Private Fund Systemic Risk Reporting Regulation - Comment Letters

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Regulation Topics

Agricultural Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
Agricultural Swaps Regulation Comment Letters White Papers Hearings & Testimony Agricultural Commodities Definition Regulation Swaps Regulation Swaps Definitions Regulation	On August 4, 2011, the CFTC held an open meeting to discuss three final rulemakings under the Dodd-Frank Act. Among the rules approved at the meeting was a final rule regarding agricultural swaps. Summary of the final rule, which will repeal and replace CEA Part 35, generally permitting the transaction of swaps in an agricultural commodity subject to all rules and regulations applicable to any other swap: New Part 35 will permit the transaction of swaps in an agricultural commodity subject to all provisions of the CEA – and any rule, regulation, or order thereunder – applicable to all other swaps. New Part 35 will also explicitly provide that swaps in an agricultural commodity may transact on a swap execution facility (SEF) and/or Designated Contract Market Regulation\|designated contract market]] (DCM) to the same extent that any other swap may transact on a SEF and/or DCM. At the August 4 meeting, the Commission only finalized the agricultural swaps piece of the proposed rules (repealing and replacing Part 35). The commodity options final rule was approved at a CFTC Open Meeting, April 18, 2012. more>	CFTC Final Rule: Agricultural Swaps CFTC Final Rule: Commodity Options Proposed Rule on Agricultural Swaps and Commodity Options Agricultural Commodities Definition Regulation Agricultural Swaps Regulation - ANPRM CFTC Open Meeting, April 18, 2012 CFTC Open Meeting, August 4, 2011 CFTC Open Meeting, July 7, 2011 CFTC Open Meeting, January 20, 2011 CFTC Open Meeting, October 19, 2010	Key dates vary. Click here to view all timelines.

Algorithmic Descriptions
Key Pages	Summary	Related Documents / Meetings	Key Dates
Algorithmic Descriptions Regulation Comment Letters White Papers Hearings & Testimony	On April 7, 2011, the CFTC and the SEC released a joint study on algorithmic derivatives descriptions. After conducting its analysis, which included meetings with industry leaders, regulators, and academics, as well as comments submitted by the public, the staff offered conclusions. more>	Algorithmic Descriptions Regulation - White Paper - CFTC/SEC: Joint Study on the Feasibility of Mandating Algorithmic Descriptions for Derivatives - April 7, 2011	Proposal Date: December 9, 2010 Comment Deadline: December 31, 2010 Study Issued: April 7, 2011

Asian Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
Asian Swaps Regulation Comment Letters White Papers Hearings & Testimony Swaps Regulation	In 2010, Singapore (Singapore Exchange Limited), China (Shanghai Clearing House), and India (Clearing Corporation of India) launched their own central counterparty clearing houses (CCPs) in order to regulate the derivatives market. Japan, Hong Kong, Korea, and Taiwan have created task forces to study setting up CCPs. more>

Asset-Backed Securities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Asset-Backed Securities Regulation Comment Letters White Papers Hearings & Testimony	At an open meeting on January 20, 2011, the SEC finalized rules requiring an issuer of asset-backed securities (ABS) to "perform a review of the assets underlying the ABS and disclose information relating to the review." Rules regarding shelf eligibility conditions for asset-backed securities were re-proposed on July 26, 2011. On October 13, 2010, the SEC adopted an interim final temporary Rule 13Aa-2T concerning the reporting of security-based swap data. Also introduced at this meeting was a new proposed rule to "mitigate conflicts of interest at security-based swap clearing agencies, security-based swap execution facilities, and national security exchanges that post or make available for trading security-based swaps." more>		Key dates vary. Click here to view all timelines.

Commodity Pool Operator
Key Pages	Summary	Related Documents / Meetings	Key Dates
Commodity Pool Operator Regulation Comment Letters White Papers Hearings & Testimony	Among the provisions of the Dodd-Frank Act are several requirements affecting commodity trading advisors (CTAs), commodity pool operators (CPOs) and investment advisors to private funds. The Securities and Exchange Commission submitted a proposed rule on systemic risk reporting requirements for private fund advisers including hedge funds, CPOs and CTAs in February 2011; the rules became finalized in October 2011. The Commodity Futures Trading Commission participated in the joint rulemaking with the SEC on the reporting requirements, and also proposed its own rules on certain compliance aspects for CPOs and CTAs. These rules were finalized in February 2012. more>	CFTC Final Rule: Registration and Compliance Obligations for Commodity Pool Operators and Commodity Trading Advisors SEC Final Rule: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF Private Fund Systemic Risk Reporting Regulation Commodity Trading Advisor Regulation Hedge Fund Regulation Form PF	Final Rule Issue: February 9, 2012 Effective Date: July 2, 2012 Compliance Date: December 2012

Commodity Trading Advisor
Key Pages	Summary	Related Documents / Meetings	Key Dates
Commodity Trading Advisor Regulation Comment Letters White Papers Hearings & Testimony	Among the provisions of the Dodd-Frank Act are several requirements affecting commodity trading advisors (CTAs), commodity pool operators (CPOs) and investment advisors to private funds. The Securities and Exchange Commission submitted a proposed rule on systemic risk reporting requirements for private fund advisers including hedge funds, CPOs and CTAs in February 2011; the rules became finalized in October 2011. The Commodity Futures Trading Commission participated in the joint rulemaking with the SEC on the reporting requirements, and also proposed its own rules on certain compliance aspects for CPOs and CTAs. These rules were finalized in February 2012. more>	CFTC Open Meeting, January 26, 2011 SEC Open Meeting, January 25, 2011 Private Fund Systemic Risk Reporting Regulation Commodity Trading Advisor Regulation Hedge Fund Regulation Form PF Futures Commission Merchant Regulation	Final Rule Issue: February 9, 2012 Effective Date: July 2, 2012 Compliance Date: December 2012

Derivatives Clearing Organizations
Key Pages	Summary	Related Documents / Meetings	Key Dates
Derivatives Clearing Organizations Regulation Comment Letters White Papers Hearings & Testimony	The CFTC approved its first set of final DCO rules related to the Dodd-Frank Act at its October 18, 2011 open meeting. The final rules cover these five proposed rules: Requirements for Processing, Clearing, and Transfer of Customer Positions Risk Management Requirements for Derivatives Clearing Organizations General Regulations and Derivatives Clearing Organizations Information Management Requirements for Derivatives Clearing Organizations Financial Resources Requirements for Derivatives Clearing Organizations more>	CFTC Final Rule: Process for Review of Swaps for Mandatory Clearing CFTC Final Rule: Derivatives Clearing Organization General Provisions and Core Principles CFTC Open Meeting, July 19, 2011 CFTC Open Meeting, October 18, 2011 Swap Entities Regulation Swaps Review Regulation Chart: Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs	Key dates vary. Click here to view all timelines.

