To assist persons currently operating a pool pursuant to an exemption to CFTC Rule 4.13(a)(4) (Exemption From Registration as a Commodity Pool Operator) (which exemption is disappearing at the end of this year) that will be able to qualify for an exemption under CFTC Regulations 4.7, 4.12 or CFTC Advisory 18-96, NFA is modifying its Electronic Exemption System to permit these persons to pre-file for the applicable exemption. Lofchie Comment: Numerous funds are going to lose their Rule 4.13 exemption and it is to be expected that the NFA will be flooded both with new registrants and persons

The FSA issued a consultation paper/discussion paper that proposes a number of changes to the client assets regime for firms that undertake investment business. The paper proposed changes required by the European Markets Infrastructure Regulation ("EMIR"), and recommends changes that could lead to a radical shift in how firms are required to protect client assets. The changes could also have significant implications in connection with the bankruptcy of a clearing firm, both in terms of facilitating the reporting of client positions and improving the standing of clients in reclaiming their

The SEC announced that in fiscal year 2013, the fees that public companies and other issuers pay to register their securities with the SEC will be set at $136.40 per million dollars. Cross-Reference(s): Securities Act Section 6(b) (Registration of securities - Registration fee); Exchange Act Sections 13(e) (Periodical and other reports - Purchase of securities by issuer) and 14(g) (Proxies - Filing fees); Dodd-Frank Section 991 (Securities and Exchange Commission match funding). View rule release here: 77 FR 55240 Additional Materials: SEC Press Release. See next item.

The MFA submitted this comment letter in response to the CFTC's proposed clearing requirement determination rulemaking, expressing its strong support for the CFTC's decision to focus on certain classes of credit default swaps (CDS) and interest rate swaps in its initial clearing requirement determination. The MFA went on to express concerns specific to the iTraxx Europe CDS indices. Essentially, the MFA says that (as to any product that is required to be cleared) there must be a period of time in which clearing is voluntarily available to all customers, so that customers can test the operation

The SEC Division of Investment Management stated that it would not recommend enforcement against an adviser under Advisers Act Section 206(4) (Prohibited Transactions by Investment Advisers) and Rule 206(4)-2 ("Custody Rule") if the adviser treats a state-created 529 plan trust that is a college savings plan for which the adviser is a Program Manager as a "pooled investment vehicle" for purposes of the Custody Rule. In light of the relief granted by the letter, advisers are not required to have a surprise audit on their activities relating to 529 plans. The relief, however, is subject to