The Division of Clearing and Risk ("DCR") issued time-limited no-action relief to OTC Clearing Hong Kong Limited ("OTC Clear") temporarily excusing it from failing to register as a derivatives clearing organization ("DCO") pursuant to CEA Section 5b(a) ("Derivatives Clearing Organizations"). DCR also provided relief to U.S. clearing participants of OTC Clear for failure to clear certain interest rate swaps and certain non-deliverable forwards through a registered DCO pursuant to CEA Section 2(h)(1)(A) ("Jurisdiction of Commission; Liability of Principal for Act of Agent; Commodity Futures

The CFTC announced the departure, as of May 9, 2014, of CFTC Legislative Affairs Director John Riley. See: Press Release.

The CFTC filed an amended Complaint in its action against Banc De Binary charging three additional corporate affiliates of Banc de Binary, E.T. Binary Options Ltd., BO Systems Ltd., and BDB Services Ltd., with violating the CFTC's ban on off-exchange options trading by offering commodity option contracts to U.S. customers for trading, as well as soliciting, accepting or confirming the execution of orders from U.S. customers. Previously, the CFTC filed a civil complaint in June 2013 against Banc De Binary charging it with violating the CFTC's ban on off-exchange options trading by offering

CFTC announced that on May 21, 2014, the Global Markets Advisory Committee ("GMAC") will hold a public meeting to discuss issues related to the CFTC's coordination with foreign regulators on the oversight of foreign-based swap clearinghouses and foreign SEFs. See: 79 FR 26210.

At the American Enterprise Institute Lunch Conference, Representative Scott Garrett (R-NJ) delivered the keynote speech, in which he discussed issues and concerns surrounding the Financial Stability Oversight Council ("FSOC") and its authority to designate systemically important financial institutions ("SIFIs"). According to Representative Garrett, the rationale behind the creation of the FSOC sounded good in theory; however, the agency has many problems. While the FSOC's functional authority appears to be limited to designating nearly any nonbank financial company, activity or practice as a