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The Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act (CEA), and allowed an affiliated CPO ("designee"), which is in each case the investment manager of the relevant pool, to serve as the CPO of the pool instead where the following conditions were met: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner

The SEC is proposing to extend the effectiveness of Rule 206(3)-3T under the Advisers Act, a temporary rule that establishes an alternative means for investment advisers that are registered with the SEC as broker-dealers to meet the requirements of Section 206(3) of the Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment would extend the date on which Rule 206(3)-3T will sunset from December 31, 2012 to December 31, 2014. During that extended period, the SEC intends to study, among other things, the standard of care

The CFTC Division of Swap Dealer and Intermediary Oversight (DSIO) issued the attached letter that clarifies, and significantly broadens, in light of the recent court decision regarding the CFTC’s position limits rule, the scope of the bona fide hedging exemption from the trading thresholds as applied to registered investment companies pursuant to Rule 4.5. Lofchie Comment: Although not remarked on in the letter, the CFTC's expansion of its registration requirement as to registered investment companies is also the subject of challenge in the courts. See news item. See: CFTC Letter 12-19

MFA submitted a comment letter to the SEC in response to its proposed implementation of JOBS ActSection 201 ("Modification of exemption"). In this letter, MFA expressed support for the SEC's proposed approach for an issuer to take reasonable steps to verify that a purchaser is an accredited investor. MFA recommended, however, that the SEC include a safe harbor in the final version of Rule 506(c) that would deem an issuer to have complied with the verification requirement if a purchaser does the following: (i) provides certifications that it is an accredited investor and has not obtained