"Expect the Unexpected", Speech by CFTC Commissioner Bart Chilton September 9, 2011 In a wide-ranging speech, CFTC Commissioner Bart Chilton, a Democrat, claims that the economic meltdown of 2008 was caused by "government getting out of the way." He observes that today "this industry, this exchange-trading of swaps, will be built from the ground up." with statutory dictates and new government requirements for "swaps execution facilities" and "swaps data repositories," and that "all of these entities-and the participants-will be registered with the Commission and will require staff to ensure

76 FR 56103 September 12, 2011 The CFTC is amending its regulations governing off-exchange foreign currency transactions with members of the retail public (i.e., retail forex transactions). These amendments (Amendments) are necessary to incorporate into Part 5 of the CFTC's regulations changes made to the Commodity Exchange Act by the Dodd-Frank Act. The Commission is also issuing certain related technical interpretations of various provisions of the CEA as amended by the Dodd-Frank Act with respect to retail forex transactions. Effective Date: September 12, 2011 Cross References: Dodd-Frank

76 FR 55308 (SEC Release No. IC-29779) September 7, 2011 The SEC published an advance notice of proposed rulemaking regarding amendments being considered to Rule 3a-7 under the Investment Company Act, which provides, in part, a conditional exclusion from the Act to issuers of asset-backed securities. The proposal is intended to consider, among other things, the role of credit ratings in the context of Rule 3a-7 and how holders of asset-backed securities of Rule 3a-7 issuers should be treated under the Act. A related concept release solicited comment on provisions of the Act that might be

76 FR 55237 (SEC Release No. IC-29776) September 7, 2011 The SEC issued a concept release to consider the use of derivatives by registered investment companies. Among other things, the release requests public comment on the use of derivatives in relation to the Investment Company Act's provisions on (i) leverage limitations, (ii) issuance of "senior securities"; (iii) diversification; and (iv) concentration. In addition, the SEC requested public comment on any other issues not directly addressed in the concept release relating to the use of derivatives by investment companies. Comments are due

SEC Press Release No. 2011-179 September 6, 2011 SEC Chairman Mary Schapiro issued a statement to confirm that it will not appeal or request en banc review of a recent decision of the D.C. Circuit invalidating Exchange Act Rule 14a-11, on shareholder proposals in proxy statements. The statement further said that amendments to Rule 14a-8, which were adopted at the same time as Rule 14a-11, but which were not vacated by the court decision, will become effective and the SEC will publish a notice with a new effective date for such amendments. Cross References Business Roundtable v. SEC, No. 10