MFA Comment Letter to CFTC and SEC on Harmonization of Regulation

MFA submitted a letter to the SEC and the CFTC to supplement our September 3rd written statement for the joint meeting on harmonization of regulation. In our letter, MFA states that we believe the standard set in the Peavey Commodity Futures Fund SEC No-action letter to determine the primary business engagement of a fund for purposes of determining whether it is an investment company under section 3(b)(1) of the Investment Company Act is a fair and flexible standard for determining whether an adviser registered with the CFTC is primarily acting as an investment adviser pursuant to section 203(b)(6) of the Advisers Act. In addition, we believe the same analysis may be applied for purposes of determining whether an adviser registered with the SEC is primarily acting as a commodity trading advisor pursuant to section 4(m)(3) of the CEA.

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