The U.S. Senate confirmed Arkansas Public Service Commission Chair Colette Honorable as a Commissioner of the Federal Energy Regulatory Commission ("FERC"). Ms. Honorable, who has chaired the Arkansas Public Service Commission since 2011 and served as the former president of the National Association of Regulatory Utility Commissioners, will serve for the remainder of former FERC Commissioner John Norris's term, which ends in June 2017. Irvin Comment: The Senate's confirmation of Commissioner Honorable brings FERC back to a full complement of commissioners. Ms. Honorable's experience as

The SEC announced that Gary Barnett and Gary Goldsholle have been named as deputy directors in the Division of Trading and Markets. Lofchie Comment: Both Mr. Barnett and Mr. Goldsholle have significant regulatory experience at other agencies: Mr. Barnett, at the CFTC, and Mr. Goldsholle, at FINRA and the MSRB, where he served as General Counsel during a period in which the MSRB was extremely active in refashioning the regulation of the municipals market. Mr. Barnett also has a great deal of experience in the private sector, including his having been a partner at Cadwalader. See: Press Release

The NFA's technical amendments to NFA Bylaw 406 regarding the election process for Board Representatives and Nominating Committee Members became effective on December 15, 2014. See: NFA Bylaw 406. Related news: Technical Amendments Proposed for NFA Elections Process (December 2, 2014).

The Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency (together, the "Agencies") issued an interim final rule to provide that the treatment of over-the-counter derivatives, eligible margin loans and repo-style transactions under the Agencies' regulatory capital and liquidity coverage ratio rules would be unaffected by the implementation of certain foreign special resolution regimes for financial companies, or by a banking organization's adherence to the ISDA Resolution Stay Protocol. The interim final rule also ensures that the lending limits of

U.S. Treasury Department Secretary Jacob Lew issued a statement regarding recent policy changes in Cuba. In it, he explained that the steps taken jointly by the United States and Cuba will "increase travel, commerce, communications, and private business development" between the two countries and promote positive change in Cuba. On December 17, 2014, President Obama announced that he instructed Secretary of State John Kerry to "immediately initiate discussions with Cuba on the reestablishment of diplomatic relations." As part of this effort to normalize relations, the United States will ease