The CFTC issued no-action relief from the commodity pool operator ("CPO") financial statement requirements of CFTC Rule 4.22 and the disclosure requirements of Rule 4.24(s) with respect to an insurance-linked securitization vehicle ("ILS Vehicle"). The relief was granted on the condition that the CPO provides specified disclosures and monthly statements that include information concerning the assets of the ILS Vehicle and the terms of, and payments under, the related swap. See: CFTC Letter 14-145.

SIFMA submitted a comment letter to the MSRB regarding proposed amendments to MSRB Rule G-20, relating to gifts, gratuities and non-cash compensation given or permitted to be given by brokers-dealers and municipal securities dealers. The draft amendments are intended to apply Rule G-20 and the related recordkeeping requirements of MSRB Rules G-8 and G-9 to municipal advisors. According to SIFMA, the current standards set forth in MSRB Rule G-20 as they relate to dealers are strict enough to cover an entity with a fiduciary duty. SIFMA expressed concern, however, about the prohibition of

The Second Circuit upheld a decision by Judge Rakoff of the Southern District of New York in the Madoff case limiting the trustee’s ability to avoid (or "claw back") transfers of assets to Madoff's customers. Applying the avoidance safe harbor contained in Section 546(e) of the Bankruptcy Code (which is incorporated into the Securities Investor Protection Act), the Second Circuit construed the term "securities contract" broadly to include the brokerage agreements entered into between Bernard L. Madoff Investment Securities LLC ("BLMIS") and its customers. The court found that the brokerage

The SEC Division of Corporation Finance updated its Compliance and Disclosure Interpretations to replace and revise the interpretations published in the Regulation AB Manual of Publicly Available Telephone Interpretations regarding Regulation AB telephone interpretations. Se e: Updated Compliance and Disclosure Interpretations.

The U.S. Senate Committee on Agriculture, Nutrition, and Forestry will hold a hearing on December 10, 2014, titled, "The Commodity Futures Trading Commission: Effective Enforcement and the Future of Derivatives Regulation." The hearing will examine the CFTC's recent activities, what resources the CFTC will need in order to continue to effectively regulate derivatives, and how the CFTC plans to complete its Dodd-Frank responsibilities. CFTC Chair Timothy Massad is scheduled to testify. See: Senate Ag Committee Press Release; CFTC Press Release.