The IRS finalized regulations governing "identified mixed straddles" under Section 1092 of the Internal Revenue Code to prevent taxpayers from selectively triggering capital gains and losses by using identified mixed straddles. A mixed straddle is a straddle ( i.e., offsetting positions in personal property) where at least one, but not all positions are Section 1256 contracts subject to mark to market and 60/40 tax rules. In order to avoid character and timing mismatches of mixed straddles, a taxpayer can identify the transaction under Section 1092 and offset gains or losses from positions

The National Futures Association ("NFA") fined registered retail foreign exchange dealer and NFA member, Forex Capital Markets LLC ("FXCM"), for conducting business with an unregistered entity and for failing to submit trade data. According to the complaint, FXCM conducted business with a firm that was required to be registered with the CFTC as a CPO and an NFA Member. NFA found that FXCM did not take proper steps to ensure that the firm was properly registered. Additionally, FXCM failed to submit certain trade data to NFA through NFA's Forex Transaction Reporting Execution Surveillance System

The Managed Funds Association ("MFA") submitted a letter to the CFTC staff requesting clarifications to CFTC Letter 14-69, which established a streamlined process for receiving expedited no-action relief with respect to delegation of the commodity pool operator ("CPO") function by certain persons. MFA stated it is concerned that, absent clarification, affiliated directors of a fund might not be able to use the expedited no-action relief process. Specifically, MFA requested clarification from the CFTC that: the satisfaction of the delegation of investment management authority criteria is not

The Futures Industry Association ("FIA") announced that Gerald F. Corcoran, chairman and chief executive officer of R.J. O'Brien Associates LLC, was elected as chairman of FIA by its board of directors. Two new board members were also chosen: Jan Bart de Boer, board member and chief commercial officer of ABN AMRO Clearing Bank N.V., and Raymond Kahn, head of futures clearing and head of agency derivatives services, Americas, at Barclays. Se e: FIA Press Release.

In a Notice of Proposed Rulemaking ("NOPR"), FERC proposed to approve the physical security Reliability Standard ( CIP-014-1) submitted by the North American Electric Reliability Corporation ("NERC"). The purpose of the proposed Reliability Standard is to enhance physical security measures for the most critical Bulk-Power System facilities. NERC submitted the proposed Reliability Standard for Commission approval in response to FERC's March 7 Order, in which FERC determined that existing Critical Infrastructure Protection ("CIP") Reliability Standards did not specifically require entities to