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The American Council of Life Insurers ("ACLI") submitted a statement to the Health, Education, Labor and Pensions Subcommittee criticizing the Department of Labor's proposed fiduciary duty rule. The ACLI statement was submitted at a Subcommittee hearing titled "Restricting Access to Financial Advice: Evaluating the Costs and Consequences for Working Families and Retirees." According to ACLI, the Department of Labor's proposed fiduciary rule will "restrict activities that encourage low-to-moderate-income Americans to save, stifle the formation of small business workplace benefit plans, and

The CFTC Division of Swap Dealer and Intermediary Oversight issued an advisory that provides guidance regarding requirements imposed on commodity trading advisors ("CTAs") resulting from Dodd-Frank. Dodd-Frank amended the statutory definition of CTA to include any person who engages in the business of advising others on swaps. As a result, provisions of the CEA and CFTC Rules applicable to CTAs may result in new advisory obligations. Additionally, according to the advisory, certain CTAs who were previously exempt from registration with the CFTC are now required to register due to the CFTC’s