In response to SIFMA, ISDA, and the Institute of International Bankers (the "Associations") opposition to the CFTC's request to file a supplemental declaration, the CFTC submitted a reply to the Court stating that the Associations' opposition only underscores the declaration's relevance to the CFTC Cross-Border Guidance case. According to the CFTC, the Associations have advanced inconsistent theories regarding how to interpret CEA Section 2(i). The CFTC explained that one of these theories, which coincides with the CFTC's interpretation, is supported by an internally-circulated SIFMA document

The SEC charged three affiliated entities with misleading investors in a pair of residential mortgage-backed securities ("RMBS") securitizations that the firms underwrote. According to the SEC Order, the firms misrepresented the current or historical delinquency status of mortgage loans underlying two subprime RMBS securitizations. See: SEC Order; SEC Press Release.

The Public Company Accounting Oversight Board ("PCAOB") proposed amendments to PCAOB Auditing Standard No. 18 regarding significant unusual transactions that were published in the Federal Register. The amendments involve significant transactions that are outside the normal course of business for a company, or that otherwise appear to be unusual due to their timing, size or nature, as well as financial relationships and transactions with its executive officers. Comments must be submitted by August 14, 2014. See: 79 FR 43164. See also: PCAOB Adopts Amendments to Auditing Standards Regarding

The Office of the Comptroller of the Currency ("OCC") issued the "Municipal Securities Rulemaking Board Rules" booklet of the Comptroller's Handbook, which introduces the MSRB's rules and interpretive guidance, provides guidance to bank examiners and bankers for evaluating compliance with MSRB rules, and addresses recent MSRB rule updates. See: Municipal Securities Rulemaking Board Rules Booklet.

IOSCO published a report on the results of four surveys of market intermediary and regulatory practices regarding their use of (a) social media and (b) automated advice tools, and how regulators oversee the use of each of those tools. According to IOSCO, the surveys aimed to understand how market intermediaries are using social media and automated advice tools, their plans for future use, and how regulators are dealing with such usage. Additionally, the surveys explored the unique challenges the tools present to regulators, and whether it is appropriate to devise recommendations or principles