The attached Appendix A provides a summary of the haircuts required to be taken in computing the capital value of various securities. Lofchie Comment: Be aware that the summary of the net capital haircuts omits quite a bit of material information. For example, the summary says that the haircut on equities is generally 15% - which is true - but says nothing about the fact that many unlisted or non-U.S. equities receive a 100% haircut. View Summary here (links externally to NFA website).

The NFA issued a revised version of its self-examination questionnaires for FCMs, FDMs, IBs, CPOs and CTAs. NFA member firms are required to complete relevant sections of these questionnaires on an annual basis. The revised version of the Questionnaire incorporates revisions to the CPO Supplemental Questionnaire to update Form PQR reporting requirements to reflect recent amendments to NFA Compliance Rule 2-46 (see p. 35 of the Questionnaire). For further guidance on the revised Form PQR reporting requirements, see the Cadwalader News article, attached here. For ease of reference, we set out

The MFA, the American Council of Life Insurers ("ACLI"), and the Alternative Investment Management Association ("AIMA") (collectively, the "Associations") submitted a joint letter to SEC Chairman White and CFTC Chairman Gensler with a request for action by the two commissions to improve coordination and to facilitate portfolio margining for customers in the cleared credit default swaps ("CDS") market - and, more specifically, to lower margin requirements, particularly on single-name CDS regulated by the SEC. In the letter, the Associations expressed members' concerns with the SEC Staff's

The MFA submitted a comment letter to the UK's Financial Conduct Authority in response to the FCA's second consultation paper on implementation of the AIFMD. In the letter, the MFA encouraged the FCA to: (1) amend the proposed FCA regulations to provide a one-year transition period for all fund managers covered by the AIFMD; (2) permit UK fund managers to use one or more depositories when marketing non-EU funds; (3) adopt, as proposed, a qualitative approach with respect to determining when a delegation arrangement would lead to a so-called "letter box" entity; (4) adopt a residence test

The CFTC will consider the "pre-trade" transparency module that includes the swaps block rule, the swap execution facility rule and the made available to trade rule. The public meeting will take place on Thursday, May 16, 2013, at 10:00 am. Click hereto learn more (links externally to CFTC website).