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Rating:Will the CFTC Adopt New Mutual Fund Regs? Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, January 23, 2012

Will the CFTC Adopt New Mutual Fund Regs?

News summary by MFWire's editors

Some mutual fund firms could soon face extra red tape. Bloomberg reports that the U.S. Commodity Futures Trading Commision (CFTC) may privately vote on new marketing and registration rules for mutual funds that use derivatives tied to commodities, according to three unnamed sources who talked to the wire service.

According to Bloomberg, the National Futures Association, a self-regulatory organization, has asked for the change, while mutual fund titans Fidelity and Vanguard fought against the idea. And the Investment Company Institute's (ICI) leadership isn't happy about the CFTC's proposal, either.

"The CFTC has provided little rationale for its sweeping proposal, including why it is necessary to impose a second, costly layer of regulation on registered investment companies," Karrie McMillan, general counsel to the ICI, wrote last year in a letter to the regulatory agency.

Bloomberg's unnamed sources said that the CFTC has circulated the regulation to five commissioners for final vote. According to the report, the commissioners simply vote in writing, in private, or they could conduct the vote in public. 

Edited by: HFD

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