The CFTC Division of Clearing and Risk ("DCR") issued an extension of time-limited no-action relief to Eurex Clearing AG (Eurex Clearing). In the extension of CFTC Letter 13-44, DCR states that it will not recommend enforcement against: Eurex Clearing for failing to register as a derivatives clearing organization ("DCO") under CEA Section 5b(a), or clearing members of Eurex Clearing that are U.S. persons for failure to clear certain interest rate swaps or certain credit default swaps on a broad-based index of reference entities ("Index CDS") through a registered or exempt DCO, pursuant to the

The CFTC and the Financial Services Agency of Japan ("JFSA") signed a Memorandum of Cooperation ("MOC") regarding the cooperation and exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and Japan. The MOC was signed by CFTC Acting Chairman Mark Wetjen and JFSA Commissioner Ryutaro Hatanaka. Its scope includes markets and organized trading platforms, central counterparties, trade repositories, and intermediaries, dealers and other market participants. See: MOC Related to the Supervision of Cross-Border Covered

The U.S. Securities Markets Coalition (the "Coalition"), an industry group which includes all of the options exchanges in the United States as well as the Options Clearing Corporation, expressed serious concerns about the application of proposed regulations issued under Section 871(m) relating to the imposition of U.S. withholding tax on "dividend equivalents" to exchange-traded options (also referred to as "listed options") that reference dividend-paying stocks and indexes of stocks, other than certain "qualified indexes." In a March 5 letter to IRS Commissioner John Koskinen, the Coalition

The Federal Reserve Bank of New York ("NY Fed") announced that David Cote, CEO and Chairman of Honeywell International, was elected to serve as a Class B director. Mr. Cote was elected by members of Group 2, a classification for banks with capital and surplus of $30 million to $1 billion, to represent the public. His term ends December 31, 2016. As required by the Federal Reserve Act of 1913, each of the Reserve Banks operates under the supervision of a board of nine directors who represent the interests of their Reserve District. These nine directors are divided evenly by classification

The Office of the Comptroller of the Currency ("OCC") issued an interim final rule that makes technical and conforming amendments to its capital regulations. The interim final rule, which is effective March 31, 2014, makes various amendments so that the OCC's rules are consistent with the recently adopted Basel III Capital Framework by providing cross-references to new capital rules and, where necessary, deleting obsolete rules. The interim final rule also makes changes to subordinated debt rules to clarify the requirements subordinated debt must meet and the procedures required to issue and