The Board of Governors of the Federal Service System ("FRB") announced that Sandra Braunstein, director of the Division of Consumer and Community Affairs, will retire on April 1, 2014. Ms. Braunstein served the FRB for nearly 27 years of service, including 10 years as the director of the division. See: Press Release.

On the second business day of the new year, the CFTC issued its first major no-action letter. The CFTC Divisions of Swap Dealer and Intermediary Oversight, Clearing and Risk, and Market Oversight ("Divisions") issued a time-limited (until September 15, 2014) no-action letter that extends relief previously granted, in Letter 13-71, to non-U.S. swap dealers ("SDs") doing business with non-U.S. customers. This relief generally exempts them from complying with "Transaction-Level" requirements, even when an individual in the United States is involved in effecting the transaction. The CFTC said that

CFTC Acting Chairman Mark Wetjen announced that Joseph Cisewski and Scott Reinhart will serve as the new Co-Chiefs of Staff and Co-Chief Operating Officers for the CFTC. See: Press Release.

The CFTC issued a request for public comment on a staff advisory regarding the applicability of "transaction-level" requirements for swaps to the activity of CFTC-registered, non-U.S. swap dealers entering into swaps with non-U.S. persons where the swaps may be agented by individuals located in the United States ("Covered Transactions,"). This request for comment should be read in connection with the first CFTC no-action letter of the new year in which the CFTC states that it will generally not take any action against non-U.S. swap dealers entering into Covered Transaction without complying

The SEC has issued two temporary exemptions from Exchange Act Rule 17g-5(c)(1) ("Conflicts of Interest"). The rule prohibits a nationally recognized statistical rating organization ("NRSRO") from issuing or maintaining a credit rating solicited by a person that, in the most recently ended fiscal year, provided the NRSRO with net revenue equaling or exceeding 10% of the total net revenue of the NRSRO for the fiscal year. In both letters, the SEC issued a temporary and conditional extension of a previous exemptions from the Conflicts of Interest Rule, allowing Morningstar Credit and Kroll Bond