The Investment Company Institute ("ICI") submitted comments to the CFTC regarding the proposal to modify the aggregation provisions of CFTC Rules Part 150 ("Limits on Positions"). According to the ICI, as investors in the futures and swaps markets, investment companies that are registered under the Investment Company Act of 1940 support the objectives of preventing market manipulation and price shocks in commodity markets. However, the ICI stated, the proper application of the aggregation provisions, including the proposed Independent Account Controller ("IAC") exemption from the aggregation

The National Futures Association ("NFA") issued a Notice reminding Members of their obligations with respect to CPOs and CTAs exempt from registration. According to the Notice, the CFTC rules require any person claiming an exemption from CPO registration under CFTC Rule 4.13 ("Exemption from Registration as a CPO"), an exclusion from CPO registration under Rule 4.5 ("Exclusion for Certain Otherwise Regulated Persons from the Definition of the Term 'Commodity Pool Operator'"), or an exemption from CTA registration under Rule 4.14(a)(8) ("Exemption from Registration as a CTA") to annually affirm

The Board of Governors of the Federal Reserve System ("FRB" or the "Board") announced that it is requesting comments on proposals to repeal Regulation DD ("Truth in Savings") and Regulation P ("Privacy of Consumer Financial Information"), as well as amendments to the Identity Theft Red Flags rule in Regulation V ("Fair Credit Reporting"). The FRB explained that Dodd-Frank transferred rulemaking authority for a number of consumer financial protection laws from the Board to the Bureau of Consumer Financial Protection ("CFPB"). Because the CFPB has already issued interim final rules that are

CFTC Acting Chairman Mark Wetjen and Commissioner Michel Barnier of the European Commission ("EC") announced at the Global Markets Advisory Committee meeting that there has been "significant progress" toward harmonizing the regulatory framework for CFTC-regulated swap execution facilities ("SEFs") and EU-regulated multilateral trading facilities ("EU MTFs"). The CFTC staff subsequently released two related no-action letters intended to implement the "Path Forward" statement issued by the regulators in July 2013, under which the regulators had agreed to work together. CFTC Letter 14-15 provides

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued two separate no-action letters providing relief to two commodity pool operators ("CPOs") that requested exemptions regarding annual reports. CFTC Letter 14-13 provided no-action relief to a CPO of two commodity pools from the requirements under CFTC Rule 4.7(b)(3) ("Annual Report Relief Available to CPOS") in order to permit the CPO to file an Annual Report for the pools for the period from July 19, 2013 (the date upon which the pools began trading) to December 31, 2014 (the close of the pools' fiscal year). The DSIO