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Amendments to Volcker Rule Regulations

On August 20, 2019, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule (the “2019 Final Rule”) to amend the rules implementing Section 13 of the...more

CFTC and UK Regulators Issue Statement Regarding Continuity of Derivatives Trading and Clearing Post-Brexit

On February 25, 2019, the US Commodity Futures Trading Commission (CFTC) and the Bank of England, including the Prudential Regulation Authority (BoE), and the UK’s Financial Conduct Authority (FCA) issued a joint statement...more

CFTC Amends Chief Compliance Officer Duties and Annual Report Requirements

On August 27, 2018, the Commodity Futures Trading Commission (“CFTC”) published final rules in the Federal Register amending its regulations regarding duties of chief compliance officers (“CCOs”) of swap dealers (“SD”), major...more

CFTC Proposes to Maintain Swap Dealer De Minimis Threshold at $8 Billion

On June 4, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) by a 2 to 1 vote proposed to amend its regulations to maintain the de minimis exception threshold from swap dealer registration at the...more

CFTC Chairman Issues White Paper Outlining Agenda for Changes to Swaps Regulation

On April 26, 2018, J. Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission (“CFTC” or “Commission”) and Bruce Tuckman, the CFTC’s Chief Economist, issued a white paper outlining changes to swaps...more

CFTC Staff Issues Interpretation Regarding Position Limits Aggregation by Passive Investors in Commodity Pools

On May 2, 2018, staff of the Division of Market Oversight of the Commodity Futures Trading Commission (“CFTC”) issued an interpretation regarding CFTC Reg. 150.4(b)(1), 17 CFR 150.4(b)(1), which provides an exemption from the...more

Federal Judge Upholds CFTC’s Determination that Virtual Currencies Are Commodities

In September 2015, the Commodity Futures Trading Commission (CFTC) stated in a settlement order that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities” under the...more

Financial Services Report – Winter 2017

EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Treasury Department Urges Principles-Based Regulation of Money Managers; Delay of Implementation of Liquidity Risk Management and...

The U.S. Department of the Treasury’s report on asset management and insurance recommends, among other things, a delay in implementation of the SEC’s liquidity risk management rule and the Department of Labor’s fiduciary...more

Treasury Report, Part II: Regulation of the Capital Markets

The U.S. Department of the Treasury (“Treasury Department” or “Treasury”) issued its second report (of four reports), titled “A Financial System that Creates Economic Opportunities, Capital Markets” (the “Report”). The...more

Federal Reserve Board Issues Final Rules Imposing Restrictions on Qualified Financial Contracts of Global Systemically Important...

On September 12, 2017, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register final rules (the “Final Rules”) intended to reduce the potential risks posed to the U.S. financial...more

Financial Services Report - Summer 2017

EDITOR’S NOTE - Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more

CFTC Adopts Amendments to its Recordkeeping Rules

On May 23, 2017, the Commodity Futures Trading Commission (“CFTC”) finalized rule amendments to its recordkeeping rule, CFTC Reg. 1.31, as well as related technical amendments to CFTC Regs. 1.35 and 23.203. CFTC Reg. 1.31...more

CFTC Proposes to Amend Chief Compliance Officer Duties and Annual Report Requirements

On May 3, 2017, the Commodity Futures Trading Commission (“CFTC”) approved for publication in the Federal Register proposed amendments to its rules regarding the duties of Chief Compliance Officers (“CCOs”) for swap dealers...more

The SEC’s Long-Awaited Security-Based Swaps Rules May Be Approaching

The SEC has proposed all of its major Title VII rules regulating the security-based swaps market. The authors discuss the current status of this and related rulemakings, the relief the SEC has granted, and the provisions of...more

CFTC Approves Final Rule Amendments to CPO Financial Report Regulations

On November 21, 2016, the U.S. Commodity Futures Trading Commission (CFTC) approved final rule amendments to its regulations that allow commodity pool operators (CPOs) to use certain additional alternative generally accepted...more

CFTC Issues Cross-Border Proposal

On October 11, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) issued proposed rules to address certain issues related to the cross-border application of Title VII of the Dodd-Frank Wall Street Reform and...more

Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

Setting the Scene - Final SEC guidance on cross-border SBSs is likely to ease concerns surrounding reporting duties and compliance...

On July 13 2016, the US Securities and Exchange Commission (SEC) adopted amendments and guidance (Final Rules and Guidance) related to its rules on the regulatory reporting and public dissemination of security-based swaps...more

CFTC Proposal to Amend CPO Reporting Rules

The Commodity Futures Trading Commission (“CFTC”) on August 5, 2016, issued a proposal to amend its rules governing commodity pool annual reports, which, if adopted, would permit commodity pool operators (“CPOs”) of a pool...more

CFTC Proposed Registration Relief for Non-U.S. Futures Commission Merchants, Commodity Pool Operators, Commodity Trading Advisors...

On July 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) proposed amendments to its rules (“Proposed Rules”) that loosen the conditions for exemption from registration as a futures commission merchant (“FCM”),...more

The Federal Reserve’s Proposed Rules for Financial Contracts of Global Systemically Important Banking Organizations and ISDA’s...

Last month the Board of Governors of the Federal Reserve System (the “Board”) issued proposed new rules (the “Proposed Rules”) intended to reduce the potential risks posed to the U.S. financial system by too-big-to-fail...more

CFTC Issues Final Rules Regarding the Cross-Border Application of its Uncleared Swaps Margin Requirements - June 2016

On May 24, 2016, the Commodity Futures Trading Commission (“CFTC”) in a much anticipated action approved the issuance of final rules (“Final Rules”) regarding the cross-border application of its uncleared swaps margin...more

CFTC Finalizes Relief from Trade Option Reporting and Recordkeeping Requirements for Commercial End Users

On March 16, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) approved a final rule that eliminates the reporting and recordkeeping requirements in current CFTC regulations for trade option counterparties that are...more

SEC Adopts Rule Amendments Addressing Dealing Transactions Between Non-U.S. Persons that are “Arranged, Negotiated, or Executed”...

On February 10, 2016, the U.S. Securities and Exchange Commission (“SEC”) approved final rule amendments to its cross border rules that address how the security-based swap dealer definition applies to security-based swap...more

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