NASAA seeks comments on the proposed amendments to the Model Rule to disqualify advisers from use of the private fund exemption if the adviser or its advisory affiliates are subject to an event that would disqualify an issuer under new Rule 506(d)(1) of SEC Regulation D; this paragraph on "bad actors" was added by the newly adopted JOBS Act rules. The amendments would include a transition from referring to Rule 262 to Rule 506 disqualification language in the Model Rule. NASAA believes that this proposed change will enhance investor protection and serve as a better set of disclosures for use

The IIB has submitted a comment letter to the CFTC regarding the July cross-border Exemptive Order and the Interpretive Guidance and Policy Statement. The letter seeks transitional relief beyond that contained in the order, identifying four key areas that transitional relief was not provided under the Exemptive Order, but for which the IIB sees relief as necessary: (i) the bona fide "foreign branch" test, (ii) guidance regarding U.S. branches of non-U.S. swap dealers and MSPs, (iii) large trader reporting, and (iv) the application of legal entity identifier recordkeeping requirements to

FINRA has filed a proposed rule change to add to Rule 5210 ("Publication of Transactions and Quotations"). The rule change will emphasize that wash sale transactions are generally non-bona fide transactions and that members have an obligation to have policies and procedures in place to review their trading activity for, and to prevent, wash sale transactions. Lofchie Comment: Here is the key language from the proposed rule (emphasis added): "Transactions that originate from unrelated algorithms or separate and distinct trading strategies within the same firm would generally be considered bona

The CFTC has published proposed amendments in the Federal Register regarding regulations to establish additional standards for compliance with the DCO core principles set forth in Section 5b(c)(2) ("Common Provisions Applicable to Registered Entities") of the CEA. Systematically important DCOs and Subpart C DCOs would be required to comply with the requirements applicable to all DCOs. In addition, the Commission is proposing certain delegation provisions and technical clarifications. See: 78 FR 50260. See also: CFTC Publishes Enhanced Risk Management Standards for Systemically Important

The SEC announced that Michael S. Piwowar has been sworn into office as an SEC Commissioner by SEC Los Angeles Regional Office Director Michele Wein Layne. He replaces former Commissioner Troy Paredes, who stepped down earlier this month. See: SEC Press Release.