European Securities and Markets Authority (" ESMA") is seeking comments on a recently released discussion paper, The Clearing Obligation under EMIR, which focuses on implementing the clearing obligation under European Markets Infrastructure Regulation ("EMIR"). The discussion paper addresses the following issues: The standard procedure for determining over-the-counter ("OTC") derivative classes to be subject to the clearing obligation; The central counterparties designated to clear the derivatives; An analysis of the current readiness of each asset class of derivatives vis-à-vis the clearing

The SEC is rescinding Exchange Act Rules 17i-1 to 17i-8 ("Supervised Investment Bank Holding Company Rules") pursuant to the Dodd-Frank Act. The rescinded rules prescribed a framework under which a supervised investment bank holding company ("SIBHC") could elect to be regulated under the SEC. The SEC is also amending 17h1-T to 17h2-T ("Risk Assessment") to eliminate exemptions for broker-dealers associated with SIBHC's. There were not any firms relying on the 17i framework, and its removal will not have any substantive effect. See: SEC Final Rule Release 34-69979.

In connection with the 6-month extension of FATCA withholding and registration that was announced on Friday, the Treasury Department has revised the Model IGAs and Annexes to reflect such extension. There are also a small handful of non-substantive wording changes in the revised Models that are unrelated to the extension. See: Annex II to Model 2 Agreement; Annex II to Model 1 Agreement; Annex I to Model 2 Agreement; Annex I to Model 1 Agreement; Model 2 Agreement No TIEA or DTC; Model 2 Agreement Preexisting TIEA or DTC; Nonreciprocal Model 1B Agreement, No TIEA or DTC; Nonreciprocal Model 1B

On May 29th, the SEC issued findings and imposed a ten million dollar fine against NASDAQ as a result of NASDAQ's technical problems in connection with the Facebook IPO and NASDAQ's responses to those problems. Chris Clearfield of System Logic is writing a series of articles that examine the technical details of the Facebook problems, NASDAQ's decision making in response to that problem, and the broader implications, from the standpoint of technology and related corporate processes, of what may be learned from the Facebook problems. The first such article, which discusses the core technology

On July 12, 2013, the CFTC adopted further guidance (the "Final Cross-Border Guidance") and exemptive relief (the "Cross-Border Exemptive Order") with respect to cross-border swaps activities. The two documents were published on the CFTC's website on July 15, 2012, but the CFTC Staff has been authorized to continue making corrections to them prior to their publication in the Federal Register. I. Jurisdiction. The Guidance begins with a discussion of the CFTC's view of its jurisdiction under Dodd-Frank. Essentially, the CFTC views itself as potentially having jurisdiction over transactions