The Division of Corporation Finance is providing no-action relief to Chai-Na-Ta Corp. As the entity is in liquidating mode, the Division will not object if Chai-Na-Ta does not file future periodic reports under Exchange Act Section 13(a), subject to the various conditions set forth in the letter. View letter in full here (links externally to SEC website). See also: Incoming Letter

Representatives Spencer Bachus (the Chairman of the House Financial Services Committee) and Jeb Hensarling (who will succeed Bachus in that role in the next Congress) submitted a joint letter to the Federal Reserve requesting the further delay of Volcker Rule's effective date for two years after the final version is issued. The Volcker Rule would ban U.S. banks from certain proprietary trading activities. Among the points made by the letter are the following: there is no evidence that proprietary trading by banks contributed to the financial crisis; no other country has adopted rules similar

House Democrats Barney Frank and Michael Capuano are introducing a bill seeking to merge the Securities Exchange Commission (SEC) and the Commodities Future Trading Commission (CFTC). In addition, the bill would establish a new independent regulatory commission known as the "Securities and Derivatives Commission." As to this latter new Commission, the bill specifies that the Commissioners be knowledgeable as to the regulation of derivatives, but does not actually specify anything that the Commissioners would be required to do or any responsibilities that they would have (so it seems like a

In a statement at the CFTC's 2012 Research Conference, Commissioner Chilton suggests that there is "mounting evidence that speculation affects commodity prices". Citing a number of studies in favor of this claim, Commissioner Chilton states that the next position limits proposal from the CFTC will focus more on speculation studies. Citing to the song by Everclear, Commissioner Chilton says that Wall Street must " Be Careful What You Ask For." (Warning: not something I would ever listen to, other than in the context of doing my day job.) Lofchie Comment: I think it is a really great thing that

The CFTC issued an amended no-action letter addressing the pay-to-play rules applicable to swap dealers who conduct business with certain governmental special entities. The original CFTC Letter (12-33) was issued on November 20, 2012. The pay-to-play rules in CFTC Rule 23.451 ("Political contributions by certain swap dealers") restrict a swap dealer from engaging in certain activities with a governmental special entity, if the swap dealer (or a covered associate of the swap dealer) made or solicited contributions to an official of that governmental special entity during the preceding two years