The SEC has issued a report stemming from an inquiry into Eurex, a German derivatives exchange that was offering and selling futures to U.S. customers on what was initially a broad-based index not subject to the registration requirements of the federal securities laws. In October of 2011, Eurex reviewed the index for the first time in response to a request by the Commodity Futures Trading Commission ("CFTC") to confirm it was still broad-based. During the review, Eurex discovered and self-reported to the SEC and CFTC that the index had transitioned in April 2010 from a broad-based to a narrow-based security index as defined by Section 3(a)(55)(B) of the Securities Exchange Act of 1934. The SEC's report notes that when swaps are securities-based, investment professionals must ensure that they are following the registration requirements of the federal securities laws and appropriately offering these financial instruments to U.S. investors. SEC Press Release 2013-150. Reuters noted that the SEC is not charging Eurex because of its "substantial and timely cooperation," but is issuing the report as a warning to all foreign exchanges.