At the 26th Annual Corporate Law Institute at Tulane University, SEC Commissioner Daniel Gallagher spoke about the "federalization of corporate governance" and argued that the SEC should take a lesser role in shareholder proposals. According to Commissioner Gallagher, the trend toward increased federalization of corporate governance law seems well entrenched, since Dodd-Frank has mandated an array of federal regulations relating to matters traditionally left to state corporate governance law. One area where Commissioner Gallagher believes the SEC's incursions have had a particularly negative

SIFMA submitted comments to the Development Advisory Group ("DAG") for the Consolidated Audit Trail ("CAT") that provide specific suggestions for high-priority areas that SIFMA advises the DAG to address in 2014. SIFMA stated that, with the SRO's selection process for the CAT processor having been approved by the SEC, and the final processor selection expected in 2014, SIFMA believes that the DAG should refocus its efforts to address the broader policy issues surrounding the development of CAT that are "now more timely than the detailed analysis of granular operational issues." SIFMA suggested

The Mercatus Institute, a public policy research center affiliated with George Mason University, released a paper by Dr. George H. K. Wang, Research Professor of Finance in the School of Management at George Mason University, titled "Securities Transaction Taxes and Market Quality of Equity and Futures Markets: Issues and Evidence." The paper examines arguments for and against a securities transaction tax ("STT") and evaluates the pros and cons based on a review of empirical evidence concerning the impact of STTs on equity and futures markets and market efficiency in various countries. Dr

Cadwalader Attorneys David Kronenberg and Daniel Gwen authored an article for Pratt's Journal of Bankruptcy Law titled "Bitcoins in Bankruptcy: Trouble Ahead for Investors and Bankruptcy Professionals?" It discusses whether the attributes that make Bitcoin an attractive virtual currency may also present difficulties in bankruptcy proceedings. In the words of the authors: It is hard to ignore the media attention surrounding Bitcoin these days. Within the last few months, the virtual currency has surged to new highs, was the focus of a Congressional hearing, and was the subject of comments by

The CFTC Division of Clearing and Risk ("DCR") and the Division of Market Oversight ("DMO") issued two no-action letters extending relief for LCH.Clearnet Limited ("LCH"), a registered derivatives clearing organization ("DCO"), and Nodal Exchange LLC ("Nodal"), a designated contract market ("DCM"). CFTC Letter 14-38 provides an extension of no-action relief issued to LCH in CFTC Letter 13-52, which states that DCR would not recommend enforcement action against (i) LCH for clearing certain swaps executed on, or subject to the rules of, DCMs or swap execution facilities ("SEFs"), or (ii)