The CFTC is adopting regulations to establish a schedule to phase in compliance with the clearing requirement under new section 2(h)(1)(A) of the Commodity Exchange Act, enacted under Title VII of the Dodd-Frank Act. This is the Federal Register version of the proposal that we described on July 24. To see the description that we published on July 24, link here. Effective Date: September 28, 2012. Note that this is not the date on which central clearing is required. Rather, according to the rule, effective as of such date, a swap between two dealers would be required to be cleared not later

Administrative proceedings to revoke a firm's registration under the Exchange Act where the SEC has alleged its filings are materially insufficient. Cross Reference(s): Exchange Act Section 12(j). View action in full here (links externally to SEC website). Additional Materials: SEC Litigation Release

An overview of the NFA compliance requirements applicable to Retail Forex Transactions involving NFA members. [SL Comment: should be closely reviewed by all firms involved in Forex. Even for other CFTC-regulated entities, the Notice provides some guidance as to the questions that may be asked by the regulators as to particular issues; e.g., whether a person is qualified to serve as a supervisor.] According to the NFA, this notice has three sections. The first section explains who qualifies as a Forex Dealer Member under NFA Bylaw 306 (which creates a Forex Dealer Member category for NFA

This amendment describes the required procedures for the bulk assignment or liquidation of Forex positions and the cessation of customer business, including the required notice to customers. [SL Comment: Generally the procedure is intended to (i) provide regulatory notice of the transfer and (ii) protect the interests of the clients whose accounts are being transferred.] Cross Reference(s): NFA Compliance Rule 2-40. View release in full here (links externally to NFA website).

The Rule change governs the custody of assets held for retail Forex customers. Note that the Rule change is now effective. [SL Comment: Against the background of Peregrine and MF Global, all CFTC-regulated firms would be well-served to review their procedures relating to custody, both from a calculation standpoint (are the numbers right?) and from an operational standpoint (are the release procedures safe?). Effective Date: July 26, 2012. View release in full here (links externally to NFA website).