ISDA announced the launch of a licensing program for ISDA's proprietary and patent-pending Standard Initial Margin Model ("SIMM") for non-cleared derivatives, offered commercially under the name ISDA SIMM&Amp;trade;. By establishing SIMM, ISDA aims to create a single model that meets regulatory standards, which all authorized licensees can use to exchange collateral in a manner that is consistent with margin requirement rules. According to ISDA, SIMM creates a single framework to calculate initial margin so that licensed counterparties can reduce the potential for disputes. See: ISDA Press

The House of Representatives Rules Committee held a hearing to consider the "Commodity End-User Relief Act" (H.R. 2289). The Rules Committee will vote on H.R. 2289 on June 3, 2015. A floor vote is expected on June 9, 2015. H.R. 2289 is similar to legislation passed by the House during the last Congress. It would codify and clarify Congressional intent where certain customer protections are concerned, reform the CFTC's operations, amend certain end-user provisions of the Dodd-Frank Act, and make technical corrections to the CEA. Click here to view a summary of the hearing by Delta Strategy

Massachusetts Senator Elizabeth Warren issued a public letter blasting SEC Chair White for a variety of asserted failings, including (i) not finalizing the rule required by Dodd-Frank that requires issuers to disclose the ratio of a CEO's pay to that of the median worker, (ii) granting waivers from various securities law violations for firms that have been sanctioned for various violations, (iii) settling cases without requiring the settling party to plead guilty; and (iv) being required to recuse herself from numerous cases because of her prior employment at a "Wall Street defense firm" and

SIFMA, The Clearing House Association L.L.C., the American Bankers Association ("ABA") and the ABA Securities Association (together, the "Associations") provided comments to multiple U.S. regulators regarding the proposed margin and capital requirements for covered swap entities. The letter, which was sent to the Board of Governors of the Federal Reserve System, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the CFTC and the SEC (collectively, the "Regulators"), recommends

The NFA issued separate enforcement actions against three firms. McElhannon Group. The NFA charged McElhannon Group and its principal with failing to cooperate promptly and fully with the NFA during the course of its examination and investigation of the firm and with using false and misleading promotional material. RNS Holding Group. The NFA charged RNS Holding Group and its owner with failing to uphold "high standards of commercial honor" by inter alia violating NFA Compliance Rule C.R.2-45, which prohibits loans by commodity pools to CPOs and affiliated entities. Grace Financial Group. The