From:
Ex Parte Communication
Organization(s):
Winston & Strawn LLP
United Technologies
U.S. Steel & Carnegie Pension Fund
NISA Investment Advisors, LLC
Davis & Harman LLP
American Benefits Council (ABC)
Committee on Investment of Employee Benefit Assets (CIEBA)
Skadden, Arps
Comment Text:
Meeting with Representatives of Pension Fund Company Sponsors and Pension Fund Trade Organizations
Thursday, February 10, 2011
Memo from
Kneller, Theodore
CFTC Staff :
Tim Karpoff
Phyllis Cela
Peter Sanchez
Katie Driscoll
Ted Kneller
Vivek Jain
External Attendees :
Peter Y. Malyshev (Winston & Strawn LLP)
Charles Van Vleet (United Technologies)
Sharon Cassidy (U.S. Steel & Carnegie Pension Fund)
Bill Donovan (U.S. Steel & Carnegie Pension Fund)
Bella Sanevich (NISA Investment Advisors, LLC)
Kent Mason (Davis & Harman/American Benefits Council)
Jim Harshaw (Committee on Investment of Employee Benefit Assets (CIEBA))
Mark Young (Skadden, Arps)
Ken Porter (American Benefits Council (ABC))
Additional Information :
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).
