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
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
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
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
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
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
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
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
12/12/2017
/ Arbitration ,
Biometric Information Privacy Act ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Debt ,
ECOA ,
FDIC ,
FinCEN ,
HMDA ,
NYDFS ,
OCC ,
Payday Loans ,
TCPA ,
Trump Administration ,
U.S. Treasury ,
Virtual Currency
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
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
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
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
6/20/2017
/ Arbitration ,
Blockchain ,
BSA/AML ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Credit Reporting Agencies ,
Disclosure Requirements ,
Expressions Hair Design v Schneiderman ,
Fair Lending ,
FCC ,
FinTech ,
First Amendment ,
HERA ,
Lending ,
Money Laundering ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
SCOTUS ,
Small Business ,
TCPA ,
Trump Administration
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
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 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
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
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
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
9/21/2016
/ Anti-Money Laundering ,
Arbitration ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Digital Currency ,
EU ,
EU-US Privacy Shield ,
Fair Lending ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
Foreclosure ,
Homeowner Bill of Rights ,
Mortgage Lenders ,
Municipalities ,
OCC ,
Online Banking ,
Securities and Exchange Commission (SEC) ,
Standing ,
Tax Revenues ,
TCPA ,
Telemarketing ,
Volcker Rule
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
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
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
8/8/2016
/ Asset Management ,
CFTC ,
Commodity Interest ,
Commodity Trading Advisors (CTAs) ,
CPO ,
Designated Contract Markets (DCMs) ,
Financial Institutions ,
Futures Commission Merchants (FCMs) ,
Introducing Brokers ,
No-Action Letters ,
Proposed Rules ,
Registration Requirement ,
Swap Execution Facilities
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
6/30/2016
/ Banks ,
Basel Committee on Banking Supervision (BCBS) ,
Cross-Border Transactions ,
Dodd-Frank ,
Federal Reserve ,
Financial Stability Acts ,
FSB ,
Global Economy ,
ISDA ,
Liquidation ,
Proposed Rules
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
6/8/2016
/ Basel Committee on Banking Supervision (BCBS) ,
CFTC ,
Commodities ,
Covered Swap Entities (CSE) ,
Cross-Border ,
Cross-Border Transactions ,
Federal Register ,
Final Rules ,
Financial Statements ,
Foreign Subsidiaries ,
Guaranty Claims ,
IOSCO ,
Margin Requirements ,
Prudential Regulation Authority (PRA) ,
Swap Dealers ,
Swaps ,
U.S. Person
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
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