University of Houston finance professor Craig Pirrong discussed the ongoing tension between the CFTC and its European counterparts with respect to cross-border issues in his blog post titled "Damage Control at the CFTC." According to Professor Pirrong, the failure on both sides to recognize cross-jurisdictional central counterparty clearinghouses ("CCPs") could make clearing swaps "prohibitively expensive" and increase the "already worrisome fragmentation of swaps markets." Professor Pirrong asserted that European regulators are "dismayed" at U.S. Regulators' "rather imperialistic attitude" on

The Hong Kong Securities and Futures Commission ("SFC") issued its Hedge Fund Survey for 2014, which is to be completed by all licensed corporations that engage in asset management activities, and/or give advice on hedge funds or managed portfolios in Hong Kong. The SFC requested that responses be submitted by October 31, 2014. If a firm is required to complete both Sections 1 and 2 of the survey, the deadline for submission is November 28, 2014. See: SFC Survey on Licensed Hedge Fund Managers.

FINRA announced that it is updating certain of its interpretations of the SEC's capital and recordkeeping rules to reflect amendments recently adopted by the SEC. The updated amendments relate to Exchange Act Rules 15c3-1, 15c3-1a, 15c3-1e, 15c3-1f, 15c3-1g, 15c3-3a and 17a-4. The majority of the amendments concern haircuts on particular securities, as well as the removal of certain interpretations relating to credit ratings. See: FINRA Regulatory Notice 14-38. Related news: SEC Publishes Amendments to Exchange Act and Investment Company Act Removing References to Credit Ratings (Fed. Reg.)

CFTC Commissioner Sharon Bowen announced her legal and policy staff, naming Eric Juzenas as Principal Adviser, Petal Walker as Chief Counsel and Justin Slaughter as Chief Policy Advisor and Special Counsel. See: CFTC Press Release.

SEC Director of the Division of Corporation Finance ("Division") Keith Higgins delivered remarks before the George A. Leet Business Law Conference. He discussed SEC disclosure requirements and shared ideas on the future of disclosure. Mr. Higgins discussed the origin of disclosure requirements through the enactments of the Securities Act and Securities Exchange Act. He explained that two separate disclosure regimes emerged with often overlapping and duplicative requirements. According to Mr. Higgins, the goal of the Division's Disclosure Effectiveness agenda today is to recommend to the SEC