The CFTC Division of Clearing and Risk extended the no-action relief granted in CFTC Letter 13-73 to Japan Securities Clearing Corporation ("JSCC") and its qualifying clearing participants and affiliates. In the letter, the CFTC stated that it will not recommend enforcement action against: JSCC, with respect to its registering as a derivatives clearing organization ("DCO") pursuant to the requirements of CEA Section 5b(a); and a qualified clearing participant of JSCC, or a parent or affiliate of a JSCC qualified clearing participant, subject to the Japanese clearing requirement, with respect

The CFTC Subcommittee on Foreign Exchange Markets (the "Subcommittee") submitted a report to the Global Markets Advisory Committee ("GMAC") regarding a prospective clearing mandate for foreign exchange non-deliverable forwards ("NDFs"). The Subcommittee was established after a GMAC advisory meeting that focused partly on issues related to clearing NDFs. The Subcommittee was charged with completing a report for the GMAC that would address the following questions: Is an NDF clearing mandate appropriate? What is the best way for the CFTC to implement a clearing mandate? Are there likely to be any

The CFTC issued an order that filed and simultaneously settled charges against a registered Futures Commission Merchant ("FCM") for failing to invest customer segregated funds properly, to prepare and file accurate financial reports, and to maintain required books and records, among other things. According to the CFTC Order, Deutsche Bank Securities Inc. ("DBSI") failed to compute accurately the amount of customer funds on deposit for the period from June 18, 2012 through August 15, 2012. As a result of the miscalculations, DBSI's investment of customer funds in certain money-market mutual

SEC Commissioner Daniel Gallagher and former Commissioner and current Stanford law professor Joseph Grundfest co-authored a paper asserting that the Harvard Shareholder Rights Project (the "SRP") repeatedly violated Exchange Act Rule 14a-8 ("Shareholder Proposals") of the Exchange Act by submitting materially false and misleading shareholder proposals for inclusion in annual proxy solicitations. Rule 14a-8 requires U.S. public companies to include shareholder proposals in their annual proxy solicitations, but also requires that such proposals not contain "materially false or misleading

On December 19, 2014, President Obama issued a new Executive Order ("E.O.") "blocking property of certain persons and prohibiting certain transactions with respect to the Crimea region of Ukraine." Specifically, the E.O. prohibits new investments in Crimea and the trade of goods, technology or services with Crimea. (See White House Press Release.) Additionally, the E.O. authorizes the Department of Treasury to impose sanctions on: 1) individuals and entities operating in Crimea; 2) the leaders of entities operating in Crimea; 3) entities owned or controlled by persons operating in Crimea; and