The Managed Funds Association ("MFA") and the Alternative Investment Management Association ("AIMA") submitted a joint letter to the European Securities Markets Authority ("ESMA") in response to its paper on the clearing obligation under the European Market Infrastructure Regulation ("EMIR"). In the letter, the MFA and AIMA said that the types of derivatives contracts which should be subject to mandatory clearing in Europe generally should be of the same type that are subject to mandatory clearing in the United States. The MFA and AIMA also generally opposed a phase-in of the EMIR clearing

The European Court of Justice issued an opinion from the Advocate General supporting the UK's claim that the authority granted to ESMA in Article 28 of the Short Selling Regulation does not a have proper legal basis. Article 28 of the Short Selling Regulation outlines ESMA's intervention powers in exceptional situations, including prohibitions on short selling. The Advocate General's opinion supports the UK's claim that these powers were adopted on an incorrect legal basis. The MFA Blog notes that the Advocate General's opinions are not binding, but only persuasive. Generally, the Court is

CFTC Commissioner Bart Chilton delivered a brief statement titled "Hot Mess" to the CFTC Technology Advisory Committee in which he called technology in the financial markets "way cool." He then reiterated his concern that high-frequency traders, whom he referred to as "cheetah traders," might use technology in ways that led to bad results. Chilton also said that a number of technology issues should be addressed, including: testing; kill switches; and prohibiting wash sales. See: Text of Chilton's Statement: "Hot Mess". See also: CFTC Commissioner Chilton's Keynote Address on "Market Cheetahs"

The SEC announced the appointment of Jina L. Choi as Director of the San Francisco Regional Office. Ms. Choi will oversee enforcement and examinations in Northern California and the Pacific Northwest. Ms. Choi joined the SEC staff in 2000 and became a branch chief in 2005 before being promoted to Assistant Director in 2010. See: SEC Press Release.

The FDIC published interim final rules regarding the implementation of Basel III and other capital requirements in the Federal Register. Comments are due November 12, 2013. This interim final rule is substantially identical to a joint final rule issued by the Office of the Comptroller of the Currency ("OCC") and the Board of Governors of the Federal Reserve System ("FRB"). The interim final rule consolidates three separate notices of proposed rulemaking that the agencies had published jointly in the Federal Register on August 30, 2012, albeit with some changes. See: 78 FR 55339. See also: FDIC