The SEC announced charges against eight former members of the boards of directors overseeing five Memphis, Tennessee-based mutual funds for violating their asset pricing responsibilities under the Federal securities laws. According to the attached order, the funds, which were invested in some securities backed by subprime mortgages, fraudulently overstated the value of their securities as the housing market was on the brink of financial crisis in 2007. The order further states that the directors' failure to fulfill their fair-value-related obligations was "particularly inexcusable" given that

The CFTC's Division of Market Oversight (DMO) issued a letter providing reporting parties under CFTC Rule Part 20 (Large Trader Reporting for Physical Commodity Swaps), Part 45 (Swap Data Recordkeeping and Reporting Requirements) and Part 46 (Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps), with time-limited no-action relief from requirements to report certain identifying information regarding their non-reporting counterparties. The no-action letter is intended to provide relief in circumstances where a party believes that compliance with the CFTC's

CME Group, Futures Industry Association (FIA), the Institute for Financial Markets and NFA announced that they have jointly commissioned a firm to study the costs and benefits of adopting an insurance regime for the U.S. futures industry. The study (due out in the spring) will examine various models for providing insurance in the futures industry and assess a range of variables for each model, and is expected to address a lack of detailed information on the potential costs and benefits associated with various insurance alternatives. This insurance study is the latest in a series of initiatives

Continuing our efforts to provide a unified source of current and proposed rules and interpretations, along with our analysis and practical guidance, we are pleased that The Cadwalader Cabinet now makes available a comprehensive library of materials for CPOs and CTAs. How cool is that?! (Pretty reasonably cool as far as things done by lawyers go!) These materials include: A Guide to CPO/CTA Regulation, with updated chapters on registration requirements and insolvency; Our industry-model CPO/CTA Compliance and Supervisory Procedures Manual; The CEA, CFTCand NFA Rules and related materials in an

The CFTC announced that it is accepting public comment on an amended request from the CME for approval of a rule (Rule 1001) submitted pursuant to CFTC Rule 40.5. Comments Due: January 7, 2013. See: CFTC Press Release; Submit comments online here. Related News Story: CFTC Staff Withdraws Elements of the FAQ on Reporting of Cleared Swaps; Seeks Public Comment on CME Rule 1001 (with Lofchie Comment).