In this issue:

- SEC Proposes Rules for Security-based Swap Activity of Non-US Persons in the United States

- FINRA Proposes Exemption From the TAF for Proprietary Trading Firms

- SEC Approves Pilot to Assess Tick Size Impact for Smaller Companies

- CFTC Determines That Wholly Owned Securitization SPVs of Captive Finance Companies May Elect End-User Exception

- CFTC’s Market Risk Advisory Committee to Meet on June 2

- District Court Dismisses Securities Class Action Against Electronic Arts

- District Court Denies Motion to Dismiss Securities Class Action Against Urban Outfitters

- ESMA Releases Final Guidance on the Definition of Physically Settled Commodity Derivatives Under MiFID I

- Further Delays in Transatlantic Clearing Accord

- Excerpt from SEC Proposes Rules for Security-based Swap Activity of Non-US Persons in the United States:

On April 29, the Securities and Exchange Commission (SEC) proposed some additional rules for security-based swaps (SBS) that reflect a firm belief (shared by the Commodity Futures Trading Commission) that derivatives activity that takes place in the United States must be subject to relevant US regulation even if the resulting transaction will be one involving only non-US persons.