The OCC published a proposed rulemaking regarding the annual company-run stress test reporting requirements, pursuant to section 165(i)(2) of the Dodd-Frank Act, applicable to certain financial companies with total consolidated assets between $10 and $50 billion. The proposal describes the scope of reporting and the proposed reporting requirements. Comments Due: May 10, 2013. See: 78 FR 15403. See also: Annual Stress Test; Final Rule (OCC - 77 FR 61238).

Hedge fund CR Intrinsic Investors agreed to pay more than $600 million to settle insider trading charges. In November 2012, the SEC charged CR Intrinsic with insider trading, alleging one of its portfolio managers traded on confidential information received from a medical consultant about Wyeth and Elan’s failed drug trials. The SEC also amended its complaint, adding S.A.C. Capital and hedge funds managed by it as relief defendants because they were said to have received gains from the insider trading. View Complaint in full here (links externally to SEC website). See also: Press Release.

The MFA submitted a comment letter to the IOSCO and the Basel Working Group on Margining Requirements ("WGMR") regarding margin requirements for non-centrally cleared derivatives. The comment letter was a response to a consultative document published by the groups. The comment letter specifically addresses the four areas below: The comment letter specifically addresses the four areas below: Physically-settled FX forwards and swaps: The MFA supported the bilateral exchange of variation margin with respect to these derivatives, but did not support them from being exempt from initial margin

The CFTC Division of Market Oversight (DMO) and Office of Data and Technology (ODT) issued an Advisory reminding swap counterparties of the imminent April 10, 2013 deadline for all swap counterparties to obtain a legal entity identifier (LEI), currently known as a CFTC Interim Compliant Identifier or "CICI." The Advisory stresses the fact that the CICI requirement applies to all swap counterparties, even those that are not registered with the CFTC and even those that are not required to report swap data. The Advisory also suggests that swap dealers should take active steps to inform each of

In a new report, the GAO found that both the Financial Stability Oversight Council ("FSOC") and the Office of Financial Research ("OFR") serve purposes that may be useful, but that "collaboration among FSOC members can be challenging": the organizations "should develop a systematic approach" to dealing with their responsibilities, should "improve transparency" and "develop strategic planning." (See page 2 of the report.) Further, FSOC and OFR "have not defined their roles and responsibilities." (See page 17 of the report.) This report was conducted pursuant to Dodd-Frank Sections I ("Financial