The Futures Industry Association ("FIA") submitted comments to IOSCO regarding its recommendations in its Protection of Client Assets Consultation Report. In the letter, FIA states that while it generally supports the principles, it has concerns with two proposals. Principle 5 would require intermediaries, such as futures commission merchants, to highlight to their customers the material differences in client asset protection and/or insolvency regimes outside of their home jurisdictions. FIA cautioned that the intermediary is not in the position of a legal advisor to its clients. FIA also

The Futures Industry Association ("FIA") submitted a letter to the CFTC's division of market oversight seeking limited relief from reporting requirements under CFTC Rules Part 46 ("Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps"). The relief would only apply to so-called "contingent" swaps, which are either immediately transformed into futures or terminated as if they had never existed. The relief requested would be available for trades occurring in the contingent EFS and EOO markets for CME Group Clearport and ICE contracts, and for energy swaps

The SEC's Division of Trading and Markets issued a no-action letter to FundersClub Inc. and FundersClub Management LLC from the broker-dealer registration provisions of Exchange Act Section 15(a)(1). The FundersClub entities function as venture capital fund advisers that solely advise venture capital funds as defined in Advisers ActRule 203(l)-(1) ("Venture Capital Fund Defined"). As compensation for their advisory activities, the FundersClub entities may receive carried interest, i.e., a percentage of any profit realized upon liquidation of an advised fund. Applicable conditions include

The NFA submitted the attached comment letter to IOSCO regarding the Board's recommendations concerning the Protection of Client Assets Consultation Report. The NFA asserts generally that it believes - especially in light of the MF Global and Peregrine Financial Group ("PFG") losses - that the process to refine and improve regulatory protections must be "ongoing and constant." More specifically, the NFA states in the letter that, while it broadly supports the recommended principles set out in the Report, it has concerns regarding the means of implementation for Principle 5. (Principle 5

New SRO rules and rule proposals have been announced by the SEC. Click on the links below to view the SEC's notices of each rule change and proposal. BATS: Effective Immediately - Rule Change Related to Fees for Use of BATS Exchange, Inc. (See also: Exhibit 5) BATS: Effective Immediately - Rule Change Related to Fees for Use of BATS Exchange, Inc. (See also: Exhibit 5) CBOE: Effective Immediately - Rule Change to Amend Order Type and Auction Rules in Advance of Mini-Option Launch (See also: Exhibit 5) NASDAQ: Effective Immediately - Rule Change Relating to Fees and Rebates for Mini Options