The CFTC has published enhanced risk management standards for systemically important derivatives clearing organizations in the Federal Register. The final rule includes increased financial resource requirements for clearing organizations that are involved with more complex risk profiles or that are systemically important in multiple jurisdictions. See: 78 FR 49663. See also: CFTC Issues Final Rules Implementing Enhanced Risk Management for Systemically Important Derivatives Clearing Organizations (August 12, 2013).

The SEC announced that Michael S. Piwowar has been sworn into office as an SEC Commissioner by SEC Los Angeles Regional Office Director Michele Wein Layne. He replaces former Commissioner Troy Paredes, who stepped down earlier this month. See: SEC Press Release.

FINRA has filed a proposed rule change to adopt financial and operational rules relating to securities loans and borrowings, and permissible uses of customers' securities. The changes to the rules would be as follows: The proposed rules would require a written agreement as to any securities loan between a FINRA member and non-member (and would create, if necessary a deemed agreement between two FINRA members); Would impose various record keeping requirements in connection with securities loans where the FINRA member is acting as agent (bearing in mind that there are already at least informal

FINRA has filed a proposed amendment to Form U4, Uniform Application for Securities Industry Registration or Transfer, regarding the reporting of unsatisfied judgments and liens. The proposed rule change would amend Section 4 of the Judgment/Lien DRP to add a question regarding the date on which the registered representative learned of the judgment or lien. Member firms will have to report both the date on which the judgment or lien was filed with a court, and the date on which the registered representative learned of the matter. See: Text of Proposed Rule Change; FINRA Rule Announcement.

The Cayman Islands government announced on August 13 that it had concluded negotiations with the United States on a Model 1 intergovernmental agreement ("IGA") and on a new tax information exchange agreement ("TIEA"). Both governments initialed the agreements, which they indicated will be officially signed as soon as possible. The texts of the IGA and the TIEA will be released only after the agreements are signed. The Model 1 IGA provides that Cayman Islands financial institutions will report information, with respect to financial accounts and entities substantially owned directly or