The National Futures Association ("NFA") issued a notice to CPOs and CTAs regar ding changes to the CPO Form PQR and CTA Form PR. In the notice, the NFA explained that firms will have access to active and ended relationships in both the CPO Form PQR and CTA Form PR filings. Additionally, the NFA noted that in the PQR filing, a CPO will no longer be able to list itself as the trading manager for a pool it operates. The notice also mentioned that footing validations were added to the Schedule of Investments in the PQR filing. The changes are effective for the quarter ending on June 30, 2015. See

The National Futures Association ("NFA") issued an enforcement action against EdgeValencia and its two owners (collectively, "EV") for failing to observe high standards of commercial honor and just and equitable principles of trade. According to the NFA, EV recommended trades that were geared more towards maximizing commissions for themselves rather than customers. Moreover, the NFA found that EV used misleading and deceptive promotional material and the co-owners failed to diligently supervise the activities of the firm. See: EdgeValencia Complaint; EdgeValencia Decision; Edge Complaint; Edge

On July 6, 2015, the Court of Appeals for the First Circuit held in Franklin California Tax-Free Trust v. Commonwealth of Puerto Rico that the federal Bankruptcy Code preempted Puerto Rico's Debt Enforcement and Recovery Act (the "Recovery Act"). Under the Bankruptcy Code, Puerto Rico's municipalities are excluded from chapter 9 relief. Consequently, in June 2014, Puerto Rico passed the Recovery Act to establish "a debt enforcement, recovery, and restructuring regime for the public corporations and other instrumentalities of the Commonwealth of Puerto Rico during an economic emergency."

U.S. Senator Chris Coons (D-DE) reintroduced the Master Limited Partnerships Parity Act ( S. 1656). An identical bill, H.R. 2883, was reintroduced in the House by Representative Ted Poe (R-TX). The legislation, which has bipartisan sponsors, was introduced in the two previous Congressional sessions. The bill amends Section 7704 of the Internal Revenue Code to permit income and gains from a number of renewable energy and energy efficiency technologies to be classified as qualifying income for Master Limited Partnership ("MLP") status. Master Limited Partnerships are publicly traded partnerships

The NFA issued separate enforcement actions against two firms. AMP Global Clearing LLC. The NFA charged AMP Global Clearing ("AMP") and its president and principal with failing to supervise Amp's operations diligently to ensure that they complied with regulatory requirements. The NFA found that AMP had deficiencies in multiple operations – including AML procedures, risk management and the way it accrued for expenses – that resulted from "lax internal controls and oversight." Spencer Capital Management LLC. The NFA charged Spencer Capital Management ("Spencer Capital") with failing to provide