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Four industry trade associations submitted a letter to the CFTC requesting that the Division of Swap and Intermediary Oversight ("DSIO") provide a 9-month temporary exclusion from including an investment in a securitization vehicle as a "commodity interest," for purposes of § 4.13(a)(3) [Fund Exemption for CPO Registration] and/or § 4.5 [Fund Exclusion for CPO Registration] while DSIO develops guidance on the treatment of such investments in securitization vehicles. The associations (including the Managed Funds Association, the Investment Adviser Association, the Investment Company Institute

See below for date, rulemaking discussed, CFTC staff present, visitors, and organizations represented. WHEN: 9/10/2012 Rulemaking(s): General CFTC Staff: Commissioner O'MaliaAravind Menon Visitor(s): Tom Deutsch, American Securitization ForumJeremy Diamond, Annaly Capital ManagementJim Johnson, American Securitization ForumEllen Marks, Latham Watkins LLPEvan Stiegert, American Securitization ForumTejal Wadhwani, RBSIsvara Wilson, Bank of America Merrill LynchJames Young, Ford Organization(s): American Securitization ForumAnnaly Capital ManagementLatham Watkins LLPRBSBank of America Merrill

SIFMA issued a letter outlining the principal problems it concludes are posed for securitization markets in the absence of generalized relief from the proposed expansion of commodity pool regulation under the CEA. The problem raised in the letter is that the expanded scope of the definition of "Commodity Pool" under Title VII of the Dodd-Frank Act, which includes "swaps" as commodity interests, raises a question as to whether securitization entities that have entered or will enter into swaps could be viewed as commodity pools. In the letter, SIFMA expressed concern over the broad