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CFTC Dodd-Frank Rulemaking 76 Fed. Reg. 11701 March 3, 2011 The CFTC is proposing to amend its regulations affecting the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs) in order to have those regulations reflect changes made to the Commodity Exchange Act by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Proposal is intended to clarify and ensure that the requirements governing the operations and activities of CPOs and CTAs continue to apply to these intermediaries in the context of their involvement with

SEC Release No. IA-3175 March 14, 2011 The SEC published a settled administrative action against an investment advisor relating to (1) the firm's failure to disclose to advisory clients certain financial benefits that its affiliated broker-dealer received; (2) the firm's failure to provide prior written disclosure to clients that it would engage in fixed income transactions on a riskless principal basis ( i.e. rather than as agent); and (3) for failing to adopt and implement policies and procedures designed to prevent violations of the Advisers Act and for failing to maintain and enforce a

SEC No-Action Letter re. Omission of Shareholder Proposal Pursuant to Rule 14a-8 for H&Q Life Sciences Investors March 24, 2011 The SEC Division of Investment Management granted no-action relief to an fund to omit a shareholder proposal from its proxy statement for its 2011 annual meeting. The Division found that the proposal was "substantially duplicative" of a previously submitted proposal that was included in the fund's proxy materials, and thus could be omitted under Exchange Act Rule 14a-8(i)(11). Cross References Incoming Letter Exchange Act Rule 14a-8(i)(11)

CFTC No-Action Letter 11-01 March 22, 2011 The Division of Clearing and Intermediary Oversight provided no-action relief to the general partners of two commodity pools from registering as CPOs under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO ("designee") to serve as the CPO of the pools instead, where, among other things: (1) the general partners and the designee are under common ownership and control; (2) the general partners have delegated all of their management authority to the designee; (3) the general partners do not engage in the solicitation

MFA Comment Letter RIN 3038-AD30 April 12, 2011 MFA submitted comments to the CFTC on its proposal to rescind sections 4.13(a)(3) and (a)(4), exemptions from registration as a commodity pool operator (CPO), in which it expressed concerns that wholesale rescission of these exemptions would require many investment advisers to dually register as CPOs, and require unnecessary, duplicative and burdensome regulation. MFA recommend that the Commission preserve and amend the exemption in: (1) section 4.13(a)(4) for an investment adviser who is registered with the SEC; and (2) section 4.13(a)(3) for an