SIFMA President, Kenneth E. Bentsen, released a statement regarding the cross-border application of the Dodd-Frank Act in which he sided with CFTC Commissioner O'Malia (and implicitly, the EU regulators and the SEC) in the latter's disagreement with CFTC Chairman Gensler over whether the CFTC's current cross-border guidance should be extended past July 12, should be allowed to lapse or a final rule should be adopted. Lofchie Comment: On June 6, CFTC Chairman Gensler and CFTC Commissioner O'Malia issued statements (linked below) expressing opposing views on how the CFTC should deal with the

This OCC Bulletin reminds the management of national banks, federal savings associations, and federal branches and agencies of foreign banks (collectively, banks) to be aware of the CFTC swap clearing rules, which will come into effect for banks that are not swap dealers on June 10, 2013, as to those swaps that are subject to a mandatory clearing requirement. See: Press Release.

The International Swaps and Derivatives Association, Inc. (ISDA) announced the publication of the 2013 Standard Credit Support Annex (SCSA). See: Press Release.

The CFTC Division of Clearing and Risk issued an Advisory notifying market participants that the effective date of the final rule adopting the “Clearing Exemption for Swaps Between Certain Affiliated Entities” has been automatically extended by operation of law until June 18, 2013 (as opposed to June 10, which had been the date set forth in the release). The Advisory likewise states that the clearing requirement under Section 2(h)(1)(A) of the Commodity Exchange Act and CFTC Rule Part 50 does not apply until that date. Lofchie Comment: The upshot of the Advisory is presumably that the

The SEC Office of Inspector General (OIG) issued two reports on the SEC's use of on economic analysis into its rulemakings. The primary recommendation in the report report was that that the SEC issue written operating procedures on implementing the current guidance.Although the reports did make a number of other recommendations, the general tone of the reports was favorable and indicated that the SEC had made substantial progress in its use of cost-benefit analysis and other economic considerations. See: Implementation of the Current Guidance on Economic Analysis in SEC Rulemakings; Use of the