The CFTC published for public comment this proposed interpretive guidance and policy statement regarding the cross-border application of the swaps provisions of the Commodity Exchange Act (CEA) that were enacted by Title VII of the Dodd-Frank Act. Specifically, this proposed interpretive guidance and policy statement describes the following: (i) the general manner in which the Commission will consider whether a person's swap dealing activities or swap positions may require registration as a swap dealer or major swap participant, respectively, and the application of the related requirements

In this statement, SEC Commissioner Luis A. Aguilar expressed disappointment in Rule 613 noting that "the rule as currently drafted will limit innovation, and will fail to achieve cost savings." Rule 613 requires SROs to jointly submit a plan for developing and implementing a consolidated audit trail. The Commissioner suggested that the rule lacks sufficient prescriptive requirements and that the process of joint development by the SROs is flawed. More powerful SROs will have more influence resulting in "a battle of size, not necessarily one of ideas." Cost could be higher with only a single

In this statement, SEC commissioner Elisse Walter addresses the adoption of the Final rules for a Consolidated Audit Trail. Commissioner Walters talks about the increasing need for regulation in the U.S. capital markets, and how a Consolidated Audit Trail system would allow for cross market tracking that would give the SEC the information needed for determining market manipulation. Walters goes on and lists the many other benefits that could result from such a system, but then expresses her disappointment and dissent towards the adopted rule. In her opinion, the rule fails to provide proper

In Commissioner Daniel M. Gallagher's statement of support, he noted that CAT (consolidated audit trail) is a step forward in providing the SEC with "comprehensive information on all market activity" which will ensure regulation and oversight of the markets. He also notes that this rule is a "sea-change for the securities markets," requiring the reevaluation and revamping of key aspects of market infrastructure, and providing the SEC with data and other information critical to satisfying statutory obligations and efficiently oversee the markets.

The CFTC announced the filing of an anti-fraud enforcement action in the U.S. District Court for the Southern District of Texas, charging Christopher D. Daley (Daley) of Houston, Texas, and his firm, TC Credit Service, LLC (TCCS) (doing business as Del-Mair Group, LLC) with operating a commodity pool scheme that fraudulently solicited and accepted approximately $1.4 million from the public. Daley was owner and sole employee of TCCS, and none of the defendants has ever been registered with the CFTC. View release in full here(links externally to CFTC website).