Remarks by CFTC Commissioner Jill Sommers CFTC Commissioner Sommers discusses policy issues in connection with the agency's implementation of the Dodd-Frank Act, the European Market Infrastructure Regulation, and the European Commission's proposals to amend both the Markets in Financial Instruments Directive (MiFID) and Markets in Financial Instruments Regulation (MiFIR). She also commented in regards to the CFTC's position limit rules, noting that: i) "The Commission's final rules narrow the circumstances under which bona-fide hedgers can hedge their price risk, make it more inefficient for

NFA Notice I-11-16 The Notice pertains to several amendments to NFA's Requirements that govern the retail forex activities of NFA Members. These amendments to NFA's Interpretive Notice entitled Compliance Rule 2-36(e): Supervision and Use of Electronic Trading Systems and NFA Compliance Rule 2-40 and the related Interpretive Notice entitled NFA Compliance Rule 2-40: Procedures for the Assignment and Liquidation of Forex Positions; Cessation of Customer Business became effective on November 15, 2011. Cross References: NFA Interpretive Notice Compliance Rule 2-36(e): Supervision and Use of

NFA Notice I-11-21 The Notice pertains to recently approved amendments by the CFTC to NFA Bylaws 1301 and 1302 and to the related Interpretive Notice entitled Forex Transactions. These amendments, which modify the current dues and assessment fee structure applicable to Forex Dealer Members (FDMs) and non-FDM Forex Members, are effective February 1, 2012. Cross References: NFA Bylaws 1301 1302; NFA's September 2, 2011 submission letter

November 2011 The Non-Investment Products Code for principals and broking firms in the wholesale markets has been updated.

CFTC Press Release 6148-11 The CFTC will hold a public meeting on Monday, December 5, 2011, at 9:30 a.m., on the following topics: (1) Final Rule on Investment of Customer Funds and Funds Held in an Account for Foreign Futures and Options Transactions; (2) Further Notice of Proposed Rulemaking on Process for Making a Swap Available to Trade under Section 2(h)(8) of the Commodity Exchange Act (3) Final Rule on Registration of Foreign Boards of Trade (4) Proposed Interpretation for Retail Commodity Transactions under Commodity Exchange Act Section 2(c)(2)(D) Cross References: 75 FR 67642; 76 FR