In this issue:

- Delaware Legislation Banning Fee-Shifting in Bylaws and Charters

- CFTC Proposes to Amend De Minimis Threshold for Swaps with Utility Providers

- CFTC Grants Recordkeeping Relief for Certain SEF and DCM Members

- CFTC Seeks Additional Comments on Position Limits for Physical Commodity Derivatives

- Eleventh Circuit Defines “Instrumentality” Under the FCPA

- Eleventh Circuit Clarifies Loss Amount Calculation for Securities Fraud Sentencing

- Second Circuit Holds Mandatory Broker Dealer Arbitration Not Available to Non-Customer

- Excerpt from CFTC Proposes to Amend De Minimis Threshold for Swaps with Utility Providers:

The Commodity Futures Trading Commission has proposed to amend the “special entity” de minimis exception from swap dealer designation to exclude certain swaps with public utility providers. The proposed regulations are substantively similar to no-action relief issued by the CFTC’s Division of Swap Dealer and Intermediary Oversight on March 21.