The Basel Committee on Banking Supervision ("BCBS") and the International Organization of Securities Commissions ("IOSCO") published the public responses to the second consultative paper on margin requirements for non-centrally cleared derivatives, which was issued for comment on February 15th for a one-month consultation period. These responses to the consultative document will inform the final joint proposal on margin requirements on non-centrally cleared derivatives. See below for public comments received on the Consultation Report as of April 2, 2013. Alternative Investment Management

The CFTC announced the revocation of the registrations of Gordon A. Driver of Las Vegas, Nevada, and his company, Axcess Fund Management, LLC ("Axcess"). Axcess was registered with the CFTC as a CPO, and Driver was registered as an Associated Person of Axcess and listed as its sole principal. This revocation was a statutory disqualification case heard by a CFTC Judgment Officer rather than an Administrative Law Judge, a development that the Federal Administrative Law Judges Conference implicitly objected to in a letter to CFTC Chairman Gensler in February. Click here to view announcement in

The SEC issued a report which makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure ("Regulation FD") so long as investors have been alerted about which social media site will be used to disseminate such information. The report was issued in response to an announcement by an officer of NetFlix on Facebook announcing that Nexflix had streamed a significant amount of content in June. This raised concerns that readers of Hasting's Facebook page were obtaining inside information. (Regulation FD

The CFTC issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act ("CEA") and CFTC regulations, subject to a number of conditions. On November 29, 2012, the CFTC had adopted its first clearing requirement determination, requiring that swaps meeting the specifications outlined in four classes of interest rate swaps and two classes of credit default swaps ("CDS") be cleared. On March 11, 2013, swap dealers, major swap participants, and private funds active in the swaps

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued time-limited no-action relief for swap dealers ("SDs") and major swap participants ("MSPs") concerning certain recordkeeping obligations under Part 23 of the CFTC regulations. The no-action letter is an extension of relief previously granted to SDs and MSPs which was scheduled to have expired on March 31, 2013. See CFTC Letter No. 12-29 (October 26, 2012). The new no-action letter extends until June 30, 2013, the compliance date for the following provisions: (1) For landline telephones that are not located in one of