CFTC Acting Chairman Mark Wetjen, and Office of Financial Research ("OFR") Director Richard Berner, announced a Memorandum of Understanding ("MOU") outlining the terms and conditions under which the CFTC and OFR will begin a joint project to enhance the quality, types and formats of data collected from registered swap data repositories. The MOU establishes a process for assessing the quality of the data, and that assessment will form the basis for the subsequent development of a project plan for understanding swaps and other OTC derivative transactions and their impact on financial stability

The SEC extended the comment period for two releases: Securities Act Release No. 33-9117 (the "2010 ABS Proposing Release") and Securities Act Release No. 33-9244 ("Shelf Eligibility Conditions for Asset-Backed Securities") to allow interested persons to submit comments on the disclosure and registration requirements applicable to asset-backed securities. Comments must be received by April 28, 2014. See: SEC Extension of Comment Period. Related news: SEC Reopens Comment Period for ABS (Fed. Reg.) (February 28, 2014); SEC Releases Memo and Reopens Comment Period for Asset-Backed Securities

The SEC announced that it is allowing a longer period to take action regarding a FINRA proposed rule change to adopt an interpretation to clarify the classification and reporting of certain securities to FINRA. See: SEC Extension Notice. Related news: FINRA Files Amendment No. 1 Regarding Trace Reporting Involving Asset-Backed Securities (February 25, 2014); FINRA-Proposed Rule Change to Clarify the Classification and Reporting of Certain Securities (September 17, 2013).

SEC Division of Corporation Finance Director Keith F. Higgins delivered remarks regarding the SEC's recent rulemakings and the impact on angel investors. First, Director Higgins stated he is surprised the new Rule 506(c) ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering") exemption has not caught on more widely with "issuers who have long clamored for the general solicitation ban to be lifted." He wondered whether issuers' reluctance to use the new rule was their misinterpretation of the necessary "reasonable steps to verify" the accredited investor status of

The Coalition for Derivatives End-Users published a survey indicating that margin requirements froM& Dodd-Frank would adversely impact end-users, emphasizing the costs of margin requirements on end-users and the potential negative impact on employment. The survey provided a quantitative look into companies' utilization of Over-the-Counter ("OTC") derivatives, Centralized Treasury Unit ("CTU") usage, and the effect a margin requirement would have on companies’ abilities to manage business uncertainty. Additionally, it considers how companies are impacted by new reporting burdens and