The Managed Funds Association ("MFA") submitted to the European Securities and Markets Authority ("ESMA") a response to its "Consultation Paper on the Clearing Obligation under EMIR (No. 2)" concerning the clearing of credit default swaps ("CDS"). In the letter, MFA emphasized that it is important for the European Commission to recognize U.S. central counterparties as being subject to equivalent regulation prior to the European Capital Requirements Directive's December 15 deadline. MFA also urged ESMA not to subject any class of CDS to the clearing obligation until multiple clearing members

The Financial Industry Regulatory Authority ("FINRA") acknowledged the 75th anniversary of the creation of the National Association of Securities Dealers ("NASD"). In 2007, NASD was consolidated into the member regulation, enforcement and arbitration functions of the NYSE to become FINRA. FINRA is the largest independent regulator of securities firms doing business with the public in the United States. See : FINRA Press Release.

The Board of Governors of the Federal Reserve System published a report on the volume and value, interchange fee revenue, issuer costs, and fraud losses related to debit card transactions in 2013. This is the third report in a series that is to be published every two years pursuant to section 920 of the Electronic Fund Transfer Act ("EFTA"). The Board estimated debit-card fraud losses to merchants, cardholders and issuers to be $1.57 billion in 2013, with an average loss in share transaction value of approximately 8 basis points - a slight increase since 2011. The report also noted that

FINRA released the first in a five-part series of podcasts about FINRA's new Consolidated Supervision Rules. The first podcast highlights the Primary Supervision Requirement, which includes supervision of correspondence and communication. In the podcast, FINRA explained that the new rules require, among other things, that firms have (i) a supervisory system in place that is "reasonably designed" to achieve compliance with applicable securities laws and regulations and FINRA rules; and (ii) written procedures for a registered principal to review all transactions relating to the firm's

The SEC announced that Deputy Director in the Division of Trading and Markets James R. Burns will leave the agency in October. Since 2012, Mr. Burns has overseen core regulatory functions within the division, including market supervision, analytics and research, and derivatives policy and trading practices, as well as in the chief counsel and enforcement liaison offices. Prior to joining the division, Mr. Burns served under Chair Mary L. Schapiro as the agency's Deputy Chief of Staff. He joined Chair Schapiro's staff as counsel in 2010, having first come to the SEC as counsel to Commissioner