The Futures Industry Association ("FIA") and the Asset Management Group of SIFMA ("SIFMA AMG") held a joint forum to review derivatives issues facing the buy-side. The forum focused on various topics, including: market/central counterparty risk; collateral protection and margin; Market Agreed Coupon swaps and standardization; margin for uncleared swaps; and cross-border recognition. S ee: SIFMA Executive Vice President Randy Snook Opening Remarks.

The SEC approved the 2015 budget and the related annual accounting support fee of the Public Company Accounting Oversight Board ("PCAOB"). The PCAOB budget totals $250.9 million and will be funded primarily by the collection of an accounting support fee totaling $226.6 million. The PCAOB's 2015 budget represents a decrease of approximately three percent from its 2014 budget, and an increase of approximately eight percent over its estimated $232.4 million in spending last year. See: Press Release; Meeting Notice; Meeting Agenda; SEC Chair White's Opening Remarks; Commissioner Stein's Statement

IOSCO approved a project by its Committee 6 on Credit Rating Agencies ("C6") to gain a better understanding of credit rating agencies ("CRA") and other CRA products and services. The project will consist of two parts. C6 will undertake (i) a series of information-gathering exercises, which include surveying the issuers of CRA products and services, and (ii) the gathering of information on how CRA issuers, investors and users understand and utilize CRA products. See: Press Release; C6 CRA Survey.

The CFTC announced that the U.S. District Court for the Northern District of Iowa entered a Consent Order imposing a permanent injunction against U.S. Bank National Association ("U.S. Bank") and ordering the bank to pay restitution to be returned to the customers of Peregrine Financial Group, Inc. ("Peregrine"). In July 2012, the CFTC instituted a civil action against Peregrine and its owner alleging that the owner withdrew and transferred money from a customer segregated funds account held by U.S. Bank for Peregrine and its owner to persons and entities that were not Peregrine's customers

The Futures Industry Association ("FIA") and FIA Europe issued the third in a series of special reports that cover technical requirements on MiFID II regulations by the European Securities Markets Authorities ("ESMA"). The third special report provides an overview of ESMA's proposals in its December 19, 2014 Consultation Paper and the draft Regulatory Technical Standards on (i) post-trading issues for derivatives, (ii) indirect clearing and (iii) post-trade transparency requirements. The MiFID II regulations will become effective on January 3, 2017. See: Third Special Report: Derivatives under