The FDIC issued a final rule that implements a part of the Dodd-Frank Act which permits the FDIC, as receiver for a financial company whose failure would pose a significant risk to the financial stability of the United States (a ‘‘covered financial company’’), to enforce contracts of subsidiaries or affiliates of the covered financial company, despite contract clauses that purport to terminate, accelerate or provide for other remedies based on the insolvency, financial condition or receivership of the covered financial company. As a condition to maintaining these subsidiary or affiliate

SIFMA, the Government Finance Officers Association (GFOA), and the National Association of Independent Public Finance Advisors (NAIPFA) submitted the attached comments to the Depository Trust Clearing Corporation (DTCC) expressing concerns about a proposed increase in fees for municipal issues with multiple CUSIPs. The letter states that the fee proposal is flawed and urges the DTCC to reconsider the proposal pending discussions with all interested parties. See: SIFMA and Other Associations Submit Comments to the DTCC on a Proposed Fee Increase for Municipal Issues (links externally to SIFMA

In Chairman Schapiro's opening statement, she provided some high-level background as to the SEC's proposed new rules that would establish capital, margin, and segregation for security-based swap dealers and major security-based swap participants. She noted that the new rules were intended to be modeled after the SEC's existing capital rules, but conceded that a lack of experience in establishing capital regulation as to swaps made this an inherently uncertain exercise. Chairman Schapiro notes that these proposals place heavy importance on requiring security-based swap dealers to hold liquid

The Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act (CEA), and allowed an affiliated CPO ("designee"), which is in each case the investment manager of the relevant pool, to serve as the CPO of the pool instead where the following conditions were met: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner

The SEC voted unanimously to propose capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants in order to regulate the over-the-counter swaps markets, as required by Dodd-Frank. The SEC's proposed rules are intended to accomplish the following: Set minimum capital requirements for security-based swap dealers and major security-based swap participants. Establish margin requirements for security-based swap dealers and major security-based swap participants with respect to non-cleared security-based swaps. Establish segregation