The Futures Industry Association ("FIA") and FIA Europe issued the fifth in a series of special reports that cover the technical requirements of MiFID II regulations by the European Securities Markets Authorities ("ESMA"). Specifically, the fifth report offers an overview of the requirements for the commodity derivatives in ESMA's proposals. According to the report, MiFID II has broadened the list of financial instruments captured previously under MiFID I to include commodity derivatives traded on an organized trading facility. Related news: FIA and FIA Europe Publish Fourth Report on ESMA

Commerzbank AG ("Commerzbank") agreed to pay $1.45 billion to resolve claims that it (i) stripped information from wire transfer requests to hide the connection between the requests and Iranian and Sudanese entities that were subject to U.S. economic sanctions, and (ii) failed to report red flags for potential fraud at Olympus, a Japanese optical company. In connection with the resolution, Commerzbank agreed to a deferred prosecution agreement that required it to pay a criminal fine of $79 million and to forfeit $563 million. In addition, Commerzbank entered into a deferred prosecution

The Tax Section of the New York State Bar Association (the "Tax Section") submitted a report (the "NYSBA Report") providing comments and recommendations on proposals to reform the taxation of financial instruments. The proposals were contained in the "discussion draft" that was circulated by the House Ways and Means Committee on February 21, 2014, and included in the Obama Administration's FY2016 budget proposal. The NYSBA Report focused on the proposals that address the taxation of debt instruments, the mark-to-market treatment of derivatives, the calculation of securities bases and wash sale

The U.S. House Committee on Financial Services announced a full committee hearing titled "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System." The hearing is scheduled for March 17, 2015. See: Press Release.

The Board of Governors of the Federal Reserve System ("FRB") published its "Comprehensive Capital Analysis and Review 2015" ("CCAR"). The CCAR evaluated the capital planning processes and capital adequacy of the largest U.S.-based bank holding companies. According to its press release, the FRB issued a conditional non-objection based on qualitative grounds to the plans of one of the institutions evaluated by it, and objected to two firms' plans on qualitative grounds. The FRB did not object to any plans based on quantitative grounds. The FRB also stated that "U.S. firms have substantially