The Board of Governors of the Federal Reserve System ("FRB") proposed to revise Part I of its Federal Reserve Policy on Payment System Risk ("PSR Policy"). The proposed changes were published in the Federal Register with a request for comments due on March 31, 2014. According to the release, the revisions to the PSR Policy are proposed in light of the Principles for Financial Market Infrastructures ("PFMI") published in 2012, as well as the enhanced supervisory framework for designated financial market utilities as set forth in Dodd-Frank Title VIII. The proposed changes to the PSR Policy

The CFTC announced the agenda for the Technology Advisory Committee ("TAC") meeting scheduled for January 21, 2014. The meeting will be broken up into three panels covering various issues related to swap execution facility ("SEF") regulation. The focus of the panels includes: Panel 1: Swap data reporting; Panel 2: CFTC concept release on automated trading environments; and Panel 3: Made Available to Trade ("MAT") determinations. Each panel will offer an opportunity for TAC members to make suggestions and ask questions regarding the covered topics. Lofchie Comment: This should be an interesting

The CFTC announced that it has expanded the capabilities of an external portal that allows market participants and the general public to submit information more securely while enhancing the CFTC's ability to process submissions. The submission database, better known as the CFTC Portal Project, now allows public and market participants, including designated contract markets, derivatives clearing organizations, swap execution facilities, swap dealers and major swap participants, to complete applications and submit data to the CFTC in an easier and more confidential manner. See: Press Release.

SEC Commissioner Daniel M. Gallagher delivered a speech on the theories behind capital requirements for both banks and non-bank financial institutions. According to Commissioner Gallagher, policymakers often advance the mistaken view that there is a one-size-fits-all approach to capital. Rather, he explained, there are several models of capital requirements. Commissioner Gallagher stated that, in the banking sector, capital requirements are designed with the goal of enhancing safety and soundness, serving as a cushion against unexpected losses. By placing bank owners' equity at risk in the

SIFMA issued its 2013 Year in Review Report, which covers the role of the financial industry in economic growth and job creation, as well as progress in the financial regulatory reform process. Among the issues that the report identifies as being matters of political and/or regulatory concern, and as to which the report briefly expresses a view, are the following: The imposition of a fiduciary standard on broker-dealers Tax incentives for retirement savings State-run retirement plans for private-sector employees The use of eminent domain authority to seize homes that have underwater mortgages