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IOSCO determined that further analysis of "Loan Funds" is not warranted at this stage, since regulators believe their current general rules for this "so-called 'shadow banking activity,'" address systemic risks sufficiently.

The National Futures Association ("NFA") submitted its proposed amendment to Rule 2-45, as well as an interpretive notice to the CFTC. Prior to the proposed amendment, Rule 2-45 prohibited a commodity pool operator ("CPO") from permitting a commodity pool to make a direct or indirect loan or advance of pool assets to the CPO or its affiliates. As amended, Rule 2-45 will allow the following types of loans to CPOs made in the normal course of business: A pool which is selling a security short may borrow the security from a pool operated by the same CPO, provided the pool which is lending the