SIFMA submitted an amicus brief to the United States Second Circuit Court of Appeals regarding the case of Cohen v. UBS Financial Services. The amicus issue involves whether contractual arbitration and class waiver agreements between a FINRA member firm and its employees are prohibited under FINRA rules, and whether FINRA rules override the mandate of the Federal Arbitration Act. The brief argued that member firms and their employees may enter into agreements that supersede the FINRA rules. S ee: SIFMA Amicus Brief.

IOSCO announced that it reelected Greg Medcraft as Chair of the IOSCO Board. Additionally, the Board reelected Howard Wetson, Chair of the Ontario Securities Commission, as its Vice Chair. See: IOSCO Press Release.

IOSCO published its Securities Markets Risk Outlook 2014-2015, a report intended to identify future potential risks in securities markets. The Outlook is divided into two parts: Part I describes selected global trends and potential vulnerabilities in securities markets, and Part II identifies potential systemic risks in or related to securities markets. Some of the potential systemic risks identified include: the search for yield and the return of leverage in the financial system; the search for yield and volatility affecting emerging markets; risks in central clearing; the increased use of

In a statement on ISDA's derivati Views website, ISDA's Chief Executive Officer Scott O'Malia remarked on his first few weeks at ISDA and on ISDA's areas of focus. Regarding near-term priorities, Mr. O'Malia highlighted (i) ISDA's work on a new "resolution stay" protocol intended to address the concerns of global regulators regarding financial institution insolvency, recent development and delivery by ISDA of a standard initial margin methodology, (ii) being granted a workable timetable to implement OTC margin rules, and (iii) developing clear principles as to how clearing house resolution

House Financial Services Committee Chair Jeb Hensarling (R-TX) wrote a letter to Federal Reserve Board ("FRB") Chair Janet Yellen and FDIC Chair Martin Gruenberg regarding the regulators' approach toward changing derivatives termination rights. Chair Hensarling explained that, at a September 9, 2014 hearing, Chair Gruenberg and Governor Daniel Tarullo of the FRB testified that the FRB and FDIC are working with international counterparts to make changes to the ISDA Master Agreement, which is designed to limit the early termination rights of derivatives counterparties. According to Chair