The CFTC is adopting regulations to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act, enacted by Dodd-Frank Title VII. The regulations include numerous conditions, as well as reporting requirements, which affiliated entities must satisfy in order to elect the inter-affiliate exemption from required clearing. Effective Date: June 10, 2013. See: 78 FR 21750. Here is the news item we published when the rule was adopted: CFTC Exemption for Clearing Inter-Affiliate Swaps (with Lofchie Comment). Related News Item

SEC Commissioner Daniel M. Gallagher delivered remarks at the 2013 National Compliance Outreach Program for Broker-Dealers. Mr. Gallagher underlined the importance of the need to resolve the uncertainties surrounding what makes a compliance professional a "supervisor" and subject to liability as such. Commissioner Gallagher said he believes that the regulators should be focusing on the business-line supervisors and not on the compliance official that steps in and takes action in good faith. Commissioner Gallagher said he is worried that the SEC's current position on supervisory liability skews

The Asset Management Group of SIFMA ("SIFMA AMG") provided the attached comments to the CFTC requesting no-action relief with regard to the clearing requirement for the iTraxx Europe, iTraxx Crossover and iTraxx HiVol credit default swap indices (collectively, "iTraxx indices"). Under the CFTC clearing determination, swaps referencing iTraxx indices would be required to be cleared 60 days after they are available on a clearinghouse. The group and its members expect to have to clear swaps referencing the iTraxx indices following their having been made available by the Chicago Mercantile

ISDA released a press release reminding market participants that there are only 13 days remaining until the May 1 External Business Conduct Rules Compliance Deadline. According to ISDA, market participants must: (a) get a CICI from DTCC ( www.ciciutility.org); (b) submit an Adherence Letter to ISDA (click here for a step-by-step guide to adherence to the ISDA August 2012 DF Protocol); and (c) deliver a completed Questionnaire to swap dealer counterparties. This can be done by ISDA Amend by Markit or by other means (including email).Cadwalader serves as ISDA's attorney on the Protocols and

The CFTC issued an order granting a request, pursuant to Section 4d(f) of the CEA, made by ICE Clear Europe Limited ("ICEU"), a CFTC-registered derivatives clearing organization ("DCO"), that sets forth the conditions under which ICEU, and its clearing members that are dually registered as futures commission merchants and broker-dealers, may (1) hold credit default swaps ("CDS") and security-based CDS in a cleared swaps customer account subject to Section 4d(f) of the Act; and (2) provide portfolio margining for such CDS and security-based CDS held in the cleared swaps customer account. The