The decision of the D.C. Circuit upheld a long line of case law interpreting the CEA's exclusive jurisdiction clause as preempting the authority of another regulatory agency to regulate or bring an enforcement action over a transaction that took place, in the words of the D.C. Circuit, on "a CFTC-regulated exchange." Pantano Comment: In an opinion for the court by Circuit Judge David S. Tatel, the court held categorically that "[b]ecause manipulation of natural gas futures contracts falls within the CFTC's exclusive jurisdiction and because nothing in the Energy Policy Act clearly and

The SEC Division of Investment Management released guidance on when the Investment Company Act or Rule 497 of the Securities Act requires an investment company to file interactive content posted via social media. Whether content must be filed depends on the content, context, and presentation of the information transmitted, with particular attention placed on the substance of the communication. Examples of communications that would and would not require filing appear below. Content That Does Not Require Filing An incidental mention of the investment company name or family of funds, e.g., "More

The Permanent Subcommittee on Investigations held a hearing on March 15 entitled "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses." Witnesses included representatives from JPMorgan Chase and the Office of the Comptroller of the Currency. A Subcommittee staff report was also released summarizing its investigative findings and recommendations. See below for a list of witnesses and available testimonies. Panel 1 INA DREW, Former Chief Investment Officer, JPMorgan Chase Bank NA, New York, NY Download Testimony (85.4 KB) ASHLEY BACON, Acting Chief Risk Officer, JPMorgan

SIFMA published a comment letter submitted to the Federal Financial Institutions Examination Council (FFIEC) on the proposed guidance, Social Media: Consumer Compliance Risk Management Guidance . Addressing the FFIEC's question of other consumer protection laws and regulations that may be implicated by financial institutions' use of social media, SIFMA pointed out: "FINRA and the SEC's Office of Compliance and Inspections and Examinations have already published guidance on the use of social media. The social media guidance published by FINRA and the SEC is tailored to the specific regulated

SIFMA submitted a comment to the SEC in favor of NASDAQ OMX PHLX's ("PHLX") proposed amendment to Rule 1092, Obvious and Catastrophic Errors. Under the amended rule, in the event of a catastrophic error, if one of the parties to the options trade is a broker-dealer customer, the adjusted price of the trade would be compared to the limit price of the order. Whenever the limit price exceeds the adjusted price, the customer would have twenty minutes from the time notified to accept the adjusted price or else the trade would be nullified. SIFMA supported the amendment since nullification avoids