Designated Contract Market
Key Pages	Summary	Related Documents / Meetings	Key Dates
Designated Contract Market Regulation Comment Letters White Papers Hearings & Testimony Swaps Definitions Regulation Swap Execution Facilities Regulation	At an open meeting on May 10, 2012, the CFTC finalized rules, guidance and acceptable practices under Dodd-Frank Act that, among other things, amend Section 5 of the Commodity Exchange Act ("CEA") concerning designation and operation of contract markets, and add a new CEA Section 2(h)(8) to include the listing, trading and execution of swaps on designated contract markets. The rules were originally proposed on December 1, 2010. more>	CFTC Final Rule: Provisions Common to Registered Entities Federal Register: Core Principles and Other Requirements for Designated Contracts Markets CFTC Open Meeting, May 10, 2012 CFTC Proposed Rule: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade	Key dates vary. Click here to view all timelines.

Disruptive Trading Practices
Key Pages	Summary	Related Documents / Meetings	Key Dates
Disruptive Trading Practices Regulation Comment Letters White Papers Hearings & Testimony	At an open meeting on February 24, 2011, the CFTC proposed an interpretive order regarding disruptive trading practices. The proposal defines as disruptive any practice that: violates bids or offers; demonstrates intentional or reckless disregard for orderly execution; or is of the character of, or is commonly known to the trade as, “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution). more>	CFTC Open Meeting, October 26, 2010 CFTC Open Meeting, February 24, 2011 Federal Register: Proposed Interpretive Order on Disruptive Trading Practices Market Manipulation Regulation	Proposal Date: March 18, 2011 Comment Deadline: May 17, 2011 Final Rule Issue: First Qtr. 2012

Dodd-Frank Act
Key Pages	Summary	Related Documents / Meetings	Key Dates
Dodd-Frank Act Comment Letters White Papers Hearings & Testimony	The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), named after Senate Banking Committee Chairman Chris Dodd and Chairman of the House Financial Services Committee Barney Frank, was signed into law by President Barack Obama on July 21, 2010. more>	Goldman Sachs Global Markets Institute: Effective Regulation, Parts 1-5 SEC: Organizational Study and Reform CFTC Office of the Inspector General - Dodd-Frank Cost-benefit Analyses - April 15, 2011 FSOC - White Papers	Proposal Date: December 2, 2009 Passed U.S. House of Representatives: December 11, 2009 Passed U.S. Senate: May 20, 2010 Final Law: July 21, 2010

End-User Exception to Mandatory Clearing
Key Pages	Summary	Related Documents / Meetings	Key Dates
End-User Exception to Mandatory Clearing Comment Letters White Papers Hearings & Testimony Interpretive Guidance on Product Definitions - Summary Table	The Dodd-Frank Act requires, among other things, that the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), create and implement rules regarding mandatory clearing of swaps transactions. A major topic of contention has been whether end-users should be granted an exception to the Dodd-Frank requirement for mandatory clearing of swap transactions. more>	Swaps Review Regulation SEC Open Meeting, December 15, 2010 CFTC Open Meeting, December 9, 2010 Federal Register: End-User Exception to Mandatory Clearing of Swaps Federal Register: End-User Exception to Mandatory Clearing of Security-Based Swaps	Key dates vary. Click here to view all timelines.

European Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
European Swaps Regulation Comment Letters White Papers Hearings & Testimony Swaps Regulation	The major institutions in charge of designing and implementing swaps regulation in Europe are the Financial Services Authority (FSA), International Organization of Securities Commissions (IOSCO), Futures and Options Association (FOA), the European Commission, and the European Securities and Markets Authority (ESMA). more>	European Credit Default Swap Regulation FSA (UK) European Securities and Markets Authority Swaps Regulation - White Paper - European Central Bank - Credit Default Swaps and Counterparty Risk - August 2009 Corporate Governance Regulation European Securities Regulation - UCITS - July 9, 2009

Executive Compensation
Key Pages	Summary	Related Documents / Meetings	Key Dates
Executive Compensation Regulation Comment Letters White Papers Hearings & Testimony	On March 2, 2011, the Securities and Exchange Commission (SEC) proposed rules regarding incentive-based compensation arrangements under the Dodd-Frank Act. The regulation would require incentive-based compensation annual reports, enforce new compliance procedures and add a threshold of $50 billion for certain institutions. Final rules concerning shareholder approval of executive compensation and golden parachute compensation were adopted on January 25, 2011. more>	SEC Open Meeting, January 25, 2011 SEC Open Meeting, March 2, 2011 SEC Open Meeting, March 30, 2011 Shareholder Approval of Executive Compensation and Golden Parachute Compensation Listing Standards for Compensation Committees Incentive-Based Compensation Arrangements	Key dates vary. Click here to view all timelines.

