The CFTC has approved final rules to impose enhanced risk-management standards for systemically important derivatives clearing organizations ("SIDCO"). The rules were adopted in part pursuant to Section 807 of Dodd-Frank. The CFTC said that the adoption of these rules is intended to provide that SIDCOs are consistent with the Principles for Financial Market Infrastructures, thereby enabling them to continue to be Qualifying Central Counterparties for purposes of international bank capital standards. The final rules: Increase financial resources requirements for SIDCOs that are involved in

The MFA submitted comments to the UK consultation document on certain tax aspects of partnerships. The MFA's suggestions include: Adopting a single test to determine when a member of an LLP would be deemed a "salaried member"; Eliminating the additional proposed test that would create an ambiguous and uncertain test for determining when an individual is a "salaried member"; Providing additional guidance on how HMRC plans to interpret and implement the test and associated anti-avoidance rules; Clarifying that rules related to the allocation of profits and losses will not prevent partnerships

The SEC Office of Compliance Inspections and Examinations (OCIE) has issued a Risk Alert to put broker-dealers on notice that they are required to institute procedures to detect and prevent options trading strategies that circumvent Regulation SHO ("Regulation of Short Sales"). The alert begins by describing a number of options trading strategies that appeared to evade certain Regulation SHO requirements. The alert then describes strategies used by broker-dealers to detect and prevent trading intended to avoid the rule, as well as summarizes related enforcement actions. Lofchie Comment: The

The SEC announced that Kara Stein has been sworn into office as an SEC Commissioner by Chair Mary Jo White. Ms. Stein replaces former Commissioner Elisse Walter. See: SEC Press Release. See also:Senate Confirms White, Stein, and Piwowar to SEC Posts (August 2, 2013).

The SEC announced that Geoffrey Aronow has been named chief counsel and senior policy advisor in the Office of International Affairs (OIA). Mr. Aronow will provide legal counsel to the director of the OIA and play a central role in advising and formulating Commission policy in the international arena, including representing the SEC before international organizations and committees as they relate to legal issues. See: SEC Press Release.