The proposed rule would allow cooperatives that would not otherwise qualify for the swap clearing requirement exception provided in the Dodd-Frank Act (commonly referred to as the "end-user exception"), but whose members individually would qualify for the exception, to elect not to clear certain swaps entered into for the benefit of their members. View the Q&A on the proposed rule here(links externally to CFTC website).

The purpose is to: (i) further define certain terms; (ii) provide for the regulation of mixed swaps; and (iii) adopt specified books and records rules. The final rulemaking includes proposed rules and interpretive guidance regarding the terms "swap," "security-based swap," and "security-based swap agreement," which the Dodd-Frank Act requires the CFTC and SEC, with the Federal Reserve Board, to jointly further define. In addition, the statute provides that the Commissions shall jointly prescribe regulations regarding "mixed swaps" as are necessary to carry out the purposes of Title VII of the

The final rulemaking implements the exception to the clearing requirement for non-financial entities and small financial institutions established by Congress in the Dodd-Frank Act. The final rule establishes criteria for determining whether a swap hedges or mitigates commercial risk for purposes of electing the exception, and also specifies the information that counterparties must report to satisfy the notification requirement. View Q&A on the end-user exception here(links externally to CFTC website).

Summary: The FDIC has become aware that certain insured depository institutions (IDIs) are charging customers an "FDIC fee" or similarly described fee, apparently to compensate the IDI for some or all of its FDIC deposit insurance assessment costs. This Financial Institution Letter (FIL) communicates the FDIC's concerns and expectations when IDIs assess these types of fees. This FIL applies to all insured financial institutions, including those with under $1 billion in assets. View letter in full here (links externally to FDIC website).

The SEC will hold an Open Meeting on July 11, 2012 at 10:00 a.m., in the Auditorium, Room L-002. The subject matter of the Open Meeting will be: The SEC will consider whether to adopt Rule 613 under Section 11A of the Exchange Act, to require national securities exchanges and national securities associations to submit a national market system ("NMS") plan to develop, implement, and maintain a consolidated order tracking system, or consolidated audit trail, with respect to the trading of NMS securities, that would capture customer and order event information for orders in NMS securities, across