Futures Commission Merchant
Key Pages	Summary	Related Documents / Meetings	Key Dates
Futures Commission Merchant Regulation Comment Letters White Papers Hearings & Testimony Comparison Chart – Regulation 1.25, Current vs Proposed Changes	In accordance with Title VII of the Dodd-Frank Act, the CFTC has issued several rulemakings and proposed rule changes affecting or involving activities of futures commission merchants (FCMs). A final rule regarding the investment of customer funds was approved at the commission's December 5, 2011 open meeting. Additionally, at its January 11, 2012 open meeting, the CFTC approved its final rules on the protection of cleared swaps customer collateral in the case of a broker bankruptcy. Finally, at its February 23, 2012 open meeting, the CFTC approved its final rules on certain internal business conduct standards for swap dealers, major swap participants and futures commission merchants. These rules include conflicts of interest and compliance responsibilities. more>	CFTC Open Meeting, April 27, 2011 CFTC Open Meeting, December 5, 2011 CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations A Layman's Guide to Regulation 1.25 Federal Register:Required Compliance Policies Federal Register: Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions	Key dates vary. Click here to view all timelines

FX Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
FX Swaps Regulation Comment Letters White Papers Hearings & Testimony	The Dodd-Frank Act requires most swaps to be traded on an exchange or on a similar system and then guaranteed by a clearinghouse, where the parties would be required to post collateral. However, the act allows the Secretary of the Treasury to make a final determination as to whether foreign exchange transactions should be granted an exemption from the Dodd-Frank definition of swaps. more>	Off-Exchange Forex Regulation	Proposal Date: October 28, 2010 Comment Deadline: November 29, 2010 Proposed Determination: April 29, 2011 Final Rule Issue: July 2011

Hedge Funds
Key Pages	Summary	Related Documents / Meetings	Key Dates
Hedge Fund Regulation Comment Letters White Papers Hearings & Testimony Investment Advisers Regulation Private Fund Systemic Risk Reporting Regulation Commodity Pool Operator Regulation Family Office Definition	As mandated by Title IV of the Dodd-Frank Act, the SEC and CFTC have been tasked with creating a framework for the registration and systemic risk mitigation of hedge funds and other private funds. Additionally, the SEC is charged with rulemaking authority for Investment Advisers, and exemption thresholds for family offices, accredited investors, and venture capital funds. Information from systemically significant private funds will be shared with regulators, and the Financial Stability Oversight Council (FSOC). As of December 2011, five rulemakings have been finalized, including: Implementing Amendments to the Investment Advisers Act - Hedge Fund Registration, Registration and Reporting Exemptions, SEC final rule on private fund systemic risk reporting, and Family Offices Net Worth Standard for Accredited Investors more>	SEC Final Rule: Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers SEC Final Rule: Rules Implementing Amendments to the Investment Advisers Act of 1940 SEC Final Rule: Family Offices SEC Final Rule: Net Worth Standard for Accredited Investors SEC Final Rule: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF SEC Open Meeting, June 22, 2011 SEC Open Meeting, October 26, 2011 Form PF	Key dates vary. Click here to view all timelines.

High Frequency Trading
Key Pages	Summary	Related Documents / Meetings	Key Dates
High Frequency Trading Regulation Comment Letters White Papers Hearings & Testimony	In the wake of the "Flash Crash" of May 6, 2010, the SEC and CFTC formed a joint committee to study emerging regulatory issues. Its conclusions and recommendations, which were released on February 18, 2011, included several areas addressing HFT, including: the implementation of minimum quoting requirements by market makers; restrictions on co-location and direct access; liquidity rules such as penalties for rapid order cancellation; and a request for further study and potential regulatory changes. more>	CFTC Open Meeting, October 26, 2010 CFTC Open Meeting, February 24, 2011 Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues - White Paper - Recommendations Regarding Regulatory Response to the Market Events of May 6, 2010 - February 18, 2011 Disruptive Trading Practices Regulation	Proposal Date: March 18, 2011 Comment Deadline: May 17, 2011 Final Rule Issue: First Qtr. 2012

Investment Advisers
Key Pages	Summary	Related Documents / Meetings	Key Dates
Investment Advisers Regulation Comment Letters White Papers Hearings & Testimony	The SEC meeting on June 22, 2011 finalized rules concerning amendments to the Investment Advisers Act of 1940, as well as registration exemptions for reporting by certain investment advisers. An SEC notice concerning investment adviser performance compensation regulation was published on May 10, 2011. The comment deadline for this proposal is July 11, 2011. more>		Key dates vary. Click here to view all timelines.

Margin and Capital Requirements
Key Pages	Summary	Related Documents / Meetings	Key Dates
Covered Swap Entities Regulation - Margin and Capital Requirements Covered Swap Entities Regulation - Comment Letters Swap Dealers and Major Swap Participants Regulation Swap Dealers and Major Swap Participants Regulation - Capital Requirements - Comment Letters Swap Dealers and Major Swap Participants Regulation - Margin Requirements for Uncleared Swaps - Comment Letters	One of the mandates of Title I of the Dodd-Frank Act is that the appropriate regulators develop a framework for swap dealers and major swap participants, which would include the setting of margin and capital requirements. Entities under the jurisdiction of a prudential regulator such as the FDIC would follow its rules. All other swaps would be under the jurisdiction of the CFTC and SEC. For more information, see the summary table of swaps definitions. more>	CFTC Open Meeting, April 12, 2011 CFTC Open Meeting, April 27, 2011 Federal Register: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants Capital Requirements of Swap Dealers and Major Swap Participants Prudential Regulators	Proposal Date: April 12, 2011 Comment Deadline: July 11, 2011 Final Rule Issue: First Qtr. 2012

Market Manipulation
Key Pages	Summary	Related Documents / Meetings	Key Dates
Market Manipulation Regulation Comment Letters White Papers Hearings & Testimony Disruptive Trading Practices Regulation	Section 753 of the Dodd-Frank Act gives the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) the authority to monitor and enforce "manipulative and deceptive" practices in the swaps, security-based swaps, and commodities markets. The rules are intended to mirror the SEC's Rule 10b-5, a powerful regulation used to combat fraud and manipulation in securities markets. more>	CFTC Final Rule: Anti-Manipulation and Anti-Fraud High Frequency Trading Regulation CFTC Open Meeting, October 26, 2010 CFTC Open Meeting, July 7, 2011 SEC Open Meeting, November 3, 2010	Proposal Date: March 18, 2011 Final Rule Issued: July 14, 2011 Effective Date August 15, 2011

Off-Exchange Forex
Key Pages	Summary	Related Documents / Meetings	Key Dates
Off-Exchange Forex Regulation Comment Letters White Papers Hearings & Testimony Futures Commission Merchant Regulation	On September 10, 2010, the CFTC approved its final rules regarding off-exchange retail foreign exchange transactions. Although the rulemaking pre-dated the Dodd-Frank Act, once the Act was signed in July, 2010, the commission's forex rules, along with the forex rules of other regulatory authorities, became a part of Dodd-Frank. Under Dodd-Frank, the CFTC will have jurisdiction over retail foreign exchange transactions, except in the case of entities which fall under the authority of one of the following regulatory agencies ("Prudential Regulators"): Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Fed); Federal Deposit Insurance Corporation (FDIC); Farm Credit Administration (FCA); and Federal Housing Finance Agency (FHFA) The Act requires that such rules include appropriate requirements with respect to disclosure, record keeping, capital and margin, reporting, business conduct, documentation, and any other standards or requirements as Federal regulatory agencies shall determine to be necessary. more>	FX Swaps Regulation	Key dates vary. Click here to view all timelines.

