The CFTC issued a no-action letter extending relief to CFTC-registered swap dealers ("SDs") and major swap participants ("MSPs") established under the laws of Australia, Canada, the European Union, Japan and Switzerland ("Jurisdictions"). CFTC Letter 14-141 extends relief provided in Letter 13-75, to a non-U.S. SD or MSP established in the Jurisdictions that is not a part of an affiliated group in which the ultimate parent entity is a U.S. SD, U.S. MSP, U.S. bank, U.S. financial holding company or U.S. bank holding company. The relief is for failure to comply with the requirements of CFTC

The SEC held its 33rd Government-Business Forum, focusing on small business capital formation on November 20, 2014. SEC Chair Mary Jo White and Commissioners Daniel Gallagher, Kara Stein, Luis Aguilar and Michael Piwowar all spoke at the Forum, discussing regulatory issues regarding small businesses. According to Chair White, one important issue for small businesses is secondary market liquidity. She explained that although the JOBS Act sought to facilitate smaller companies' ability to access the capital markets, investors in IPOs for emerging growth companies could face liquidity challenges

SEC Commissioner Kara Stein delivered remarks at the Columbia Law School Conference on Current Issues in Securities Regulation, discussing transparency in the municipal securities and private equity markets, as well as exchange traded funds ("ETFs"). Commissioner Stein suggested regulators try to improve municipal securities market transparency by providing basic post-trade pricing disclosure on customer confirmations for principal transactions, and providing greater pre-trade transparency. She encouraged the public to weigh in on the MSRB proposal to require disclosure on confirmations of

At the American Bar Association's Business Law Section Fall Meeting, SEC Director of the Division of Enforcement Andrew Ceresney, spoke about the state of the SEC's enforcement priorities and tools. Mr. Ceresney stated that the SEC had "a banner year last year" by pursuing "ground-breaking" cases ranging from market structure to financial reporting, asset management to insider trading, municipal securities, FCPA, and others. Last year, Mr. Ceresney noted, the Division also brought cases involving pyramid schemes that targeted low income and minority communities, as the SEC increased its number

FINRA published a Regulatory Notice to remind firms of their TRACE trade reporting obligations for transactions in TRACE-eligible securities occurring through an alternative trading system ("ATS"). FINRA reminded firms that FINRA Rule 6730 ("Transaction Reporting") sets forth firms' trade reporting obligations with regard to transactions in TRACE-eligible securities. Pursuant to Rule 6730, each FINRA member firm that is a "party to a transaction" in a TRACE-eligible security is obligated to report the transaction to TRACE within the prescribed period of time, which is generally within 15