The United States Senate Committee on Finance announced that, on Wednesday, May 22, a hearing will be held regarding S.662, the Trade Facilitation and Trade Enforcement Act of 2013. A witness list will be provided at a later date. See: Senate Finance Committee Announcement.

SIFMA submitted the attached comment letters to the National Security Council ("NSC") and U.S. Trade Representative in support of the Transatlantic Trade and Investment Partnership ("TTIP"). In the first letter, SIFMA and nine other associations declared to the National Security Council their support of the TTIP. For the financial services sector, the groups stressed that the TTIP should include conventional market access rules, as well as mechanisms and processes to achieve sound, efficient, compatible, and cost-effective regulatory frameworks that facilitate access to capital and boost

The House of Representatives passed a bill that sets a deadline for the SEC to implement a provision of the JOBS Act. By a vote of 416-6, the House gave its approval to H.R. 701, a bill that directs the SEC to finalize rules by October 31 to implement a JOBS Act provision that helps startup businesses access capital. Specifically, H.R. 701 requires the SEC to implement Title IV of the JOBS Act by October 31, 2013. Title IV requires the SEC to adopt or amend regulations to encourage capital formation without requiring an SEC registration statement. These exemptions, referred to as "Regulation A

The CFTC issued guidance affirming that it is not permitted under CEA Section 4(c)(a)(5) to (i) violate bids or offers, (ii) disregard the orderly execution of trades during the closing period or (iii) spoof. The CFTC defined "spoof" as making a bid or offer with the intent to cancel the bid or offer before execution. Since most bids and offers are likely cancelled before execution, this definition is overbroad. Mocek Comment: The disruptive trading practices guidance that was issued today by the Commission is simply an abbreviated and regurgitated version of the guidance that the CFTC issued

On Tuesday, May 21, 2013, the Senate Banking Committee will meet in open session to conduct a hearing on "The Financial Stability Oversight Council Annual Report to Congress." The witness will be Jacob J. Lew, Secretary of the Treasury. Click here to learn more (links externally to Senate Banking Committee website). See also: Add to My Calendar (vCal).