SEC updated its FAQ page for Form PF. The revised FAQ has information on: (A) general filing information; (B) hedge funds; (C) liquidity funds; (D) private equity funds; (E) aggregation of funds and accounts; (F) funds of funds; (G) definitions of net asset value and various calculations; (H) master-feeder arrangements; and (I) questions as to specific items on Form PF. Lofchie Comment: I hope that the GAO will do a study on the manner in which Form PF was produced. Even if one believes that there will eventually be benefit derived from the Form, and I think that there will be, I have no doubt

Norm Champ, Director of the SEC's Division of Investment Management ("IM") delivered a speech stating that, while the bulk of rulemaking related to investment advisers as required by the Dodd-Frank Act is complete, IM is continues to work on other required rulemakings such as general solicitation and the Volcker Rule. IM is also in the process of conducting a review of active, inactive and potential rulemaking initiatives to develop potential discretionary rulemaking initiatives. Director Champ noted that the three short-term regulatory priorities of IM were: (1) potential money market mutual

Norm Champ, Director of the SEC's Division of Investment Management ("IM") highlighted short-term and longer term regulatory priorities of IM. Director Champ's speech focused on one of the longer term initiatives, that is, the review of rules that apply to private fund advisers, and specifically on advertising and Form ADV. With regard to advertising, Director Champ stated that IM is considering issues raised by private fund advisers regarding the advertising rule and considering whether to take any action. Director Champ mentioned that IM is also working on a proposal to amend Regulation D to

SIFMA submitted the attached comments to the CFTC requesting an extension of the time-limited, no-action relief for CPO registration in relation to securitization vehicles granted by CFTC letter 12-45. According to the "SIFMA" letter, a CFTC dialogue with market participants and industry representatives is ongoing. In addition to pending questions raised about the characterization of particular structures, securitization market participants continue to be actively engaged in discussions with the Division of Swap Dealer and Intermediary Oversight regarding the many respects in which the

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 to Amend Exchange Rules in Connection with the Limit Up-Limit Down Plan (See also: Exhibit 5) BATS: Effective Immediately - Rule Change Related to Fees for Use of BATS Exchange, Inc. (See also: Exhibit 5) BYX: Effective Immediately - Rule Change to Amend Exchange Rules in Connection with the Limit Up-Limit Down Plan (See also: Exhibit 5) C2: Notice of Filing of Proposed Rule Change Relating to the