The CFTC issued a notice announcing the reopening of the comment periods for two Position Limits rulemakings. The notice was issued in anticipation of questions and comments that may arise during the CFTC Energy and Environmental Markets Advisory Committee ("EEMAC") meeting scheduled for February 26, 2015. The meeting will examine the impact of the proposed position limits and aggregation rulemakings on the ability of energy firms, utilities and producers to protect against fluctuations in the price of electricity, winter heating oil, gasoline, natural gas and other commodities. In connection

The SEC issued an Investment Management Guidance Update regarding the acceptance of gifts or entertainment by advisory personnel. According to the Guidance Update, a conflict of interest arises when a fund's investment advisor is presented with "gifts, favors, or other forms of consideration" from persons doing business or hoping to do business. Therefore, when fund advisory personnel act as agents, they are barred from accepting any source of compensation other than regular salary or wages for the purchase or sale of any property to or for the fund. The Guidance Update states that Investment

SIFMA submitted comments to the SEC on the proposed capital plan sought in a Notice of Filing of a Proposed Rule Change and in a Notice of Filing of an Advance Notice, both of which were filed by the Options Clearing Corporation ("OCC"). SIFMA stated that it supports the appropriate capitalization of the OCC and other systemically important financial market utilities. However, SIFMA explained, it is "vital" that the enhancements to the OCC's capital structure not "detract from or destroy the OCC's successful history of operating as an industry utility for the benefit of market participants."

In a letter to AllianceBernstein Income Fund, Inc. (the "Fund"), the SEC refused to confirm that it would refrain from recommending enforcement action if the Fund omitted a shareholder proposal from its proxy materials. The proposal suggests that the fund conduct a self-tender, possibly leading to either the Fund's liquidation or its conversion into an open-end fund. The SEC stated that it does not agree that the Fund may exclude the entire proposal or portions of a supporting statement under Exchange Act Rule 14a-8(i)(3). Additionally, the SEC explained, it is unable to conclude that the Fund

The North American Securities Administrators Association ("NASAA") issued a legislative agenda highlighting the policy priorities of state securities regulators for the 114th Congress. NASAA's legislative agenda includes four overarching principles: Expand and Strengthen Protections for Senior Investors:o Establish Senior Investor Protection Partnership Grant Programo Reduce Reliance on Payment Systems Most Conducive to Fraudo Adopt Diminished Capacity Legislation Promote Investor Confidence through Effective Regulation:o SEC Examination of Federally Registered Investment Adviserso Sustained