Communications/International Law: U.K. Ofcom Issues Consultation Paper on Net Neutrality

On June 24, Ofcom, the independent regulator and competition authority for the United Kingdom communications industries, issued a consultation paper on traffic management and net neutrality. An Ofcom statement reported that the purpose of the consultation paper is to open up a discussion on how existing and future powers "might be used to address traffic management concerns and what stance Ofcom should take on any potential anti-competitive discrimination," and that the paper "raises questions about transparency and consumers’ awareness of the traffic management policy of the broadband service they have paid for." Comments may be submitted online, by email, or mail, but must be received by September 9.

Trade Regulation/International Law: Australia Enacts New National Consumer Protection Law

On July 13, the Australian Trade Practices Amendment (Australian Consumer Law) Bill (No. 2) 2010 received final assent. According to the summary by the Australian Parliament, the lengthy bill (402 pages total) "amends: the Trade Practices Act 1974, Australian Securities and Investments Commission Act 2001 and Corporations Act 2001 to implement a national consumer law regime (the Australian Consumer Law) in relation to: general and specific consumer protections; misleading and deceptive conduct; unconscionable conduct; unfair practices; consumer transactions; statutory consumer guarantees; a standard consumer product safety law for consumer goods; and product-related services; the Trade Practices Act 1974 to rename it as the Competition and Consumer Act 2010; and 61 Acts to reflect the change in title of the Trade Practices Act 1974."

Veterans Benefits: VA Proposes Plain-Language Rewrite of Service-Connected and Other Disability Compensation Regs

On September 1, the Veterans Administration announced that it "proposes to reorganize and rewrite in plain language its regulations concerning service-connected and other disability compensation." The VA proposed the revisions as part of its "reorganization of all of its compensation and pension regulations in a logical, claimant-focused, and user-friendly format." The VA stated thet "[t]he intended effect of the proposed revisions is to assist claimants, beneficiaries, and VA personnel in locating and understanding these regulations."

The comment period on the proposed rule ends November 1, 2010. Written comments may be submitted through http://www.regulations.gov; by mail or hand-delivery to: Director, Regulations Management (02REG), Department of Veterans Affairs, 810 Vermont Ave., NW., Room 1068, Washington, DC 20420; or by fax to (202) 273-9026. Comments should indicate that they are submitted in response to “RIN 2900-AM07—Service-Connected and Other Disability Compensation.”

Securities/Commodities: SEC Announces Temporary Rule Requiring Registration of Municipal Advisors

On September 2, the Securities and Exchange Cmomission announced that it "has adopted a temporary rule requiring municipal advisors to register with the SEC by October 1." The SEC stated that this deadline "was established by the newly-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act." Subject to certain exemptions, Dodd-Frank defines "municipal advisors" -- who provide advice to state and local governments and other borrowers involved in the issuance of municipal securities and solicit business from a state or local government for a third party -- to include "financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and certain swap advisors that provide municipal advisory services." Municipal advisors may register online with the SEC.

Intellectual Property: Patent and Trademark Office Issues New Obviousness Guidelines

On September 1, the U.S. Patent and Trademark Office (USPTO) published in the Federal Register an update to its examination guidelines "concerning the law of obviousness under 35 U.S.C. 103 in light of recent precedential decisions of the United States Court of Appeals for the Federal Circuit issued since the 2007 decision by the United States Supreme Court in KSR Int’l Co. v. Teleflex Inc." The USPTO invited public comment on the update, specifically noting that it "is especially interested in receiving additional suggestions in the field of obviousness that would have particular value as teaching tools." Comments may be sent to KSR_Guidance@uspto.gov.

International Trade: New WTO Report on World Merchandise Trade

On Septemebr 1, the World Trade Organization issued a release reporting that the value of world merchandise trade rose around 25 percent in the first six months of 2010, "up strongly from the same period of 2009." The release also stated that "[t]his surge in trade growth marks a continuation of the trend begun in the first quarter of the year."

Securities/Commodities: CFTC Issues New Rules on Retail Forex Trading

On August 30, the Commodity Futures Trading Commission (CFTC) announced the publication in the Federal Register of final regulations concerning off-exchange retail foreign currency transactions. According to the announcement, the rules "implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Food, Conservation, and Energy Act of 2008."

In brief, "[t]he final forex rules put in place requirements for, among other things, registration, disclosure, recordkeeping, financial reporting, minimum capital and other business conduct and operational standards. Specifically, the regulations require the registration of counterparties offering retail foreign currency contracts as either futures commission merchants (FCMs) or retail foreign exchange dealers (RFEDs), a new category of registrant. Persons who solicit orders, exercise discretionary trading authority or operate pools with respect to retail forex also will be required to register, either as introducing brokers, commodity trading advisors, commodity pool operators (as appropriate) or as associated persons of such entities. 'Otherwise regulated' entities, such as United States financial institutions and SEC-registered brokers or dealers, remain able to serve as counterparties in such transactions under the oversight of their primary regulators." The rules become effective October 18, 2010.