In a testimony before the U.S. House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, Chairman Gensler gave a speech on the New Era of Swaps Market Reform. He generally repeated statements, or portions of statements, that he had made in the past. Lofchie Comment: One part of the speech that I thought an interesting development were Chairman Gensler's statements as to the regulation of non-U.S. entities. He said, "For firms that do register with the CFTC, we are very committed to allowing for substituted compliance, or permitting market participants to

The SEC is amending its regulations under the Exchange Act to extend the dates for certain requirements therein, and amending the General Instructions to Form 19b-4 to clarify the process for submitting advance notices and security-based swap submissions to the SEC. Further, the SEC is extending the dates with respect to the requirements that designated clearing agencies for which the SEC is the supervisory agency file advance notices and clearing agencies file security-based swap submissions with the SEC in an electronic format to dedicated email addresses to December 10, 2013. This is being

The CFTC's Division of Market Oversight (DMO) issued the attached no-action letter providing temporary no-action relief permitting transactions and relevant persons to continue to operate in compliance with various CEA exemptive and excluding provisions in place prior to July 16, 2011, subject to, among other conditions, various anti-fraud and anti-manipulation prohibitions. This relief is consistent with the intent to preserve the regulatory status quo with respect to transactions and persons described in certain paragraphs of the CFTC's expiring Second Amendment to July 14, 2011 Order (due

New rules and rule proposals have been announced from the SEC. Click on the links to view the SEC's notices of each rule change and proposal. BATS: Order Granting Approval of Proposed Rule Change to List and Trade Shares of the iShares Sovereign Screened Global Bond Fund FINRA: Proposed Rule - Change to Establish Optional TRACE Data Delivery Services and Related Fees (See also: Exhibit 5) FINRA: Notice of Filing of Amendment Nos. 1 and 2, and Order Granting Accelerated Approval of a Proposed Rule Change Relating to FINRA Rule 8210 ISE: Effective Immediately - Rule Change Regarding Payment for

In the attached no-action letter, the Staff of the SEC's Division of Corporation Finance stated that it will not recommend enforcement under Exchange Act Rule 14e-1(b), permitting the parties to announce any extensions of the tender offer in accordance with the timing and notice requirements of Brazilian law. Click here to view letter in full (links externally to SEC website). Incoming Letters: United States Counsel; Brazilian Counsel.