The CFTC published a correction to Table 10 ("Open Interest and Calculated Limits by Core Futures Referenced Contract, January 1, 2011 to December 31, 2012") of the Position Limits for Derivatives proposed rule. The correction is immediately effective. See: 78 FR 76787. See also: Full CFTC Regulatory Calendar (accessible to Cabinet Subscribers only). Related news: CFTC Issues Proposed Position Limits Rule (Fed. Reg.) (December 12, 2013).

The CFTC Division of Clearing and Risk has issued an extension of a time-limited no-action relief to Japan Securities Clearing Corporation ("JSCC") and its qualifying participants and affiliates. In the extension of CFTC Letter 12-56, the CFTC states that it will not recommend enforcement action against: JSCC with respect to registering as a derivatives clearing organization ("DCO") pursuant to the requirements of section 5b(a) of the CEA; or a qualified clearing participant of JSCC, or a parent or affiliate of a JSCC qualified clearing participant, subject to the Japanese clearing requirement

At the Federal Republic of Germany in Berlin, SEC Commissioner Daniel M. Gallagher delivered a speech regarding the impact of post-global regulatory reforms on financial markets, with a specific focus on what he referred to as "the trend towards so-called 'regulatory harmonization.'" According to Commissioner Gallagher, the legislative response to the 2008 global financial crisis, the Dodd-Frank Act, really had nothing to do with the crisis at all. The fact that Dodd-Frank was enacted before the completion of the Commission's investigation of the causes of the crisis, Gallagher stated, is the

SIFMA has submitted comments to the SEC regarding the FINRA-proposed rule to begin dissemination of data for transactions in asset-backed securities ("ABS") and non-Agency Commercial Mortgage Backed Security ("CMBS"). The rule proposal would implement shorter "reporting timeframes for ABS transactions, and real-time dissemination of trade information. Additionally, the proposal would amend the definition of "ABS." In the letter, SIFMA stated that its members agree with FINRA regarding benefits to price discovery as a result of shorter timeframes for disseminating information. However, SIFMA

SIFMA has submitted comments to the IRS and the U.S. Treasury Office of International Tax Counsel regarding Notice 2013-69, which provides guidance to foreign financial institutions ("FFIs") entering into FFI agreements with the IRS which are to be treated as participating FFIs ("PFFIs"). In the letter, SIFMA recommended that the IRS provide further guidance regarding the diligence procedures necessary to validate the status of direct reporting non-financial foreign entities ("NFFEs") and sponsored direct reporting NFFEs. Under Notice 2013-69, the Treasury and the IRS created these two new