The CFTC finalized rules to establish international standards for systemically important derivatives clearing organizations (SIDCOs). According to the CFTC, the new rules, in conjunction with existing derivative clearing rules, establish regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs). This will allow U.S. SIDCOs to continue to be Qualifying Central Counterparties for purposes of international bank capital standards. The new rules include provisions concerning procedural requirements for opting in to the regulatory regime as well as substantive

The CFTC Division of Swap Dealer and Intermediary Oversight issued what is in effect an amended no-action letter as to the regulatory obligations of SDs and MSPs regarding "Intended-To-Be-Cleared Swaps." Essentially, this letter restates prior Letter 13-33, except that it amends the prior letter to take account of the CFTC staff's "guidance" that where a trade is expected to be cleared, but is not, the trade is deemed void ab initio and neither party is permitted to charge a breakage fee. The relief in this letter, as in the prior letter, goes to certain requirements under the external

The SEC has announced that Kevin W. Goodman will be the new national associate director of the broker-dealer examination program in the Office of Compliance Inspections and Examinations ("OCIE"). Mr. Goodman has been the acting national associate director of the program since May. See: SEC Press Release.

The Structured Finance Industry Group has published the latest issue of its SFIG Newsletter, which covers major topics that include developing scenarios for future capital planning and stress-testing exercises, and expected developments as to the Volcker Rule. Click here to view the SFIC Newsletter (external link).

The Senate Committee on Banking, Housing and Urban Affairs held a hearing regarding the nomination of Janet Yellen as the Chairman of the Board of Governors of the Federal Reserve System ("FRB"). The hearing focused on Yellen's plan for the FRB if she is confirmed by the Senate. C lick here for a summary of the hearing by Delta Strategy Group.