The CFTC released the results of individual rule enforcement reviews for ELX Futures, Minneapolis Grain Exchange, and CBOE Futures regarding various compliance issues. Overall, the CFTC found that none of the exchanges had violated enforcement rules, but offered recommendations to the Exchanges and the NFA to ensure adequate compliance. See: Enforcement Review of ELX Futures; Enforcement Review of Minneapolis Grain Exchange; Enforcement Review of CBOE Futures. See also: CFTC Releases Rule Enforcement Review of the Chicago Mercantile Exchange and the Chicago Board of Trade (August 2, 2013).

The CFTC approved TW SEF LLC ("TW SEF") and DW SEF LLC ("DW SEF") applications for temporary registration as swap execution facilities ("SEF"). TW SEC and DW SEF are the second and third entities that the CFTC has approved for temporary registration as SEFs. The first SEF was Bloomberg LLC, which was granted temporary registration on July 30, 2013. See: CFTC Press Release. See also: CFTC Issues Temporary Registration as Swap Execution Facility to Bloomberg (with Lofchie Comment) (July 31, 2013).

The CFTC Division of Clearing and Risk announced that the third phase of required clearing for certain credit default swaps ("CDS") and interest rate swaps begins today, September 9. The CFTC adopted its first clearing requirement determination for four classes of interest rate swaps and two classes of CDS on November 29, 2012. The specifications for the CDS and interest rate swaps required to be cleared are set forth in CFTC Rule 50.4 ("Classes of Swaps to Be Cleared"). Market participants are required to clear swaps subject to a clearing requirement determination unless an exception

The CFTC issued a Concept Release on Risk Controls and System Safeguards for Automated Trading Environments to provide an overview of the automated trading environment, including its principal actors, potential risks, and responsive measures taken by the CFTC or industry participants. The Concept Release also discusses a series of (i) pre-trade risk controls; (ii) post-trade reports and other measures; (iii) system safeguards related to the design, testing, and supervision of automated trading systems; and (iv) additional protections designed to promote safe and orderly markets. Lofchie

The SEC charged Lawrence Polizzotto, former head of investor relations at Arizona-based solar energy company First Solar Inc., with violating Regulation FD ("Fair Disclosure"). The SEC alleges that Polizzotto violated Reg. FD when he indicated in phone conversations with analysts and investors that the company was less likely than the company's management had previously indicated to receive an anticipated loan guarantee from the U.S. Department of Energy. Bondi Comment: The case illustrates the difficulty of managing a situation where an individual speaking with investors is aware of negative