The CFTC announced the extension of the comment period regarding the proposed collection of certain information relating to Security Futures Products. The CFTC is soliciting comments to: evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the CFTC, including whether the information will have a practical use; evaluate the accuracy of the CFTC's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used; enhance the quality, usefulness, and clarity of the

The SEC granted approval to FINRA's application for an exemption for rule filing requirements pursuant to Exchange Act Section 19(b) ("Registration, Responsibilities, and Oversight of Self-Regulatory Organizations") with respect to certain rules that FINRA seeks to incorporate by reference. FINRA Rule 2360 ("Options") and FINRA Rule 2359 ("Position and Exercise Limits; Liquidations") incorporate by reference comparable position and exercise limit rules of the options exchanges. See: SEC Order Granting Approval.

The SEC has charged global food processor company Archer-Daniels-Midland for failing to prevent illicit payments made by foreign subsidiaries to Ukrainian government officials in violation of the Foreign Corrupt Practices Act ("FCPA"). An SEC investigation found that the company's subsidiaries in Germany and Ukraine paid bribes through intermediaries to secure the release of value-added tax ("VAT") refunds. The payments were then concealed by improperly recording the transactions in accounting records as insurance premiums and other purported business expenses. The SEC stated that the company

The Office of the Comptroller of the Currency ("OCC") has issued a report titled Semiannual Risk Perspective, Fall 2013, which provides an overview of various risks facing the banking industry. The report focused on issues that pose threats to the "safety and soundness" of those financial institutions which are regulated by the OCC, and is intended as a resource for the industry, examiners and the public. The first ten pages provides a useful summary of the report. Lofchie Comment : One point of interest is that larger banks perform materially better than small ones (page 18), not so

The National Futures Association ("NFA") issued a notice to members regarding the applicability of CFTC No-Action Letter 13-51, which permits the consolidation of pool annual and quarterly reports by wholly owned subsidiaries. NFA stated that relief provided under CFTC No-Action Letter 13-51 only permits consolidated reporting for a registered investment company ("RIC") and its wholly owned subsidiary. The notice went on to inform members that the relief does not permit a commodity pool operator ("CPO") that operates a non-RIC pool that trades commodity interests through a wholly owned