The Division of Clearing and Risk of the CFTC announced that the second phase of required clearing for certain iTraxx credit default swap ("CDS") indices has begun for Category 2 Entities. Category 2 Entities include commodity pools, private funds, and persons predominately engaged in activities that are in the banking business or in activities that are financial in nature, except for third-party subaccounts. These entities are required to begin clearing iTraxx CDS indices that are subject to the clearing requirement under section 2(h) ("Clearing Requirements") of the CEA and Regulations 50.2

The Alternative Investment Management Association ("AIMA") released a statement on the findings from a joint AIMA and Ernst & Young survey on the progress towards implementation of the AIFMD. The results indicate that uneven progress is being made on implementing the AIFMD across the European Union. Although a majority of the 27 EU member states have transposed the AIFMD into law or drafted a final legislation awaiting parliamentary approval, the survey showed only 12 Member states have completed full legislation, and at least five member states have made little or no progress. Additionally

The SEC has adopted final amendments to Rule 506 ("Exemption for Limited Offers and Sales without Regard to Dollar Amount of Offering") of Regulation D, Form D and Rule 144A ("Private Resales of Securities to Institutions") under the Securities Act in order to implement Section 201(a) ("Modification of Exemption") of the JOBS Act and Section 926 ("Disqualifying Felons and Other 'Bad Actors' from Regulation D Offerings") of Dodd-Frank. The SEC is also publishing for comment a number of proposed amendments to Regulation D, Form D and Rule 156 ("Investment Company Sales Literature") under the

In connection with the JOBS Act amendments to Rule 506 of Regulation D, Form D and Rule 144A, the SEC has proposed numerous amendments to Regulation D, Form D and Rule 156 of the Securities Act. The proposed amendments: require the filing of Form D in 506(c) offerings before engaging in general solicitation; mandate the inclusion of certain disclosures and legends in general solicitation materials and the submission of such materials to the SEC; disqualify an issuer from relying on Rule 506 for one year, for future offerings, if the issuer did not comply with Form D filing requirements in the

The Municipal Securities Rulemaking Board (MSRB) has filed a proposed change to the SEC regarding Rule A-3 to modify the standard of independence for public MSRB board members. The proposed change has been published in the Federal Register. See: MSRB Proposed Rule Change in Fed Reg; Text of Proposed Rule Change.