The CFTC Division of Market Oversight issued time-limited no-action relief to Southwest Airlines and its counterparties to allow additional time for them to comply with the reporting obligation in CFTC Rule 43.3(a) for transactions in long-dated Brent and WTI crude oil swaps and swaptions contracts. The CFTC granted the relief, provided that (i) the contracts are not subject to the mandatory clearing requirements, (ii) the expiration dates of the contracts are at least two years out, and (iii) the contracts are reported to a swap data repository no later than 15 calendar days after being

The SEC announced enforcement actions against 10 companies that failed to make the required disclosures about financing deals and other unregistered sales that diluted their stock. SEC investigations found that each of the 10 companies failed to make the required Form 8-K disclosure for a stock dilution scenario. Additionally, three of the companies failed to use accurate numbers later when reporting the dilution of their common stock in quarterly or annual reports. See: SEC Press Release. See also: SEC Investor Bulletin: How to Read a Form 8-K.

IOSCO published a final report, titled "Strategic Framework for Investor Education and Financial Literacy," that discusses IOSCO's strategic framework for promoting investor education and financial literacy. In June 2013, IOSCO established the Committee on Retail Investors ("C8") for the purpose of conducting policy work on retail investor education and financial literacy. The final report lays out the C8's strategy, which includes: reviewing IOSCO members' current practices and approaches to investor education and financial literacy, with a view to identifying effective techniques; providing

The MSRB released two podcasts, the first titled "Being a Regulated Municipal Advisor," and the second, "Providing Disclosure Information to Investors." Both podcasts offer an overview of municipal advisor basics, including registration, the structure of MSRB rules and the disclosure of information. In the first podcast, the MSRB stated that the "key obligation" of a municipal advisor is registration. Any municipal advisor that is engaged in a municipal advisory activity is required to register with the SEC and MSRB by completing Form A-12. Firms that utilize municipal securities dealers

Speaking at the George Washington University Law School, Federal Deposit Insurance Corporation ("FDIC") Vice Chair Thomas Hoenig offered recommendations as to how systemically important financial institutions ("SIFIs") should structure living wills in order to satisfy their obligations under Dodd-Frank. Title II of Dodd-Frank requires all SIFIs to submit plans, which are called "living wills," to the FDIC and the Board of Governors of the Federal Reserve System to demonstrate how they could be successfully unwound and enter bankruptcy in the event of failure. The speech was given in response