In 2003, the CFTC issued a rulemaking that provided that an entity was not required to register as a CPO, subject to limiting sales in the relevant fund limited to accredited investors and to limiting the extent of investment by the fund in commodity derivatives. (See (Aug. 18, 2003)). This exemption was rescinded, as part of post-Dodd Frank rulemakings in 2012. (See (Feb. 24, 2012)).  

The case for providing the exemption is actually much stronger now than it would have…

The battle over Governor Cook is interesting from a whole variety of angles, to name a few:

1)  Does the Constitution provide for the "independence" of a federal agency?

2)  Can the Federal Reserve Board demonstrate that its independence has enabled it to control inflation?  Didn't it fail at that goal during the BIden Administration?   Has the Federal Reserve Board acted in a genuinely apolitical manner?  

3)  Is it really the…

Twenty years ago, SEC Chair (then Commissioner) Atkins and then Commissioner Glassman voted against the adoption of Regulation NMS. (See .) The dissent was notable in its time because it happened in a less partisan era, when dissents at the SEC were particularly rare; in this case, it was even more unusual because the two dissenting Commissioners were Republican and the Republican Chair passed Regulation NMS with the vote of the two Democrats.

The dissent, which runs 44 pages,…

Senators Warren and Reed's assertion that mandatory arbitration is inconsistent with Section 14 of the Securities Act or Section 29 of the Exchange Act was expressly rejected by the U.S. Supreme Court in . That case held that the Federal Arbitration Act "establishes a federal policy favoring arbitration." That is not inconsistent with either provision of the Securities Laws cited by the Senators. If the Senators seek to overturn the Supreme Court's understanding of the Arbitration Act and…