In a comment letter, the Managed Funds Association ("MFA") requested that the CFTC clarify certain provisions of proposed rules designed to simplify the regulatory obligations of commodity pool operators ("CPOs") and commodity trading advisors ("CTAs"). As previously covered, the CFTC proposed simplifying regulatory obligations for CPOs and CTAs by codifying certain staff advisories and no-action relief issued under Part 4 of the CFTC Rules. The MFA requested that the CFTC: clarify the process for CPOs to comply with the proposed new requirement to disclose statutory disqualifications when

A former broker-dealer agreed to settle FINRA charges for failing to "establish, maintain, and enforce procedures reasonably designed to achieve compliance . . . with rules relating to options origin codes." According to the Letter of Acceptance, Waiver and Consent, a broker-dealer, acquired by E*TRADE Futures LLC ("E*TRADE") in 2016, routed to other firms various options orders that were marked "Customer" instead of "Professional Customer." FINRA noted that the inaccurate codes potentially could affect the priority of order execution on certain exchanges and FINRA's ability to oversee and

In a joint statement, SEC Chair Jay Clayton and CFTC Chair J. Christopher Giancarlo said they look forward to working together to consider the various issues raised with respect to the CFTC's proposed rulemaking about the swap dealer de minimis exception. However, they said that the agencies have not interpreted joint rulemaking to be necessary with respect to the de minimis exception to the swap dealer definition. Mr. Clayton and Mr. Giancarlo expressed commitments to harmonizing their respective agencies' swap dealer and security-based swap dealer regulations under Title VII of the Dodd

The SEC approved an MSRB proposal to amend certain municipal fund securities reporting requirements under Form G-45. The form amendments will become effective on June 30, 2019. As previously covered, the MSRB is amending Form G-45 to clarify data elements and to require additional data from underwriters of college savings plans ( i.e., "529 savings plans") and Achieving a Better Life Experience ("ABLE") programs (issued under the ABLE Act). The amendments (i) clarify a data element concerning the program management fee assessed by a 529 savings plan or ABLE program, (ii) add a data element

The SEC, MSRB and FINRA opened registration for the Compliance Outreach Program for Municipal Advisors. The program, which provides a forum for municipal advisory industry professionals to discuss various regulatory and compliance issues with regulators, will be held at the Hyatt Regency in San Francisco, California, on February 7, 2019.