SIFMA and the International Swaps and Derivatives Association, Inc. ("ISDA") submitted comments to the CFTC regarding the available-to-trade submissions by Javelin SEF, LLC and trueEx, LLC for certain interest rate swaps, pursuant to CEA Section 5(c) ("Common Provisions Applicable to Registered Entities") and CFTC Rule 40.6 ("Self-Certification of Rules"). According to the letter regarding Javelin, SIFMA and ISDA do not believe the Javelin submission is ready for action in its current form because it "lacks the specificity needed" to determine whether it meets the six factors set out in CFTC

Federal Reserve Governor Jerome H. Powell gave a speech discussing recent regulatory efforts to reform the OTC derivatives markets and, in particular, those reforms which are intended to strengthen market infrastructure by expanding the use of central clearing counterparties ("CCPs") and introducing margin requirements for bilateral OTC derivatives. With respect to the role of CCPs, Governor Powell touted their ability to mitigate risk exposure and improve market transparency, but acknowledged that concentrating risk in a central counterparty could create a single point of failure. To that end

The FDIC has issued final supervisory guidance to FDIC-supervised financial institutions which is intended to ensure that banks are aware of the credit, reputational, operational and compliance risks associated with deposit advance products and have taken steps to effectively mitigate those risks. Deposit advance products are a type of small-dollar, short-term credit product that some depository institutions offer to customers maintaining a deposit account, reloadable prepaid card or similar deposit-related vehicle. The guidance supplements the FDIC's existing guidance on payday loans and

Andrew Ceresney, Co-Director of the SEC Division of Enforcement ("DOE"), delivered the keynote address at the 30th International Conference on the Foreign Corrupt Practices Act ("FCPA"). Mr. Ceresney explained that, over the past 10 years, the SEC has greatly increased its FCPA enforcement, and noted in particular the DOE's development of a specialized unit devoted to investigating FCPA violations three years ago. Since the development of the FCPA unit, the SEC has filed over 40 FCPA actions and recovered over $240 million in disgorgement penalties. While there has been progress, Mr. Ceresney

The SEC announced fraud charges against two Tampa-area investment advisers accused of failing to inform clients truthfully about compensation received from offshore funds. The advisers recommended the funds as safe investments despite substantial risks and red flags. The SEC's Enforcement Division alleged that Gregory J. Adams and Larry C. Grossman solicited and directed the clients of their investment firm, Sovereign International Asset Management, to invest almost exclusively in funds controlled by an asset manager named Nikolai Battoo, whom the SEC has previously charged in a separate