Orderly Liquidation Authority
Key Pages	Summary	Related Documents / Meetings	Key Dates
Orderly Liquidation Authority Regulation Comment Letters White Papers Hearings & Testimony	In accordance with Title II of the Dodd-Frank Act, the FDIC is required to establish rules regarding the orderly liquidation in case of a default of a "covered financial company," which is defined as financial company that poses significant risk to the financial stability of the United States. The Act outlines the process for the orderly liquidation of such a covered financial company following the FDIC’s appointment as receiver and provides for additional implementation of the orderly liquidation authority (OLA) by rulemaking. more>	CFTC Open Meeting, January 13, 2011 CFTC Open Meeting, January 20, 2011 FSOC Proposed Rule: Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board to Cover the Expenses of the Financial Research Fund Federal Register: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants FDIC Final Rule: Certain Orderly Liquidation Authority Provisions under Dodd-Frank Act FDIC Proposed Rule: Calculation of Maximum Obligation Limitation	Key Dates vary. Click here to view all timelines

Position Limits
Key Pages	Summary	Related Documents / Meetings	Key Dates
Position Limits Regulation Comment Letters White Papers Hearings & Testimony	Position limits are intended to protect futures markets from excessive speculation that could cause unreasonable or unwarranted price fluctuations and are sometimes referred to as "speculative position limits", or "speculative limits". The Commodity Exchange Act (CEA) authorized the CFTC to impose limits on the size of speculative positions in futures markets. more>	CFTC Final Rule: Position Limits for Futures and Swaps CFTC Open Meeting, December 16, 2010 CFTC Open Meeting, January 13, 2011 CFTC Open Meeting, October 18, 2011 Federal Register: Position Limits for Derivatives CFTC Final Rule: Large Trader Reporting Federal Register: Position Reports for Physical Commodity Swaps	Interim and Final Rule: November 18, 2011 Comment Deadline: January 17, 2012 Effective Date: January 17, 2012

Swap Data
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Data Regulation Comment Letters White Papers Hearings & Testimony	Among the mandates of the Dodd-Frank Act are requirements that regulatory agencies such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) create a framework for the transmission, submission, and storage of swap data. As of December 20, 2011, the CFTC had finalized three swap data rulemakings - Registration and Regulation of Swap Data Repositories, Swap Data Recordkeeping and Reporting Requirements and Real-Time Public Reporting of Swap Transaction Data. The SEC has issued two rule proposals regarding the security-based swap data repositories (SDRs) and the reporting and dissemination of swap data through Regulation SBSR. Neither rulemaking has been finalized. more>	CFTC Final Rule: Registration and Regulation of Swap Data Repositories CFTC Open Meeting, December 20, 2011 CFTC Open Meeting, August 4, 2011 Swap Execution Facilities Regulation CFTC Final Rule: Real-Time Public Reporting of Swap Transaction Data CFTC Final Rule: Swap Data Recordkeeping and Reporting Requirements CFTC Proposed Interpretive Statement: Swap Data Repository Confidentiality and Indemnification	Key dates vary. Click here to view all timelines.

Swap Dealers and Major Swap Participants
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Dealers and Major Swap Participants Regulation Comment Letters White Papers Hearings & Testimony	The CFTC has issued rule proposals under Dodd-Frank regarding swap dealers (SDs) and major swap participants (MSPs) at six different meetings in 2010 and 2011. The issues discussed were: duties; registration; conflicts of interest; required compliance policies; reporting and recordkeeping; further defining “swap dealer,” “major swap participant” and “eligible contract participant”; business conduct standards, confirmation; confirmation, reconciliation and compression; swap trading relationship documentation; orderly liquidation termination; and margin requirements for uncleared swaps. In late 2011, the commission began issuing final rules pertaining to SD/MSPs. Topics for which a final rulemaking has been issued can be found in the alert box at the top of the page. Summaries and links can also be found below. more>	CFTC Open Meeting, November 10, 2010 CFTC Open Meeting, December 1, 2010 CFTC Open Meeting, December 9, 2010 CFTC Open Meeting, December 16, 2010 CFTC Open Meeting, January 13, 2011 CFTC Open Meeting, January 20, 2011 CFTC Office of the Inspector General - Dodd-Frank Cost-benefit Analyses - April 15, 2011 Definitions of Swap-Related Terms Registered Swap Entities	Key dates vary. Click here to view all timelines.

Swap Entities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Entities Regulation Comment Letters White Papers Hearings & Testimony Swap Execution Facilities Regulation Derivatives Clearing Organizations Regulation Designated Contract Market Regulation Covered Swap Entities Regulation - Margin and Capital Requirements	Swaps regulation is part of the Dodd-Frank Act and has fallen under the jurisdiction of various regulatory agencies such as the CFTC and the SEC. Other agencies are also addressing swap execution facilities such as the Financial Services Authority (FSA) and European Commission. Among the proposed rules and rule changes, many are written to specifically address a certain type of swap entity, such as a swap execution facility (SEF), designated contract market (DCM), derivatives clearing organization (DCO) or swap data repository (SDR). more>	SEC Open Meeting, October 13, 2010 CFTC Open Meeting, December 9, 2010 CFTC Open Meeting, April 27, 2011 CFTC Open Meeting, July 19, 2011 CFTC Final Rule: Provisions Common to Registered Entities Governance Requirements Federal Register: Clearing Agency Standards for Operation and Governance	Key dates vary. Click here to view all timelines.

