The CFTC's Division of Market Oversight ("DMO") announced the issuance of a letter providing swap dealers with time-limited, no-action relief from certain swap data reporting obligations under CFTC Rules Parts 43, 45, and 46. The no-action letter provides that DMO will not recommend an enforcement action against a swap dealer with respect to the following: (a) a delay in reporting swaps executed by branches in emerging market jurisdictions as defined therein; (b) a delay in reporting aggregate pricing data for exotic/multi-leg swap transactions; (c) a delay in linking the report made for post

The SEC charged Eli Lilly and Company with violations of the Foreign Corrupt Practices Act ("FCPA") for improper payments its subsidiaries made to foreign government officials to win business in Russia, Brazil, China and Poland. See: SEC Complaint and SEC Litigation Release. See also: SEC Press Release.

SIFMA submitted comments to the Mayor of Salinas, CA and to Brockton, MA City Council opposing the use of eminent domain to seize mortgage loans from their holders. SIFMA asserts that such proposals, if implemented, would have an extremely harmful impact on the municipality and mortgage borrowers in the community. See: SIFMA Submits Comments to the Mayor of Salinas, CA Opposing the Use of Eminent Domain to Seize Mortgage Loans. See also: SIFMA Submits Comments to the Brockton, MA City Council Opposing the Use of Eminent Domain to Seize Mortgage Loans.

SIFMA submitted a comment letter to the SEC requesting an extension of the expiration date of the SEC's Exchange Act Exemptive Order and security-based swaps ("SBS") interim final rules until July 17, 2013. In the letter, SIFMA notes that Dodd-Frank Sections 761and 768 included SBS in the definition of "security" for purposes of the Exchange Act and Securities Act, and states that key issues and questions regarding the application of the federal securities laws to SBS remain unresolved. The exemptive order is currently set to expire on February 11, 2013, which SIFMA argues would be premature

The SEC settled administrative proceedings against an SEC-registered broker-dealer, based in Toronto, Ontario, and two individuals who were its co-founders, co-owners and CEO and Vice President, finding that the individuals failed reasonably to supervise certain associated persons who were day traders, and who had repeatedly used the firm’s order management system to engage in a manipulative trading practice known as "layering" on U.S. securities markets. Layering. According to the Order, "layering" occurs when a trader creates a false appearance of market activity by entering multiple non-