The CFTC will hold a public meeting to consider a final rule on core principles and other requirements for designated contract markets and a proposed order amending the effective date for swap regulation. View the May 3rd Press Release here. Opening Statements: Opening Statement of Chairman Gary Gensler Opening Statements of Commissioner Bart Chilton Opening Statements of Commissioner Jill Sommers Opening Statement of Commissioner Scott D. O’Malia Opening Statement of Commissioner Mark Wetjen Additional Materials: Fact Sheet: Final Rulemaking Regarding Core Principles and Other Requirements

The SEC today charged a Scotland-based fund management group for fraudulently using one of its U.S. fund clients to rescue another client, a China-focused hedge fund struggling in the midst of the global financial crisis. The Scotland-based group was charged with certain violations of the antifraud, affiliated transaction, reporting, and compliance provisions of the Investment Advisers Act of 1940 and the Investment Company Act of 1940. View release in full here (links externally to SEC site).

See: 77 FR 27150 The SEC is "reopening," for thirty days, the comment period for a variety of proposed amendments, some of which are quite material, to its net capital, customer protection, books and records, and notification rules for broker-dealers. Among the more material proposals are that (i) a broker-dealer carrying the assets of another broker-dealer, including a non-U.S. broker-dealer, would effectively be required to treat the carried assets as customer assets; and (ii) a prohibition on second liens on a broker-dealer's margin account. The proposals were originally issued by the SEC

NASAA/SEC 19(d) Conference Washington, D.C. In discussing partnership opportunities for the SEC and NASAA, Commissionar Aguilar discussed a number of issues where he sees federal and state regulatory cooperation and collaboration as critical to the success of the underlying policy. Cross References: Dodd-Frank Sections 403 and 911; Advisers Act Section 203(b)(3); Exchange Act Sections 39(b)(1)(C), 39(b)(1)(B), and 39(b)(1)(D)(i); JOBS Act Section 302(c). View speech in full here (links externally to SEC website).

Permitting broker-dealers to take account of security futures contracts as offsets to the exposure on equity options for purposes of determining capital charges pursuant to Appendix A of Rule 15c3-1. SEC No-Action Letter Date of letter: 05/04/2012 This rule is discussed in Lofchie's Guide to BD Regulation, Capital Requirements.