Swap Execution Facilities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Execution Facilities Regulation Comment Letters White Papers Hearings & Testimony	Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter (OTC) swaps to be cleared and traded on this new type of regulated platform. Any swap that clears must trade on an exchange or an SEF. This regulation has fallen under the jurisdiction of various regulatory agencies such as the CFTC and the SEC. Other agencies are also addressing swaps execution facilities such as the Financial Services Authority (FSA) and European Commission. more>	Federal Register: Core Principles and Other Requirements for Swap Execution Facilities CFTC Open Meeting, December 9, 2010 CFTC Open Meeting, December 16, 2010 CFTC Open Meeting, December 5, 2011 CFTC Proposed Rule: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade Swap Execution Facilities - A Comparison of CFTC and SEC Rule Proposals Registered Swap Entities	Key dates vary. Click here to view all timelines.

Swaps Definitions
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swaps Definitions Regulation Comment Letters White Papers Hearings & Testimony	In accordance with the Dodd-Frank Act, the CFTC and the SEC, in consultation with the Board of Governors of the Federal Reserve System, have proposed rules and interpretative guidance under the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant." Under Dodd-Frank, the SEC will have jurisdiction over "security-based" swaps, and the CFTC will have jurisdiction over all other swaps, except for a category known as "mixed swaps" which may have both security-based and non-security-based components. For mixed swaps, the two agencies will have joint oversight responsibilities. Swaps definitions fall into two categories. "Entity definitions" detail which firms and individuals fall are considered to be subject to dealer and swap participant rules. "Product definitions" detail the types of transactions that are considered to be swaps, security-based swaps, and mixed swaps, and also which products may be exempt from agency oversight. more>	CFTC/SEC Joint Final Rule on Swap Entity Definitions CFTC Open Meeting, April 18, 2012 SEC Open Meeting, April 18, 2012 Swaps Definitions Regulation - Interpretive Guidance on Product Definitions - Summary Table [[Federal Register: Further Definition of “Swap Dealer,” “Security-Based Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant.” Swaps Definitions Regulation - Stable Value Contracts	Proposal Date: December 22, 2010 Comment Deadline: February 22, 2011 Final Rule Issue: April 2012

Swaps Review
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swaps Review Regulation Comment Letters White Papers Hearings & Testimony Swaps Regulation - End-User Exception to Mandatory Clearing	One of the provisions of the Dodd-Frank Act is an amendment to the Commodity Exchange Act that would prohibit swap transactions unless it were submitted to a Derivatives Clearing Organization (DCO) for clearing, or if the swap met one of the requirements for exemption. In separate meetings, the SEC and CFTC issued proposed rules regarding the process for review of swaps for mandatory clearing. more>	SEC Open Meeting, December 15, 2010 CFTC Open Meeting, July 19, 2011 CFTC Final Rule: Process for Review of Swaps for Mandatory Clearing Swaps Definitions Regulation - Interpretive Guidance on Product Definitions - Summary Table	Proposal Date: November 2, 2010 Final Rule Issue: July 26, 2011 Effective Date: September 26, 2011

Volcker Rule
Key Pages	Summary	Related Documents / Meetings	Key Dates
Volcker Rule Comment Letters Financial Stability Oversight Council	On October 12, 2011, the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency issued its proposed regulation to implement Section 619 of the Dodd-Frank Act, the so-called "Volcker Rule," which would prohibit banking entities from engaging in proprietary trading of derivatives and limit the ownership or sponsorship of hedge funds and other private funds to three percent of Tier 1 capital. The document proposes which entities will be subject to the prohibitions, and explains the types of financial transactions that will be exempt from the bans. The proposal seeks comment from the public and market participants on 394 questions on such topics as definitions of banking entities, exemptions, types of activities covered under the rule, and compliance considerations. The deadline for public comment was originally set for January 13, 2012, but on December 23, 2011, the House Financial Services Committee requested a 30-day extension to February 13, 2012. The Dodd-Frank Act mandates that the rule become effective on July 21, 2012, followed by a two-year compliance transition. more>	SEC Open Meeting, October 12, 2011 Commentary: Mining the Volcker Rule Hearing for Nuggets, January 18, 2012 CFTC Proposed Rule: Regarding Prohibitions and Restrictions on Proprietary Trading (Volcker Rule) FSOC - White Paper - Study & Recommendations Regarding Concentration Limits on Large Financial Companies - January 2011 Dodd-Frank Act - White Paper - J.P.Morgan Cazenove: Regulatory Arbitrage series: OW European over US IBs	Proposal Date: October 12, 2011 Comment Deadline: February 13, 2012 Final Rule Issue: July 2012

Whistleblower Provisions
Key Pages	Summary	Related Documents / Meetings	Key Dates
Whistleblower Provisions Regulation Comment Letters White Papers Hearings & Testimony	At an open meeting on August 4, 2011, the CFTC approved its final rule on its whistleblower program. The rule maintains the “discretionary power” of the Commission with regard to the amount awarded to informants. At an open meeting on May 25, 2011, the SEC issued its final rule under which the whistleblower, in order to be eligible, must "voluntarily provide the SEC with original information that leads to the successful enforcement by the SEC of a federal court or administrative action in which the SEC obtains monetary sanctions totaling more than $1 million.” more>	CFTC Open Meeting, August 4, 2011 SEC Open Meeting, May 25, 2011 CFTC Final Rule: Whistleblower Incentives and Protection SEC Final Rule: Securities Whistleblower Incentives and Protections Whistleblower Provisions Regulation Proposed Rules - CFTC and SEC Shareholder Approval of Executive Compensation and Golden Parachute Compensation	Key dates vary. Click here to view all timelines.

