OFR") serve purposes that may be useful, but that "collaboration among FSOC members can be challenging": the organizations "should develop a systematic approach" to dealing with their responsibilities, should "improve transparency" and "develop strategic planning." (See page 2 of the report.) Further, FSOC and OFR "have not defined their roles and responsibilities." (See page 17 of the report.) This report was conducted pursuant to Dodd-Frank Sections I ("Financial