CFTC Chairman Gary Gensler delivered remarks before the Institute of International Bankers’ ("IIB") Annual Washington Conference regarding matters on the CFTC's agenda that Gensler believes will be of importance to the IIB. Chairman Gensler repeated his prior criticisms of LIBOR as well as his description of Dodd-Frank as being "common-sense rules of the road" for the swaps market. Lofchie Comment: Whether the Dodd-Frank swap rules are good or bad, they can not be fairly described as "common-sense rules." They are immensely complicated, likely to discourage business, often inconsistent, and

SIFMA, ISDA and the MFA released a joint survey of buy-side members on the CFTC's proposed Swap Execution Facility ("SEF") rule. The rule, as proposed, requires buyers to submit a request for a price quote (RFQ) from a minimum of five sellers. Timothy Cameron, head of SIFMA's Asset Management Group, stated the CFTC's proposed rule was too restrictive, removing discretion from asset managers and decreasing liquidity in SEF swaps. The results of the survey include the following: 84% of respondents indicated that the RFQ rule would result in increased transactions costs; 82% anticipated spread

SIFMA submitted comments to the CFTC requesting additional no-action relief from certain recordkeeping requirements under Subpart F of the Internal Business Conduct Rule. In the letter, SIFMA requests that the CFTC's Division of Swap Dealer and Intermediary Oversight confirm it will not recommend that the CFTC take enforcement action against a firm not in compliance with certain requirements of Subpart F described in this letter. More specifically, SIFMA's requests were that: the CFTC not take any enforcement action against any firm not in compliance with the requirement to record (a) landline

The SEC announced that Public Company Accounting Oversight Board members Steven B. Harris and Jay D. Hanson have been reappointed for five-year terms. Mr. Harris is reappointed to a second term ending Oct. 24, 2017, and Mr. Hanson is reappointed to a second term ending Oct. 24, 2018. Click here to learn more (links externally to SEC website).

The Treasury Department has confirmed that Manal Corwin, Deputy Assistant Secretary for International Tax Affairs, has resigned. Ms. Corwin has led the Government's team in negotiating FATCA Intergovernmental Agreements with several countries as well as the recent finalization of FATCA Regulations.