Organizations

European Securities and Markets Authority (ESMA)
Key Pages	Summary	Related Documents	Meetings
ESMA	The European Securities and Markets Authority (ESMA) is an independent European Union regulatory agency that oversees European securities trading across all of the EU member states. ESMA was established on January 1, 2011, and replaces the Committee of European Securities Regulators (CESR). Steven Maijoor is currently the chairman of the European Securities and Markets Authority (ESMA); he was named to the position on January 13, 2011. more>	Regulation Establishing ESMA

Federal Deposit Insurance Corporation (FDIC)
Key Pages	Summary	Related Documents	Meetings
FDIC Orderly Liquidation Authority Regulation	The Federal Deposit Insurance Corporation (FDIC) was created by Congress though the Glass-Steagall Act in 1933 in response the frequent bank failures of the 1920s and early 1930s. As an independent agency, the FDIC is charged with maintaining stability in the U.S. financial system by insuring deposits, supervising financial institutions and managing receiverships. Additionally, one of the provisions of the Dodd-Frank Act required the FDIC to establish rules regarding the orderly liquidation of any systemically important financial company encountering a default. more>	Orderly Liquidation Authority Regulation - Comment Letters Federal Register: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants Off-Exchange Forex Regulation Off-Exchange Forex Regulation - Comment Letters Swap Dealers and Major Swap Participants Regulation - Swap Trading Relationship Documentation Requirements - Comment Letters

Financial Stability Oversight Council (FSOC)
Key Pages	Summary	Related Documents	Meetings
FSOC FSOC White Papers	As established under Title I of the Dodd-Frank Act, the Financial Stability Oversight Council (FSOC) provides, for the first time, comprehensive monitoring to ensure the stability of our nation's financial system. It was passed by the House Financial Services Committee on December 2, 2009 to put an end to “too big to fail” financial firms. It was created as a nine-member council, led by the Treasury secretary, to look out for systemic risks. The FSOC will subject to Fed oversight any nonbank financial companies whose financial distress would pose risks to the financial stability of the United States.more>	Macroeconomic Effects of Risk Retention Requirements Study & Recommendations Regarding Concentration Limits on Large Financial Companies Study & Recommendations on Prohibitions on Proprietary Trading & Certain Relationships with Hedge Funds & Private Equity Funds	October 1, 2010 November 23, 2010 January 18, 2011 March 17, 2011

Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues
Key Pages	Summary	Related Documents	Meetings
Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues SEC CFTC	The Advisory Committee on Emerging Regulatory Issues was created on May 11, 2010, five days after the so-called "flash crash" on May 6, 2010, when a single trader mistakenly entered a "sell" order of CME Group's e-Mini S&P 500 futures worth $4.1 billion. The order triggered a frenzy of high frequency trading activity that briefly saw the Dow Jones Industrial Average break 700 points in a matter of minutes. While the market stabilized quickly once the error was discovered, the incident highlighted the potential liquidity problems associated with high speed trading. more>	White Papers Recommendations Regarding Regulatory Response to the Market Events of May 6, 2010	May 24, 2010 June 22, 2010 August 11, 2010 November 5, 2010 February 18, 2011

U.K. Financial Services Authority (FSA)
Key Pages	Summary	Related Documents	Meetings
FSA	The Financial Services Authority (FSA) is an independent non-governmental body that regulates the financial services industry in the UK. Established by Gordon Brown in 1997 when the Labour party came into power, the FSA was granted statutory powers by the Financial Services and Markets Act of 2000. The FSA is accountable to Treasury Ministers and, by extension, Parliament. The FSA receives no government funding and is financed by the firms it regulates. more>

U.S. Consumer Financial Protection Bureau (CFPB)
Key Pages	Summary	Related Documents	Meetings
CFPB Dodd-Frank Act	Established by Title X of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) will conduct rule-making and enforcement of consumer financial protection laws, promote financial education and monitor financial markets that affect consumers. Many parts of the Dodd-Frank Act relating to the CFPB are planned to go into effect on July 21, 2011. Treasury Secretary Timothy Geithner is charged with creating the CFPB. On September 17, 2010, Elizabeth Warren was named Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. On July 17, 2011, Richard Cordray was nominated as Director of the CFPB, having formerly served as head of the enforcement division at the agency. more>	Video Overview Proposed Organizational Structure

U.S. Commodity Futures Trading Commission (CFTC)
Key Pages	Summary	Related Documents	Meetings
CFTC Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues	The mission of the Commodity Futures Trading Commission (CFTC) is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and options markets. more>		October 1, 2010 October 1, 2010 October 19, 2010 October 26, 2010 November 10, 2010 November 19, 2010 December 1, 2010 December 9, 2010 December 16, 2010 January 13, 2011 January 20, 2011 January 26, 2011 February 24, 2011 April 12, 2011 April 27, 2011 June 14, 2011 July 7, 2011 July 19, 2011

U.S. Securities and Exchange Commission (SEC)
Key Pages	Summary	Related Documents	Meetings
SEC Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues	The U.S. Securities and Exchange Commission (SEC) is the U.S. regulatory agency charged with the oversight of securities markets and market participants in the U.S. Its mission is to protect investors, to maintain fair, orderly, and efficient markets, and to facilitate capital formation. Mary L. Schapiro is the current chairman of the SEC. more>	Organizational Study and Reform	October 13, 2010 November 3, 2010 November 19, 2010 December 3, 2010 December 15, 2010 January 20, 2011 January 25, 2011 February 2, 2011 February 9, 2011 March 2, 2011 March 30, 2011 April 27, 2011 May 18, 2011 May 25, 2011 June 15, 2011 June 22, 2011 June 29, 2011

Alternative Investment Management Association - July 1, 2011

CFTC Staff Roundtable on Proposed Changes to Registration and Compliance Regime for CPOs & CTAs
July 1, 2011

This letter was submitted in response to the announcement of a CFTC roundtable discussion on proposed changes to registration and compliance requirements for commodity pool operators (CPOs) andcommodity trading advisors (CTAs). From the letter:

"AIMA's comments may be summarized as follows:

"There are significant cost implications stemming from registering with multiple regulators, and conforming to different national and international reporting regimes.
"We recommend that the Commission and the SEC coordinate their registration and reporting scope and approach, and seek to combine their systemic risk reporting requirements into a single form and/or undertaken to share information from one report.
"We would encourage the Commission to provide exemptions for small CPOs/CTAs, US advisers registered with the SEC, and non-US funds/advisers with a limited nexus to the US market (e.g., limited U.S. assets under management, clients or swap activity). This may most easily be achieved by providing exemptions similar to those proposed by the SEC, thereby exempting many smaller and non-US advisers.

"We suggest the simplification of reporting Form CPO-PQR, and the introduction of reporting thresholds and tiering, including an $1bn AUM threshold for systemic risk reporting on both Forms CPO-PQR (Schedule C) and CTA-PR (Schedule B), (consistent with the approach proposed with respect to Form PF."

