The CFTC's Division of Market Oversight issued a letter advising the Bolsa de Valores, Marcadorias e Futuros ("BVMF-Brazil") that its MICEX Index, Hang Seng Index, FTSE/JSE Top 40 Index, and the BSE Sensitive Index futures contracts were deemed certified. The contracts satisfy the requirements of the Commodity Exchange Act and the CFTC's Regulations and may be offered or sold to persons in the U.S. through the BVMF's direct access terminals located in the U.S. Click here to view letter in full (links externally to CFTC website). See also: BVMF Memo Hang Seng; BVMF Memo Top 40; and BVMF Memo

In a letter to Federal Reserve Board ("FRB") Chairman Bernanke, House Financial Services Committee Chairman Jeb Hensarling calls into question the recent transfer of funds from the Federal Reserve to the Consumer Financial Protection Bureau ("CFPB"). View letter in full here (links externally to House Financial Services website).

SEC updated its FAQ page for Form PF. The revised FAQ has information on: (A) general filing information; (B) hedge funds; (C) liquidity funds; (D) private equity funds; (E) aggregation of funds and accounts; (F) funds of funds; (G) definitions of net asset value and various calculations; (H) master-feeder arrangements; and (I) questions as to specific items on Form PF. Lofchie Comment: I hope that the GAO will do a study on the manner in which Form PF was produced. Even if one believes that there will eventually be benefit derived from the Form, and I think that there will be, I have no doubt

Norm Champ, Director of the SEC's Division of Investment Management ("IM") delivered a speech stating that, while the bulk of rulemaking related to investment advisers as required by the Dodd-Frank Act is complete, IM is continues to work on other required rulemakings such as general solicitation and the Volcker Rule. IM is also in the process of conducting a review of active, inactive and potential rulemaking initiatives to develop potential discretionary rulemaking initiatives. Director Champ noted that the three short-term regulatory priorities of IM were: (1) potential money market mutual

Norm Champ, Director of the SEC's Division of Investment Management ("IM") highlighted short-term and longer term regulatory priorities of IM. Director Champ's speech focused on one of the longer term initiatives, that is, the review of rules that apply to private fund advisers, and specifically on advertising and Form ADV. With regard to advertising, Director Champ stated that IM is considering issues raised by private fund advisers regarding the advertising rule and considering whether to take any action. Director Champ mentioned that IM is also working on a proposal to amend Regulation D to