In this issue:

- CFTC Adopts Final Rules for Execution Facilities and Other Matters

- FINRA Issues Interpretive Guidance on Use of Back Tested Index Data by ETPs

- Mississippi District Court Defers to New York Court in Bond Action

- Involuntary Bankruptcy Petitions Dismissed Where Alter Ego Status Was Disputed

- Federal Reserve Requires 18 Largest US Bank Holding Companies to Submit Stress Test Results

- Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

- FDIC Division Director James R. Wigand Testifies on Cross-Border Resolution Plans

- OCC Issues Clarification of the Treatment of Certain Sovereign and Securitization Positions

- Excerpt from: FDIC Division Director James R. Wigand Testifies on Cross-Border Resolution Plans

On May 15, James R. Wigand, Director, Office of Complex Financial Institutions of the Federal Deposit Insurance Corporation (FDIC) testified before the U.S. Senate Subcommittee on National Security and International Trade and Finance. In his concluding remarks, Director Wigand stated, “In conclusion, the FDIC, working with our foreign colleagues, has made substantial progress in one of the most challenging areas of the financial reforms adopted in the Dodd-Frank Act. The cross-border issues presented by the failure of a [global systemically important financial company] with international operations are complex and difficult. … While much work remains to be done, the FDIC is much better positioned today to address the failure of one of these institutions.”