The CFTC issued its rules addressing the manner in which SEC-registered investment companies that use CFTC-regulated products must comply with the CFTC rules applicable to commodity pool operators and commodity trading advisors. The issuance of such rules was necessary because the CFTC withdrew a prior exemption that had permitted registered investment companies to use CFTC-regulated products without their managers or advisors becoming directly subject to the CFTC. Mehta Comment: Although the CFTC harmonization release provides CPOs to RICs with the relief of substituted compliance, CPOs to

The CFTC has issued a final rule exempting swaps entered into by qualified cooperatives from clearing requirements under Section 2(h)(1)(A) ("Standard for Clearing") of the CEA, and Part 50 ("Clearing Requirement") of CTFC regulations. The final rule permits a qualifying cooperative to elect not to clear a swap subject to the clearing requirement, provided that the cooperative's members are either non-financial entities or other cooperatives whose members are non-financial entities. The swap must be entered in connection with originating loans to cooperative members, or it must hedge or

According to an MFA blog post, the proposed financial transaction tax ("FTT") in the European Union could potentially have a large impact on the portfolios of pension funds and other investors. The post reports that nearly 75 percent of the heads of tax at global companies said that the FTT would have a significant impact on their businesses. See:MFA Blog Post. See also: MFA Blog: FTTs Put a Dent in French and Italian Trading (August 7, 2013).

The MFA submitted comments to the UK consultation document on certain tax aspects of partnerships. The MFA's suggestions include: Adopting a single test to determine when a member of an LLP would be deemed a "salaried member"; Eliminating the additional proposed test that would create an ambiguous and uncertain test for determining when an individual is a "salaried member"; Providing additional guidance on how HMRC plans to interpret and implement the test and associated anti-avoidance rules; Clarifying that rules related to the allocation of profits and losses will not prevent partnerships

The MSRB has issued a market transparency advisory to provide guidance for those submitting financial disclosures to the Electronic Municipal Market Access ("EMMA") system pursuant to requirements of continuing disclosure agreements under SEC Rule 15c2-12 ("Municipal Securities Disclosure"). In particular, the market transparency advisory outlines the types of financial disclosures called for under Rule 15c2-12 and the manner in which to make the required disclosures. The advisory then goes on to suggest certain best practices as to how to make submissions to EMMA, as well as map the