Linked below is an article entitled "Drums along the Potomac," focusing on the process by which the CFTC Cross-Border Guidance and Exemptive Order were issued, and on possible personnel developments at the Commission. See: Click here to view the article in full.The above link is an excerpt from the most recent issue of Energy Metro Desk, which is published biweekly by Scudder Publishing Group, an energy trade news publishing company based in the Washington, D.C., metropolitan area. Those interested in learning more about the Energy Metro Desk may do so by linking to www.energymetro.com or

The SEC's Division of Corporation Finance designate the Malta Stock Exchange plc as a "designated offshore securities market" within the meaning of Rule 902(b) ("Definitions") of Regulation S under the Securities Act. See: SEC Division of Corporate Finance No-Action Letter. See also: Incoming Letter.

Commissioner Wetjen explained how he was persuaded to support the CFTC's Cross-Border Guidance and Exemptive Order. As to the timing, Commissioner Wetjen said (i) on the one hand, the CFTC "was not in a good position to delay these [cross-border] policy judgments any longer and (ii) on the other hand, "it could turn out that these compliance dates are too aggressive with respect to certain requirements," and thus the CFTC should be prepared to issue delays. Lofchie Comment: On the issue of timing, the new requirements are unreasonable. Thus, we re-experience a now familiar cycle of the CFTC

CFTC Commissioner Scott D. O'Malia delivered a speech to fellow CFTC Commissioners and international regulators thanking them for their work in modifying the Cross-Border Guidance and Exemptive Order. In his remarks, Commissioner O'Malia advocated his preference for engaging international regulators before the release of the Proposed Guidance instead of imposing statutorily weak guidance in haste. In addition, Commissioner O'Malia supported a 75-day comment period on the Exemptive Order in order to market participants to comply with the CFTC's last-minute guidance. See: Commissioner O'Malia's

Commissioner Daniel M. Gallagher of the SEC delivered a speech that was primarily focused on proxy issues. Commissioner Gallagher made two major points. The first one, which he made only briefly, was that SEC requirements have likely increased the number of proxy items that are available for investor vote to the point that the ability to vote is more of a burden than it is an empowerment. The second is that investment advisers take the view, based on two SEC staff no-action letters, that they are relieved of the burden of considering how to vote on proxies so long as they follow the advice