The Delta Strategy Group released a summary of the final CFTC Interpretive Guidance on Cross-Border Application of CFTC Rules and Regulations under the Dodd-Frank Act, and the Exemptive Order which sets compliance dates for certain swap regulations. See: Click here to see the Final CFTC Cross-Border Guidance Summary from Delta Strategy Group. CFTC Documents: CFTC Final Cross-Border Interpretive Guidance;CFTC Exemptive Order. Related News: CFTC Commissioner O'Malia Dissents from CFTC Cross-Border Guidance Statement(with Lofchie Comment) (July 18, 2013); CFTC Cross-Border Issues for U.S. and Non

The Division of Investment Management has denied a request for the SEC to review and overrule the original Division of Investment Management's Staff Response, denying a previous request for the SEC staff to permit Copley Fund, Inc., an open-end management investment company, to change its accounting treatment of certain potential tax liabilities. See: SEC Second Denial Letter.

The SEC announced charges, pursuant toSection 203(f) of The Advisers Act, against hedge fund adviser Steven A. Cohen, of S.A.C. Capital Advisors ("SAC"), for failing to supervise two senior employees who allegedly entered into inside trades during the time that they were under his supervision. The Division of Enforcement alleges that Cohen received highly suspicious information that should have caused him to investigate the basis of trades made by the two portfolio managers. According to the SEC's order announcing administrative proceedings, Cohen oversaw trading by the portfolio managers

The SEC has charged the city of Miami and the former budget director, Michael Boudreaux, with securities fraud in connection to several municipal bond offerings and other disclosures made to investors. An SEC investigation found that beginning in 2008, Miami and Michael Boudreaux made materially false and misleading statements and omissions about certain interfund transfers in bond offers totaling $153.5 million. They similarly included false and misleading information in the city's fiscal year and financial reports that are distributed to broad segments of the investing public. Boudreaux also

Karl Schimmeck, vice president of Financial Service Operations, released a statement praising the success of the Quantum Dawn 2 exercise. Schimmeck reiterated his support for a partnership between government and industry in order to address the growing risk of cyber attacks on financial markets. Furthermore, Schimmeck noted that SIFMA will be analyzing the findings from the exercise, and an action report will be available in August. See: SIFMA Statement. See also: SIFMA Quantum Dawn 2 Fact Sheet.