The CFTC Division of Clearing and Risk and the Division of Market Oversight (together, "the Divisions") issued a no-action letter to designated contract markets ("DCMs") from compliance with certain requirements of CFTC Rule 38.152 ("Abusive Trading Practices Prohibited"). Specifically, the letter provides that the CFTC will not seek enforcement action against a DCM for failing to comply with CFTC Rule 38.152's prohibition of pre-arranged trading, if, after a trade has been rejected for clearing, the DCM permits a new trade, with terms and conditions that match the terms and conditions of the

The SEC charged a former BP employee, who was a "senior responder" for BP during the 2010 Deepwater Horizon oil spill, with insider trading based on confidential information as to the magnitude of the disaster. According to the SEC Complaint, BP tasked Keith A. Seilhan with coordinating BP's oil collection, containment, and cleanup operations. Within days of the spill, Seilhan received nonpublic information about the extent of the evolving disaster. Additionally, the SEC found that BP's filings with the SEC potentially underestimated the flow rate of the spill by over 50,000 barrels of oil per

ISDA announced that its CEO, Robert Pickel, will step down from his role later this year. Mr. Pickel will continue to serve during the transitional phase in which the board turns to the task of appointing a successor. Stromfeld Comment: For the better part of two decades, Bob has helped to guide ISDA and the derivatives industry through many significant changes. His leadership, knowledge and sense of humor will be valuable assets in whatever endeavor he chooses to pursue. We are grateful for the opportunity to have worked with him. See: ISDA Press Release.

FINRA filed with the SEC a proposed rule change to amend Rule 11892 ("Clearly Erroneous Transactions in Exchange-Listed Securities") to add new provisions that address multi-day clearly erroneous events and transactions occurring during trading halts, and make non-substantive clarifications to the rule. See : Text of Proposed Rule Change.

On April 17, 2014, OFAC designated three individuals and one entity to its Zimbabwe list under Executive Order 13469 (signed July 25, 2008) for their role in "undermining democratic processes and institutions in Zimbabwe." According to the Department of Treasury press release, Tobaiwa Mudede, one of the designated individuals, oversaw "critical elements of Zimbabwe's flawed July 2013 presidential and parliamentary elections" in his role as Zimbabwe's Registrar General. The new designations also target Sam Pa, an Angolan businessman of Chinese descent who allegedly concluded illicit diamond