In March 2013, the CFTC approved amendments to NFA Compliance Rule 2-46 to require CTAs to file NFA Form PR with the NFA on a quarterly basis, within 45 days of the end of each calendar quarter. However, the NFA delayed implementation of these reporting requirements at that time. The NFA has now issued Notice I-13-24, which notifies CTAs that they will be required to file NFA Form PR commencing with the quarter ending September 30, 2013. This first filing will be due on November 14, 2013. NFA Form PR requires CTAs to provide the following information: (i) Information Required on CFTC Form CTA

The Managed Funds Association ("MFA") and the Alternative Investment Management Association ("AIMA") submitted a letter to the European Securities and Markets Authority ("ESMA") in response to a consultation paper regarding regulatory technical standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of European Market Infrastructure Regulation ("EMIR"). In the letter, the MFA and the AIMA asked ESMA to clarify whether a fund that is "established" in a third country is subject to the rules of that country's regime, and also made

The House Financial Services Subcommittee on Capital Markets will hold a hearing to examine the SEC's rule proposal to further reform the regulation of money market mutual funds ("MMFs") on Wednesday, September 18. Among the reforms proposed is a requirement that "prime" MMFs adopt a floating net asset value per share instead of a stable $1.00 share price, as well as a proposal to allow MMF directors to impose liquidity fees and redemption gates in times of stress. The meeting will be a one-panel hearing with five witnesses, including representatives from the National Association of State

The CFTC announced Vincent A. McGonagle as the new Director of the Division of Market Oversight. The division which he will head oversees trade execution facilities and data repositories, conducts market surveillance, reviews new exchange applications, and examines existing exchanges to ensure compliance with applicable CFTC principles. See: CFTC Press Release.

The American Bankers Association ("ABA") submitted comment letters to the U.S. Treasury and Prudential Regulators regarding the CFTC's October 10 clearing requirement for interest rate and index credit swaps entered into between overseas branches and non-U.S. customers, and the conditions under which a swap is to be executed with an overseas branch. The letters stated that the ABA believes that key aspects of the CFTC's interpretations on cross-border implementation will "impose avoidable harm on U.S. businesses through measures that are not required to meet its systemic risk management goals"