District Judge Paul Friedman of the D.C. District Court issued a long-awaited opinion in the ongoing lawsuit filed by SIFMA, ISDA, and the Institute of International Bankers (the "Associations") against the CFTC Cross-Border Guidance. The Associations filed the lawsuit on December 4, 2013, seeking to vacate the CFTC Cross-Border Guidance on procedural and substantive grounds. The lawsuit alleged that the CFTC unlawfully circumvented the requirements of the Administrative Procedure Act and the CEA by portraying its regulations as "guidance." Judge Friedman said the CFTC was well within its

The SEC has announced that Michael J. Osnato, Jr. has been named chief of the Enforcement Division's unit that conducts investigations into complex financial instruments. Mr. Osnato previously served as an assistant director in the SEC New York Regional Office. According to the SEC, the Complex Financial Instruments Unit is composed of attorneys and industry experts working to investigate potential misconduct related to asset-backed securities, derivatives and other complex financial products. The unit was created along with four other specialized enforcement units in 2010 and was formerly

The National Futures Association ("NFA") has issued a notice to members indicating that the NFA is implementing new reporting requirements effective January 14, 2014. According to the notice, the new requirements are intended to improve the NFA's ability to risk-monitor futures commission merchants ("FCMs") for which the NFA is the designated self-regulatory organization ("DSRO"). Under the new reporting requirements, FCMs for which the NFA is the DSRO will be required to report certain specified information to the NFA on a daily, monthly or quarterly basis through the daily segregation report

The NFA has issued a Notice to Members to alert them to the new notification and report filing requirements under the CFTC's final regulations regarding enhanced Customer Protection Requirements. These requirements become effective on January 13, 2014. See: NFA Notice to Members I-13-46. Related news: CFTC Publishes Final Rules Enhancing Customer Protections (Fed. Reg.) (November 14, 2013); CFTC Approves Final Rules Enhancing Customer Protections (with Cadwalader Memo on the Rule and Delta Strategy Group's Summary of Meeting) (October 31, 2013) House Ag Hearing on CFTC Customer Protections

The Board of Directors of the MSRB (the "Board") has announced that it is seeking qualified applicants to fill seven positions on the Board beginning on October 1, 2014. The MSRB is seeking to appoint three public members and four regulated members, one of whom must be affiliated with a municipal advisor. Applicants representing regulated entities must be affiliated with a broker-dealer, bank or municipal advisor registered with the MSRB. Applicants representing the public must not be affiliated with municipal securities dealers or municipal advisors. See: Submit an Application; Press Release.