The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued an exemptive letter that provides relief regarding the filing of CFTC Form CPO-PQR for those CPOs that are registered but have no reporting obligations under Part 4 of CFTC Rules. According to the letter, DSIO granted the relief because the requirement that CPOs which only operate pools, pursuant to CFTC Rule 4.5 or 4.13(a)(3), report on Form CPO-PQR would provide limited additional information beyond that which is already available to the CFTC as part of the registration process and the CPO's ongoing obligations as a

In response to a request for relief from the American Council of Life Insurers, the CFTC Division of Swap Dealer and Intermediary Oversight issued an interpretation of CFTC Rule 4.10(d) and CEA Section 1a(10), both of which define the term "commodity pool." Specifically, the CFTC is interpreting the definition of "commodity pool" not to include a vehicle to which wholly owned subsidiaries of a single life insurance company contribute their general account assets, and which invests directly or indirectly in commodity interests. See: CFTC Letter 14-113.

The CFTC announced that, on September 17, 2014, it will hold a public meeting to consider (i) a proposed rule on margin requirements for uncleared swaps and (ii) a final rule on utility special entities (which, presumably, will make it easier for such entities to enter into swaps with entities that are not themselves CFTC-registered swap dealers). See: CFTC Press Release.

CFTC Chair Timothy Massad announced in a recent interview that the CFTC is planning to bolster its examinations of clearinghouses ("CCPs") to ensure their health. He noted that the CFTC will work with the Board of Governors of the Federal Reserve System on the effort. Chair Massad cited new rules, which require banks and other firms to use CCPs owned by LCH.Clearnet Group Ltd, CME Group and ICE, as examples of how intensifying the oversight of CCPs can help "monitor and mitigate risks" without eliminating them. Separately, in an online commentary, University of Houston Finance Professor Craig

The MSRB proposal to add Rule G-18, which would establish the explicit requirement that municipal securities dealers seek the most favorable price possible when executing transactions for retail investors, was published in the Federal Register. The proposal also includes amendments to Rule G-48 ("Transactions with Sophisticated Municipal Market Professionals") and Rule D-15 ("Sophisticated Municipal Market Professional"). The MSRB requested that the proposed rule change be approved with an implementation date one year after the SEC approval date. Comments on the proposal are due by September