External Meetings: Meeting with Representatives of Pension Fund Company Sponsors and Pension Fund Trade Organizations

The external attendees expressed views on the following issues: ~(i) Coordination of the CFTC’s proposed business conduct standards rules and the Department of Labor’s proposed definition of the term “fiduciary.”;  ~(ii) The interpretation of the phrase “best interests” in Section 4s(h)(4) of the Commodity Exchange Act (“CEA”);~(iii) ERISA plans and Section 4s(h)(5) of the CEA;~(iv) Reliance on the representations of the ERISA plan regarding the qualifications of its representative;~(v) Issues regarding the Know Your Counterparty rule;~(vi) Collective investment vehicles and the definition of Special Entities;~(vii) Timing of disclosure;~(viii) The effect of a claim that an ERISA plan’s representation to a swap dealer or major swap participant is incorrect. ~ ~The Pension Industry Representatives memorialized their views in their comment letters to the Commission which were placed in the public comment file.  Those comment letters are: Letter from Lynn Dudley, American Benefits Council & The Committee on Investment of Employee Benefit Assets, to David Stawick, Secretary, CFTC (Feb. 22, 2011); and Letter from Kent Mason, Davis & Harman LLP et. al, to David Stawick, Secretary, CFTC (Feb. 22, 2011).