The Financial Services Committee held a hearing concerning potential legal uncertainties in the Dodd-Frank Act. Congressman Patrick McHenry (R-NC), Chairman of the U.S. House Subcommittee on Oversight and Investigations, opened the hearing by expounding his view that the Dodd-Frank Act did not end "Too Big to Fail" and that Title I ("Financial Stability") and Title II ("Orderly Liquidation of Authority") raise several constitutional and legal uncertainties. Following that statement, a panel of constitutional scholars testified at the subcommittee hearing, two of whom expressed constitutional

The U.S. Bankruptcy Court overseeing the liquidation of failed futures commission merchant MF Global Inc. ("MFGI") has approved a settlement between MFGI and a class of former customers of MFGI for the return of $100 million of customer money to the class. The agreement resolves claims against JP Morgan, and all outstanding matters between JP Morgan and the MF Global estate, its customers and creditors, which arise from transfers of customer property during the days before MF Global entered into bankruptcy. See:Deangelis v. Corzine Settlement Agreement (03-19-2013); Deangelis v. Corzine

ISDA, SIFMA, and the Institute of International Bankers ("IIB") (the "Associations") filed a joint legal challenge to the CFTC Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations ("Cross-Border Rule") and related cross-border rules. The lawsuit alleges that the CFTC unlawfully circumvented the requirements of the Administrative Procedures Act and the CEA by portraying its regulations as "guidance." By circumventing the rulemaking process, including failing to conduct a cost-benefit analysis required by law, that the CFTC has enacted rules which the

The Municipal Securities Rulemaking Board ("MSRB") released a report summarizing the type and number of continuing disclosure documents submitted by issuers of municipal securities to the MSRB Electronic Municipal Market Access website. See: MSRB Report. See also: MSRB Press Release.

NASAA issued a statement expressing disappointment with the SEC decision to adopt JOBS Act Rules without imposing further requirements on issuers that employed general solicitation and advertising in private placements. In its statement today, the NASAA urged that the SEC impose further conditions on private placements that employed general advertising, including requiring the pre-filing of a Form D. While NASAA praised the SEC for disqualifying private placements involving bad actors from reliance on the new exemptions, it also criticized the SEC for providing that the loss of the exemption