The CFTC rule proposal amending the de minimis threshold for an entity that enters into swaps with utility special entities was published in the Federal Register. The rule amendment would, among other things, permit a person to exclude utility operations related to swaps with utility special entities in calculating the aggregate gross notional amount of the person's swap positions solely for purposes of the de minimis exception applicable to swaps with special entities. Additionally, the rule would allow a person, in any rolling twelve-month period, to deal in utility-related swaps with

The SEC approved a FINRA-proposed rule change to adopt FINRA Rule 4553, which establishes a fee schedule for alternative trading system volume information. Under the new rule, a year's subscription would cost $12,000 for professionals and $18,000 for vendors. Nonprofessionals would be provided with a non-downloadable version of the volume information at no cost. See: SEC Approval Order. See also: FINRA Announces ATS Data Website.

The Board of the International Organization of Securities Commissions ("IOSCO") published a consultation report titled "Strategic Framework for Investor Education and Financial Literacy," which describes IOSCO’s approach to promoting investor education and financial literacy, and details its strategy in both of those areas. The report also identifies practices currently used by members of the "Committee 8 on Retail Investors" to address issues in an effort to help guide the IOSCO in developing and enhancing their own investor education and financial literacy programs. Comments on the report

SIFMA and the Financial Services Institute ("FSI") provided joint legal analysis to the Virginia State Corporation Commission ("Virginia SCC") in support of the view that the point-of-sale disclosure requirements in Rule 21 VAC 5-20-280 A(32) of the Virginia Register of Regulations are preempted by, among other things, Section 103 of the National Securities Markets Improvement Act of 1996 ("Broker-Dealer Exemptions from State Law"), which preempts state regulation of broker-dealer capital, margin, books and records, bonding and reports. See: SIFMA and FSI Comment Letter.

The Cayman Islands government enacted The Directors Registration and Licensing Law, 2014 (the "Law"), which seeks to regulate directors of certain entities established in the Cayman Islands. The Law is not yet in force, and is expected to come into force once the corresponding regulations and fee schedules are drafted. The subject entities, defined as "covered" entities, include regulated mutual funds and certain "Excluded Persons" under the Securities Investment Business Law. There are three classes of directors which will be regulated: (i) "registered directors," natural persons appointed as