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.