In this issue;

- CFTC Rescinds CPO Registration Exemption; Adopts Additional Reporting Obligations

- CFTC Revision of Rule 4.5 Requires Advisers to Certain Registered Investment Companies to Register with the CFTC; CFTC Separately Proposes to Harmonize Investment Company Rules with SEC Requirements

- Incomplete and Unfinished Documents May Satisfy Statute of Frauds

- Courts Lack Jurisdiction To Review Determinations By Arbitration Panels Under the Railway Labor Act

- France Proposes Financial Transaction Tax

An excerpt from "Incomplete and Unfinished Documents May Satisfy Statute of Frauds"
The U.S. Court of Appeals for the Fifth Circuit recently held that documents referenced in an agreement may satisfy the statute of frauds even if those documents are not finalized. Preston Exploration Company entered into three agreements with Chesapeake Energy Corporation for the sale of certain oil and gas leases. The specific leases to be conveyed were not set forth in the body of the agreements, but rather were referenced in the agreements as being defined in the attached exhibits. Drafts of the exhibits were circulated with the draft agreements and, although it was clear that the exhibits were not finalized, the agreements were executed by Chesapeake without protest.

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