This case is significant from the standpoint of administrative law. Of similar significance, is the regulatory policy question: Is it really a good use of the CFTC's limited resources to impose double-regulation on SEC-registered investment companies? In a world of limited governmental resources, this is a policy choice that seems almost impossible to justify. In today's news, we cover the CFTC's request for an increase in budget. Link here to the story on Chairman Gensler's Congressional…

As we all know, Dodd-Frank is replete with errors of every kind (not just policy errors). The failure of Congress to clean up the most obvious of the mistakes results in a flawed statute being even worse. Clean up legislation is really needed.

Why would Congress and the CFTC not want to consider all of the economic research on this subject that has already been done? If we don't want the regulators to consider economic analyses before adopting rules, what is the point of FSOC and of Form PF and of all the information that the regulators now require? When Congress mandates that hundreds of millions of dollars be spent collecting financial information, and then regulators argue that rules should be adopted without even considering…

The NFA's attempt to align its reporting requirements with those of the CFTC is a welcome development, and firms will similarly welcome deferral of the new CTA quarterly reporting requirements for at least the first two quarters of this year.