Investment Company Institute - July 28, 2011

CFTC Staff Roundtable on Proposed Changes to Registration and Compliance Regime for CPOs & CTAs
July 28, 2011

Issues discussed and/or clarified in the comment letter:

"The use by some registered investment companies of wholly owned subsidiaries to invest in commodity interests;
How the Commission could collect and use data in connection with amending Rule 4.5;
How licensing and examination requirements would apply if an investment adviser were required to register as a commodity pool operator (“CPO”);
Why the scope of the definition of bona fide hedging under Rule 4.5 is not broad enough to encompass transactions in commodity interests investment company advisers engage in to further the management of their securities portfolios; and
Additional points on our requests for relief from the books and records and past performance requirements under the Commodity Exchange Act rules."

SIFMA - August 4, 2011

CFTC Staff Roundtable on Proposed Changes to Registration and Compliance Regime for CPOs & CTAs
August 4, 2011 From the comment letter:

"As discussed at the Roundtable and in the Summary Remarks... the AMG believes that the Rule 4.5/4.13 Proposals should not be adopted because they would result in significant regulatory burdens and costs, which ultimately will be borne by investors, on otherwise regulated entities, without a corresponding benefit to investors, the markets or the general public. As discussed in the April Letter, RICs currently excluded under Rule 4.5 and most advisers to Private Funds currently exempt under Rule 4.13(a)(3) or (4) are already, or soon will be, subject to robust regulatory requirements and oversight by federal regulators."

HedgeOp Compliance - July 27, 2011

CFTC Staff Roundtable on Proposed Changes to Registration and Compliance Regime for CPOs & CTAs
July 27, 2011

From the comment letter:

"The 4.13 Exemptions were originally instituted to encourage and facilitate participation in the commodity interest markets and benefit all market participants through increased liquidity, without jeopardizing the protection of investors. We are of the view that the 4.13 Exemptions continue to serve these policy purposes and should not be repealed."

Fidelity Investments - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

In the letter, Fidelity Investments comments on:

the frequency and timing of reporting, specifically stating that "the Commissions should delay any final ruling until the FSOC defines 'systemic risk' with greater specificity" and reconsider the frequency, timing and content of information required to be reported on Form PF;
"the minimum dollar threshold requiring additional disclosure for hedge funds;
the monthly data requested;
generally, the onerous nature and volume of the data requested; and
the proposed certification of Form PF by private fund advisers," including the proposition that the certification requirement should be removed entirely from Form PF.

BlackRock - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

From the comment letter:

"The SEC and CFTC should adopt a single common reporting form."
"The scope of the Form is overly broad and unnecessarily burdensome."
"The time to file initially and after each reporting date should be extended."
"Advisers should report less frequently."
"Daily portfolio size monitoring is unnecessary and unduly burdensome."
"Advisers should be provided a de minimis exemption for small private funds and commodity pools."
"The individual certification should allow for good faith reporting based on the adviser's internal policies and procedures consistently applied."
"The initial report should be due no sooner than nine months after the Form is adopted."
"Reporting requirements should use industry standard metrics and conventions."

Securities Industry and Financial Markets Association - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

From the comment letter:

The determination of systemic risk should be clarified.
Alternatives to implementation beginning January 15, 2012 should be considered.
"Certain private funds and hedge funds should be exempt from reporting obligations under Form PF."
Reporting requirements on Form PF are "unrealistic, burdensome and onerous based upon existing comparative reporting regimes imposed by the SEC and other comparative regulatory agencies."
Requiring the certification of private fund advisers is "unreasonable."

Managed Funds Association - April 8, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 8, 2011

From the comment letter:

"The threshold for enhanced reporting for large managers should be increased to $5 billion of hedge fund assets under management, a level that would still capture 50-60% of industry assets.
Managers should have at least 120 calendar days from the end of the reporting period to submit the Form.
Managers should submit Form PF semi-annually and provide information as of the end of each reporting period.
The Commissions should provide managers with at least nine months from the publication of the final version of Form PF to the due date of the initial filing.
The SEC should propose related recordkeeping rules for private fund managers at the same time as it implements Form PF.
The Commissions should carefully consider further steps they should take to implement the confidentiality protections in Section 404 of the Dodd-Frank Act and prevent the inadvertent disclosure of the highly sensitive information managers will report on the Form.
Managers should be required to certify that they have completed the Form after reasonable inquiry and to the best of their knowledge, and based on consistent internal procedures for each question, provided that the Form does not explicitly specify a methodology.
Managers should have flexibility to provide information about funds and accounts in a manner that best represents their activities."

Investment Adviser Association - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

According to the comment letter, the SEC should:

"modify the treatment of 'parallel managed accounts;'
narrow the definition of 'hedge fund;'
eliminate aggregation requirements for certain related persons for reporting threshold purposes;
exempt smaller private fund advisers;
permit flexibility in reporting data and methodologies;
require certain data proposed to be reported in Form ADV, Part 1 to be reported in Form PF instead;
reconsider the timeframes and frequency of filing Form PF; and
confirm treatment of non-U.S. funds under Form PF, among other changes."

Investment Company Institute - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

In the letter, the Investment Company Institute:

comments on the effect of Form PF on registered investment companies, with specific regard to limitations on leverage, requirements for custody of investment securities, limitations on exposure to certain counterparties, and disclosure requirements; and
suggests "the SEC and CFTC to exclude all registered investment companies from the definition of 'parallel managed account.'”

Committee on Capital Markets Regulation - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

Included in the comment letter:

a cost-benefit analysis of Form PF;
an address of the scope of the firms required to report according to Form PF; and
a look at the coordination of Form PF with both FSOC and foreign regulators.

Center for Capital Markets Competitiveness - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

From the comment letter:

"The proposal sets too low a threshold to differentiate small private fund advisers from large private fund advisers that will be subject to enhanced reporting.
The proposal uses an inappropriate metric to differentiate between small and large private fund advisers. At-risk assets are a better measure of an investment firm's potential impact on the fmancial system and should be used to determine reporting requirements.
The large private fund advisers' quarterly filing requirement within a 15-day timeframe is impracticable. The filing frequency is too often, and the time period to file is too short, particularly for funds' hard-to-value assets where there is no readily available market with current pricing information. Additionally, all fund advisers should be given ample time to prepare for the initial filing.
Required certification by private fund advisers is unreasonable given the frequency of reporting, the short window to file, and the nature and complexity of some information included in Form PF."

