The SEC issued a proposed rule which provides that certain communications involving security-based swaps that may be purchased only by eligible contract participants will not be deemed to constitute offers for purposes of Securities Act Section 5 ("Prohibitions Relating to Interstate Commerce and the Mails") and thus would not be subject to the prospectus delivery or registration requirements of the Securities Act. Under the proposed rule, the publication or distribution of price quotes relating to security-based swaps that may be purchased only by persons who are eligible contract

The Alaska Electrical Pension Fund filed a lawsuit in a federal court accusing thirteen major banks with conspiracy to manipulate the ISDAfix benchmark. The benchmark sets rates for interest rate derivatives and other financial instruments. According to the documents filed with the U.S. District Court, Alaska Electrical Pension Fund alleged that since at least 2009, the banks colluded to submit identical rate quotes. In setting their quotes, Alaska Electrical Pension Fund claimed the banks communicated through "electronic chat rooms" and other means of private communication. Se e: Alaska

SIFMA President and CEO, Kenneth E. Bentsen Jr., issued a statement commending NATO on its focus on cybersecurity after NATO declared cyber defense a part of its core collective defense effort. Se e: SIFMA Press Release.

In separate releases, the SEC announced that Brent J. Fields has been appointed SEC Secretary, and Tracey L. McNeil has been selected as the first ombudsman for the SEC. Mr. Fields is an 18-year SEC veteran, and will oversee the agency's administrative functions. Ms. McNeil will begin her new post on September 22, 2014, and will report to the head of the SEC's Office of the Investor Advocate. The ombudsman will act as a liaison in resolving problems that retail investors may have with the SEC or SROs, and will establish safeguards to maintain the confidentiality of communications with

Regulators in the United States and the European Union are in disagreement as to jurisdiction over clearinghouses for the derivatives markets, according to an MFA blog post. The controversy could result in a delay in implementing a cross-border framework for swaps rules. According to the original story, published in Reuters, regulators are in disagreement about how clearinghouses should operate in other jurisdictions. Specifically, according to the Reuters story, the CFTC is not budging on its position that European clearinghouses must comply with U.S. rules when operating in America, rather