The Futures Industry Association ("FIA") of Europe issued an interpretation, based on FIA's discussions with the UK Financial Conduct Authority, of the scope of EMIR Article 39 following the LCH.Clearnet Limited EMIR authorization, which came into effect on June 12, 2014. The interpretation explains the scope of: the application of EMIR Article 39 with respect to the non-EU clients of clearing members; the application of EMIR Article 39 with respect to EU clients that are also U.S. persons; and the Article 39(7) disclosure document relating to U.S. clearing members of EU clearing

The Public Company Accounting Oversight Board ("PCAOB") adopted amendments to auditing standards regarding significant unusual transactions. Specifically, 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, and the company's financial relationship, as well as financial relationships and transactions with its executive officers. The PCAOB stated that the amendments are designed to "heighten" an auditor's attention to areas that have been associated with risks of

"Do We Need an Anti-Regulatory Agency?" a recent article published in Energy Metro Desk, discusses the proposed "Searching for and Cutting Regulations That Are Unnecessarily Burdensome Act of 2014" (the SCRUB Act). The SCRUB Act would create a nine-member regulatory agency whose primary purpose is to identify regulations that are "unnecessarily burdensome." The article describes the impact the SCRUB Act would have on the post- Dodd-Frank CFTC. It quotes Cadwalader attorney Bob Zwirb, who observes that in implementing Dodd-Frank, the CFTC "has done too well in layering about a century's worth

The SEC's Office of Investor Education and Advocacy issued an investor alert intended to help investors identify financial professionals who may have a history of misconduct. The alert describes potential red flags for investors when working with financial professionals, including: disciplinary actions by a government regulator, such as the SEC or a state securities regulator, or by a self-regulatory organization, such as FINRA; a history of customer complaints; lawsuits or arbitration brought by customers; and employment with one or more firms that have been expelled from the securities

ISDA published a study titled "Central Clearing in Equity Derivatives Market," which outlines the composition of the equity derivatives market and the extent of central clearing today. The study examines the criteria that should be assessed when determining whether a clearing mandate applies in the European Union. The study also considers whether the liquidity of the underlying reference share, which was proposed by European Securities and Markets Authority ("ESMA") as a possible method of defining a class of product, is appropriate for clearing mandate determinations. According to ISDA, the