Ryan McKee, a senior director focusing on derivatives regulation at the U.S. Chamber of Commerce, has been appointed as a professional staffer at the House of Representatives Committee on Agriculture under Frank Lucas (R., Okla.), the committee's incoming chairman. McKee was best known for defending corporations against harsh new financial regulations that could raise their costs of hedging. McKee begins her new post in early January. Her role will be to liaise with the CFTC. Date Dec. 20, 2010 Cross References (links require a Cabinet subscription) Dodd-Frank Act, Title VII

ISDA sought and was granted permission to intervene in the case of Lomas and others v JFB Firth Rixson, Inc and others to ensure that arguments reflecting the market's understanding of the construction were made before the Court. The Court found that Section 2(a)(iii) is "suspensive" in effect, overturning the non-binding comments in the Marine Trade case that Section 2(a)(iii) is a once-and-for-all test. It was one of ISDA's key goals in participating in the action to achieve this result. ISDA will consult with its members to agree a form of amendment to Section 2(a)(iii) that ISDA will make

In accordance with Section 712(d)(1) of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 the CFTC and SEC, in consultation with the Board of Governors of the Federal Reserve System, are proposing rules and interpretative guidance under the Commodity Exchange Act and the Securities Exchange Act of 1934, to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant." Document Number75 Fed. Reg. 80174 DateDecember 21, 2010 Cross Reference (links

The Financial Services Authority ("FSA") has published a revised Remuneration Code ("revised Code") to comply with the remuneration requirements under the Capital Requirements Directive ("CRD3") and guidelines of the Committee of European Banking Supervisors ("CEBS"). Subject to grandfathering for some provisions, the new requirements apply from 1 January 2011. The existing Code is applicable to the largest banks, building societies and broker dealers and requires the application of 'remuneration policies, practices and procedures that are consistent with and promote effective risk management'

CFTC Commissioner Jill Sommers explains her reasons for opposing the CFTC's proposed rule regarding swap execution facilities, noting that the proposed rule requires that an SEF provide market participants "with the ability to post both firm and indicative quotes on a centralized electronic screen accessible to all market participants who have access to the swap execution facility," something that in her view is not mandated by Dodd-Frank and may limit competition by shutting out applicants who wish to offer request for quote services without this functionality. She also reiterates her