The CFTC's proposed clarification of its interpretation of forward contracts with embedded volumetric optionality was published in the Federal Register. The proposed interpretation clarifies when an agreement, contract or transaction that provides for variations in delivery amount ( i.e., that contains embedded volumetric optionality) will be considered a forward contract and, thus, will be excluded from the "swap" and "future delivery" definitions in the Commodity Exchange Act. The interpretation was issued jointly by the CFTC, the SEC and the Board of Governors of the Federal Reserve System

CFTC Commissioner J. Christopher Giancarlo delivered remarks before the U.S. Chamber of Commerce in which he laid out a set of principles that he plans to follow as Commissioner, and stated his belief that these principles are "well suited" to maintaining healthy financial markets and encouraging job creation. According to Commissioner Giancarlo, it is the CFTC's duty to promote financial markets for their own health and for them to be of service to the American economy, since they are "key to American economic growth and job creation." Commissioner Giancarlo voiced his continued support for

On November 19, 2014, the New York Department of Financial Services ("DFS") announced an enforcement action that included a penalty of $315 million against the Bank of Tokyo Mitsubishi UFJ ("BTMU") in connection with allegations that the bank misled regulators about transactions with Iran, Sudan and other parties subject to U.S. sanctions. Specifically, the allegations concerned efforts by the bank's compliance personnel and other employees to pressure PricewaterhouseCoopers into removing key language from a report to the DFS. Among the red flags withheld from regulators was a reference to a

The SEC announced that its Advisory Committee on Small and Emerging Companies will convene on December 17, 2014. The committee will focus on the interests and priorities of emerging and smaller public companies. See: SEC Press Release.

The Office of the Comptroller of the Currency ("OCC") issued an updated booklet, titled "Federal Branches and Agencies," which is part of the Comptroller's Licensing Manual. The current booklet, which revises the booklet of the same title issued in December 1999, provides updated guidance and examination procedures to examiners and bankers concerning the supervision of federal branches and agencies. The updated booklet: reflects amendments in 2003 to the International Banking Act and the OCC's revisions to the implementing regulation 12 CFR 28; incorporates applicable regulatory changes that