This advisory opinion stems from a request for guidance from SIFMA and concerns the application of the fiduciary and prohibited transaction provisions of ERISA to certain "cleared swap" transactions conducted pursuant to provisions of the Dodd-Frank Act. It addresses: Whether clearing members are fiduciaries in exercising contractually determined rights in the event of a plan default or other specified events; Whether clearing members and CCPs are parties in interest to plans; and Whether the services performed, the guarantee of customer positions, and aforementioned exercise of rights by

SEC Chairman Elisse Walter gave opening remarks at the Foreign Bribery and Corruption Training Conference. Here are some of her main points: Chairman Walter acknowledged the diversity of the financial regulatory agencies around the globe and their different purposes and laws, but emphasized the importance of fair and honest financial markets for economic growth which can only be achieved by collaboration; Functioning financial systems are not only a question of complying with the law, but also a matter of nation-building; Stable financial markets create a cycle of international trade that

FINRA filed with the SEC a proposed rule change to amend FINRA rules in accordance with the provisions of the Regulation NMS Plan to Address Extraordinary Market Volatility. The proposal is described by FINRA as combining a so-called "Limit Up-Limit Down" rule with trading pauses. The rule amendments would be implemented on a one-year pilot basis. See: Text of Proposed Rule Change (links externally to FINRA website).

The CFTC granted the petition of Cantor Clearinghouse to amend its order of registration as a derivatives clearing organization ("DCO"). The amended order supersedes the order of registration that was issued to Cantor in April 2010. See: Cantor Clearinghouse, L.P. - Amended Order of Registration as a DCO.

The Committee on Banking, Housing and Urban Affairs will conduct a hearing on "Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections." The witnesses to Panel 1 include: The Honorable Mary J. Miller, Daniel K. Tarullo, Martin J. Greunberg, Thomas J. Curry, Richard Cordray, Elisse B. Walter and Gary Gensler. Click here for more details.