June 2012

The House Appropriations Committee is proposing a spending package that would cut the Commodity Futures Trading Commission’s (“CFTC”) annual budget by about $25 million to $180.4 million which is about 41 percent lower than the administration originally requested. [1] However, … Read More

On May 31, 2012, FINRA filed a notice of the proposed rule change that would amend FINRA Rule 4210. Rule 4210 details the margin account requirements and collateral deposits required to be maintained. Specifically, the rule elucidates margin requirements for … Read More

Nov. 2011

The SEC has approved two proposals to limit the volatility of (1) individual stocks and (2) the market itself. The first proposal, named the National Market System Plan Approval Order (“NMSP”), can be found here and is designed to limit … Read More

As noted by the president of the Federal Reserve Bank of Kansas City, the Glass-Steagall Act (“GSA”) was intended to “separate the higher risk, often more leveraged, activities of investment banks from activities tied to the nation’s payments system and … Read More

May 2012

Rule 206(4)-1 under the Investment Advisers Act of 1940 prohibits any investment adviser (“IA”) from directly or indirectly publishing, circulating or distributing any advertisement that: (i) contains or refers to a testimonial regarding the IA or past recommendations of such … Read More

On February 8, 2012, the Commodity Futures Trading Commission (“CFTC” or “Commission”) put forth final regulations repealing the popular exemption from registration for private fund managers under CFTC Regulation 4.13(a)(4) (exemption for commodity pool operator) and 4.13(a)(8) (exemption for commodity … Read More

Apr. 2012