Alternative Investment Management Association - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

In the comment letter, the association addresses the following categories:

hedge funds as a source of system risk;
the definition of “hedge fund;"
large private fund adviser thresholds and aggregation;
foreign private advisers and exempt reporting advisers;
the frequency of reports under Form PF;
the content of reports under Form PF;
the confidentiality of reports under Form PF;
international comparisons using the IOSCO template; and
the implementation of reporting obligations.

Coalition of Private Investment Companies - March 31, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
March 31, 2011

According to the comment letter, the coalition:

"supports detailed reporting of information to regulators by registered investment advisers to private funds;"
"supports detailed reporting by large private funds on Form PF; however, the proposed filing deadline for larger private fund advisers may be unworkable for initial reports;"
"[believes] the Commission should not create broad exemptions for advisers to private equity firms;" and
"[recognizes] that Congress understood the critical importance of protecting confidential proprietary information of private investment funds."

Private Equity Growth Capital Council - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

From the comment letter:

"Private equity funds and their sponsors do not present systemic risk concerns that justify the amount of reporting required by proposed Form PF."
"The Form PF reporting obligation need not apply to all registered private fund advisers."
"The definitions of various types of private funds are fundamentally flawed and should be modified."
"The Commission should not require quarterly or monthly performance calculations by private equity sponsors."
"The Commission should not require that every private fund (no matter its investment strategy or size) identify each creditor with respect to borrowings equal to at least 5% of the fund’s net asset value."
"Quarterly filing requirements impose disproportionate burdens on private equity sponsors that are large private fund advisers."
"If it does not exempt private equity sponsors from the obligation to report on From PF, the Commission should, at a minimum, delay the effective date of the reporting requirements for a year."
"Given the hasty filing schedule, investment advisers should be given flexibility to amend their filings to correct inaccuracies promptly upon discovery."
The Commission "should allow an adviser to base the certification on knowledge and materiality qualifiers and should only require the certification at most annually."

American Federation of Labor and Congress of Industrial Organizations - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

From the comment letter:

"At minimum, mid-size private funds should be required to complete all applicable sections of Form PF on a semi-annual basis."
The SEC should omit the definition of hedge fund in Form PF and "simply require that all advisers managing in excess of $1 billion in private fund assets (regardless of strategy) complete section 2 of Form PF."
The Commissions should "require all private fund advisers to complete all sections of Form PF. If certain portions do not apply, the private fund adviser should be permitted to respond that those sections or questions are not applicable."
The Commissions "should require that the assets under management in hedge funds, liquidity funds and private equity funds be combined for purposes of determining a managers' filing status on Form PF."
The Commissions should "require more frequent and timely filing by private fund advisers."
The Commissions should require "all private fund advisers to complete the disclosure requirement in Section 1c of Form PF, as applicable, and add a requirement that private fund advisers disclose the gross notional value of their derivatives exposures and the amount and types of capital they have posted for the uncleared derivatives exposures."
It is "inappropriate to limit disclosure requirements to hedge funds with $500 million or more in net assets."
"The Commissions should require private equity fund advisers to disclose the debt-to-equity ratios of all portfolio companies in which they own equity."

National Association of Real Estate Investment Managers - March 24, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
March 24, 2011

In the letter, the association questions:

"whether or not the investment adviser is obligated to report only fund level borrowings;
"the intention underlying the request to list the creditors of the fund;"
Form PF's "asking that fund managers specify the total number of beneficial owners of the reporting fund's equity,"
"what is to be provided as to the percentage change in the net asset value for the other months [outside the end of the quarter];"
"the definition of 'private fund' for the purposes of Form PF requirements;"
"the definition of 'real estate fund' as it refers to a private fund that does not provide investors with redemption rights;"
"[whether] the proposed rule covers most large real estate private funds that are closed ended, (such as Reg D funds), since such funds typically do not provide investors with non-restricted redemption rights;"
"how the proposed rule would be applied to Global Reg D funds with non-U.S. high net worth individual investors and how application of the law could potentially conflict with regulations from other countries;"
the time and strain the implementation of the proposed rule requires; and
the confidentially of Form PF.

American Bar Association - April 11, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 11, 2011

In the letter, the association addresses the following categories:

the coordination of the Commission with the Office of Financial Research and with Foreign Regulators;
the coordination of Form PF with Recordkeeping Rules;
the frequency of filings and measurement periods under Form PF;
potential systemic risk posed by private funds;
the certification, monthly performance reports and data required by Form PF;
confidentiality; and
the potential duplication of data points in proposed Form PF.

Seward & Kissel - April 12, 2011

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF
April 12, 2011

From the comment letter:

"The SEC should ensure that the information disclosed on Form PF remains confidential."
"The SEC should consider making form PF a voluntary filing for an initial pilot period."
"Form PF imposes significant burdens."
"Information disclosed on a good faith basis on Form PF should not be used in a prejudicial manner."
"The proposed definition of hedge fund should be revised."
"The SEC should continually assess the effectiveness of Form PF in accomplishing the goals mandated by the Dodd-Frank Act."
"[The SEC should] arrange for the relevant portions of Form PF be provided to the CFTC on an as needed basis."

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Private Fund Systemic Risk Reporting Regulation - Comment Letters

From MarketsReformWiki

Contents

Alternative Investment Management Association - July 1, 2011

Investment Company Institute - July 28, 2011

SIFMA - August 4, 2011

HedgeOp Compliance - July 27, 2011

Fidelity Investments - April 12, 2011

BlackRock - April 12, 2011

Securities Industry and Financial Markets Association - April 12, 2011

Managed Funds Association - April 8, 2011

Investment Adviser Association - April 12, 2011

Investment Company Institute - April 12, 2011

Committee on Capital Markets Regulation - April 12, 2011

Center for Capital Markets Competitiveness - April 12, 2011

Alternative Investment Management Association - April 12, 2011

Coalition of Private Investment Companies - March 31, 2011

Private Equity Growth Capital Council - April 12, 2011

American Federation of Labor and Congress of Industrial Organizations - April 12, 2011

National Association of Real Estate Investment Managers - March 24, 2011

American Bar Association - April 11, 2011

Seward & Kissel - April 12, 2011

References

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