The New York Department of Financial Services ("DFS") has fined the Royal Bank of Scotland ("RBS") for failing to comply with U.S. money transfer rules regarding transactions with Iran, Sudan and other internationally sanctioned countries.

SIFMA Asset Management Group ("AMG") and ISDA announced they have developed CUSIP numbers for the Market Agreed Coupon ("MAC"). MAC contracts are interest-rate swap ("IRS") contracts with predefined market-agreed terms, including start and end dates, payment dates, fixed coupons, currencies and maturities. The MAC contracts were developed jointly by SIFMA AMG and ISDA in April 2013. SIFMA AMG and ISDA stated that the establishment of CUSIP numbers will facilitate trading and transparency in the interest rate swaps marketplace. Additionally, CUSIPs will enhance the operational efficiency of

SIFMA has announced the appointment of Kenneth E. Bentsen, Jr. as President and CEO, effective immediately. Mr. Bentsen previously served as SIFMA's president. Former Senator Judd Gregg has informed the SIFMA Board of Directors that he is stepping down as CEO. Senator Gregg will continue working with the association in the role of senior advisor. See: Press Release.

The Managed Funds Associated ("MFA") submitted comments to the CFTC regarding its Concept Release on Risk Controls and System Safeguards for Automated Trading Environments. In the letter, the MFA noted that the CFTC has "implemented a robust derivatives market regulatory framework" with rigorous controls and safeguards for automated trading environments, but suggests that such controls and safeguards need to be further enhanced. The following recommendations were made: "As high frequency trading ("HFT") is not a strategy, but the use of technology to deploy certain trading strategies, the

The CFTC has appointed Commissioner Mark Wetjen to serve as the Chair of its Global Markets Advisory Committee ("GMAC"). The CFTC created GMAC in 1998 to provide a forum to discuss the competitive and regulatory issues facing U.S. markets and U.S. firms engaged in providing financial services around the world. Commissioner Wetjen takes over from Commissioner Bart Chilton who recently announced his intention to resign from the CFTC. Lofchie Comment: This appointment will likely improve the CFTC's relationship with non-U.S. regulators. The approach of Commissioner Chilton, following the lead of