Six federal financial regulatory agencies issued a joint final rule to implement the minimum requirements for the state registration and supervision of appraisal management companies ("AMCs"). Under the final rule, participating states must apply certain minimum requirements to the registration and supervision of AMCs.

The Board of Governors of the Federal Reserve System ("FRB") released its Semiannual Report on Banking Applications Activity. The report provides aggregate information on proposals that are filed by banking organizations and reviewed subsequently by the FRB. See: Semiannual Report on Banking Applications Activity; FRB Press Release.

On April 28, 2015, the U.S. District Court for the Southern District of New York (the "Court") dismissed all claims in three materially identical lawsuits brought by Harold Lanier on behalf of himself and others. Lanier asserted the claims against a number of exchanges, including BATS Exchange, Inc., the Chicago Board Options Exchange, Inc., NYSE MKT, LLC and the NASDAQ Stock Market (the "Exchanges"). Lanier's claims maintained that the Exchanges were liable for breach of contract under state law for violating their subscription agreements (the "Subscription Agreements") with certain customers

CFTC Chair Timothy Massad discussed the CFTC's efforts to address commercial end users' concerns at the 18th Annual National Energy Restructuring Conference. CFTC Chair Massad reiterated the CFTC's intention to "fine-tune" its rules and touched on specific areas of concern that the CFTC will address. They include the following: making it easier for local utility companies to access the energy swaps market; granting relief from the real-time reporting requirements for certain less liquid, long-dated swap contracts; modifying the residual interest deadline; ensuring that end users can utilize

The U.S. Securities and Exchange Commission (the "SEC") reproposed rules addressing the application of certain requirements under Title VII of the Dodd-Frank Act (the "Reproposal") to non-U.S. persons dealing in security-based swaps ("SBSs"). [1] I. Amendments to De Minimis Counting Requirements Under the Reproposal and in addition to the circumstances set forth in the Cross-Border Final Rules, [2] an SBS-dealing transaction that is entered into by a non-U.S. person and is "arranged, negotiated or executed" ("ANE") through personnel located in a U.S. branch or office, or through an (affiliated