In this issue:

- Derivatives

- Compensation

- Regulatory Capital

- Credit Ratings

- Financial Market Infrastructure

- Financial Services

- Funds

- Enforcement

- Consumer Protection

- People

- Events

- Excerpt from Derivatives:

CFTC Extends Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Valuation Reporting Obligations -

On 1 July 2014, the US Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight extended the relief provided in no-action letter 13-34. The no-action letter provides relief to Swap Dealers and Major Swap Participants from the obligation to report valuation data for cleared swaps as required by CFTC regulations. The no-action letter provides that the CFTC will not take enforcement action against a Swap Dealer or Major Swap Participant for failure to comply with such reporting requirements until 30 June 2014.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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