The CFTC's Division of Market Oversight ("DMO") issued a letter providing reporting parties under CFTC Rules Parts 20 ("Large Trader Reporting for Physical Commodity Swaps"), 45 ("Swap Data Recordkeeping and Reporting Requirements"), and 46("Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps"), with time-limited no-action relief from requirements to report certain identifying information regarding their counterparties in specific jurisdictions. This no-action letter addresses Legal Entity Identifiers ("LEIs"), other identifying swap data fields pursuant to

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") announced the issuance of a no-action letter relating to the portfolio reconciliation requirements imposed on swap dealers ("SDs") and major swap participants ("MSPs") pursuant to CFTC Rule 23.502. The relief, which was granted based on the fact that as a practical matter it was impossible to comply with the requirements of the rule, is available to all SDs and MSPs until August 23, 2013. Lofchie Comment:The process of setting deadlines that will likely require further extension is inefficient from the standpoint of both

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter relating to requirements imposed on Swap Dealers ("SDs") and Major Swap Participants ("MSPs") pursuant to CFTC Rule 23.504 ("Swap trading relationship documentation") in connection with: (i) foreign exchange transactions that are swaps, and (ii) physically-settled foreign exchange forwards and swap agreements that have been exempted from the definition of "swap" by the Secretary of the U.S. Department of the Treasury. The letter provides relief for SDs and MSPs from the requirements of swap trading

FINRA has announced revisions to the Equity Trader (Series 55) examination program after a content qualification review. These revisions reflect changes in the laws, rules, and regulations portions covered by the examination, as well as the functions currently performed by an Equity Trader. The revised examination contains: 45 questions on Trading, 36 questions on Order Handling, and 19 questions on Record Keeping and Regulatory Reporting Additionally, changes were made to the weighing of questions, as well as the minimum passing score, which was reduced from 70 to 67 percent. The

The SEC granted an exemption to ICE Clear Europe from the registration requirement under Exchange Act Section 17A(b)(1) ("National system for clearance and settlement of securities and transactions"), solely with respect to ICE Clear Europe's provision of clearance and settlement services for LIFFE Securities Products. The SEC based the decision on the fact that the proposed clearing of the LIFFE Securities Products would exceed the scope of activities permitted by ICE Clear Europe's registration as a SBS clearing agency, therefore ICE Clear Europe may not clear the LIFFE Securities Products