Comment Letters

2009: 1 2 3 <view all 2009>

6.25.2009		MFA submitted comments to National Futures Association in response to its request for comments on CPO quarterly reporting. MFA is supportive of the regulator�s goal to enhance its audit and compliance program. We offer a number of specific and technical comments in our letter.
6.22.2009		MFA submitted a letter to the SEC in response to its request for comments on proposed short sale restrictions. MFA and its members believe the empirical data do not support the need for a short sale restriction, and that a short sale restriction would harm investors through decreased liquidity and pricing efficiency, and greater transaction costs. However, if the Commission determines that a short sale restriction is necessary and merited, we urge the Commission to consider a single security circuit breaker that triggers a modified uptick test as it would achieve the Commission�s objectives in the way least likely to cause market dislocation and other unintended consequences.
6.19.2009		MFA submitted a letter to the IRS Commissioner regarding FBAR compliance concerns in light of the upcoming filing deadline and statements made by IRS officials during a recent presentation to industry associations. The letter requests that the IRS (1) provide temporary relief in advance of the filing deadline, and (2) issue formal guidance in response to MFA�s prior submissions, which sought clarity on a number of issues, including whether offshore hedge funds are �financial accounts� for FBAR compliance purposes.
6.17.2009		MFA submitted a letter to the CFTC today in response to its concept release on the bona fide hedge exemption for certain swap dealers. We recommend that the Commission consider the bona fide hedge exemption in the context of the broader OTC derivatives regulatory reform goals and objectives; seek more market data to understand the role and market impact of these bona fide hedge exemptions before it makes a determination on their elimination and/or replacement; propose rulemaking to require swap dealers and index traders to report OTC swap market transactions to the Commission on a permanent, ongoing basis; and provide the public with greater transparency with respect to OTC swap markets relating to commodity futures markets through aggregated reports.
6.15.2009		MFA submitted a letter to the International Organization of Securities Commissions (IOSCO) in response to its Consultation Report on Unregulated Financial Markets and Products. In our letter, we assert that any regulatory measures that seek to affect the functioning of the CDS market and other OTC derivatives markets must be balanced against the significant benefits that these products bring to global capital markets and to the market participants who trade them. We agreed with IOSCO that the optimal framework to strike this balance is through industry initiatives, which are organized in coordination and cooperation with global regulators.
6.11.2009		MFA submitted a letter following a call on June 9, 2009 among MFA staff, MFA members, the SEC, CFTC, New York Fed, Federal Reserve Board, FDIC and OCC, as well as SIFMA regarding the standardization and clearing eligibility of OTC derivatives. This interagency regulatory group provided good feedback about the information and views that MFA and its members presented during the call.
5.20.2009		MFA jointly with FIA, CME Group, ICE and NFA submitted a letter to the Federal Trade Commission regarding its �Prohibition of Energy Market Manipulation Rule.� We expressed concern that the proposed rule is not in accordance with the exclusive jurisdiction provision of the Commodity Exchange Act and would impose conflicting fraud standards on futures market professionals and participants.