The Senate Banking Committee held a hearing on the implementation of Dodd-Frank entitled "Oversight of Financial Stability and Data Security." The hearing included witnesses from the Treasury Department, the Federal Reserve, the FDIC, the OCC, the SEC and the CFTC. Committee Chairman Tim Johnson (D-SD) began the hearing by outlining the work that remains to be done in order to fully implement Dodd-Frank, including, among other things: (i) enhanced capital, leverage and liquidity rules for the largest banks; (ii) a new regulatory framework for non-bank financial companies designated as SIFIs;

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a notice to provide market participants with additional guidance regarding procedures for submitting notices and reports relating to the holding of customer assets. The notice also provides guidance for futures commission merchants ("FCMs") to assist them with compliance obligations. The regulations became effective on January 13, 2014, with several of the regulations having deferred compliance dates. S ee: CFTC Guidance. See generally: CFTC Rule Calendar (available to subscribers only). Related news: NFA Notice I-13

The CFTC Division of Clearing and Risk ("DCR") issued a no-action letter stating that it will not take enforcement action against the Australian-based clearing organization ASX Clear Pty Limited ("ASXCLF") for failing to register as a derivatives clearing organization ("DCO") pursuant to CEA Section 5b(a) ("Derivatives Clearing Organizations"). According to the letter, ASXCLF will be permitted to clear Australian and New Zealand dollar-denominated interest rate swaps for the proprietary trades of qualified U.S. clearing participants and their parent entities and affiliates. Previously, ASXCLF

The SEC announced that it is adopting amendments to extend the expiration dates in its interim final rules (76 FR 40605), which provide exemptions for security-based swaps that, prior to July 16, 2011, were security-based swap agreements and are defined as "securities" under the Exchange Act and the Securities Act. Under the amendments, the expiration dates in the interim final rules will be extended from February 11, 2014, to February 11, 2017. The SEC noted further that, should it adopt rules relating to issues raised by the application of the Securities Act or the other federal securities

Cadwalader attorneys Brad Bondi and Christopher Jones authored an article in Law360 regarding the January 23, 2014 Order, issued by Administrative Law Judge Cameron Elliot, that banned China-based affiliates of the Big Four accounting firms from practicing or appearing before the SEC for a period of six months. In effect, the Order prohibited the firms from performing any work for China-based companies that trade on U.S. exchanges for the period of the ban. It came after lengthy negotiations – between SEC Staff, the firms and Chinese regulators – over audit work papers which the SEC sought in