Kevin M. Foley

Kevin M. Foley

Katten Muchin Rosenman LLP

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CFTC Extends Relief from Certain Recordkeeping Requirements

The Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight (Divisions) of the Commodity Futures Trading Commission expanded and extended the no-action relief previously granted to commodity...more

12/24/2014 - CFTC DSIO No-Action Relief Recordkeeping Requirements SEFs Swaps

CFTC Approves Amended Order of Registration for LCH.Clearnet Ltd.

On December 17, the Commodity Futures Trading Commission approved the application of LCH.Clearnet Ltd. for an Amended Order of Registration as a derivatives clearing organization (DCO). Pursuant to the Amended Order, LCH is...more

12/24/2014 - CFTC Derivatives Clearing Organizations No-Action Relief

NFA Proposes Amended Interpretive Notice Regarding Loans to CPOs by Commodity Pools

On December 12, National Futures Association (NFA) submitted to the Commodity Futures Trading Commission proposed amendments to the Interpretive Notice to NFA Compliance Rule 2-45 (Prohibition of Loans by Commodity Pools to...more

12/24/2014 - CFTC Commodity Pool CPOs Loans NFA Proposed Amendments

CFTC Extends Relief to Four Foreign Clearing Organizations

On December 18, the Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission extended the no-action relief previously granted to four foreign clearing organizations: ASX Clear (Futures) Pty Limited,...more

12/24/2014 - CFTC Clearing Agencies Foreign Entities No-Action Relief

NFA Issues Guidance on Exempt and Excluded CPOs and CTAs

On December 3, National Futures Association (NFA) issued guidance reminding firms that are relying on certain exemptions or exclusions from registration as commodity pool operators (CPOs) or commodity trading advisors (CTAs)...more

12/10/2014 - CPOs CTA Exemptions National Futures Association New Guidance Registration

NFA Proposes Amendment to NFA Compliance Rule 2-4

On December 1, National Futures Association (NFA) filed with the Commodity Futures Trading Commission for review and approval a proposed amendment to NFA Compliance Rule 2-4 to include swaps-related activities. Compliance...more

12/10/2014 - CFTC Commodities Futures NFA Swaps

FinCEN Updates List of Jurisdictions with AML/CFT Deficiencies

On November 12, the Financial Crimes Enforcement Network (FinCEN) issued an advisory announcing that the Financial Action Task Force (FATF) has updated its list of jurisdictions that have strategic deficiencies in their...more

12/1/2014 - Anti-Money Laundering Counter-Terrorist FATF FinCEN Jurisdiction

CFTC Seeks Input on New Market Risk Advisory Committee

The Commodity Futures Trading Commission is seeking comments on potential topics for discussion at future Market Risk Advisory Committee (MRAC) meetings....more

12/1/2014 - CFTC Oversight Committee

CFTC Extends Relief for Non-US Swap Dealers from Transaction-Level Requirements

The Division of Swap Dealer and Intermediary Oversight, Division of Clearing and Risk and the Division of Market Oversight (Divisions) of the Commodity Futures Trading Commission have extended the no-action relief previously...more

11/26/2014 - CFTC No-Action Relief Swap Dealers

CFTC Agricultural Advisory Committee to Meet on December 9

The Agricultural Advisory Committee of the Commodity Futures Trading Commission will convene on December 9 to discuss deliverable supplies of agricultural commodities and related implications for position limits and the...more

11/26/2014 - Agriculture CFTC Commodities Farms Food Commodities

CFTC Proposes to Revise Interpretation on Forward Contracts with Embedded Volumetric Optionality

On August 13, 2012, the Commodity Futures Trading Commission published for comment an interpretation to clarify the circumstances in which a contract that provides for variations in delivery amount (i.e., embedded volumetric...more

11/26/2014 - CFTC Forward Contracts Public Comment

CFTC Issues 30.7 Customer Funds No-Action Relief and Interpretation

The Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission has issued no-action relief and interpretive guidance for futures commission merchants (FCMs) with customers that trade...more

11/19/2014 - DSIO FCMs Futures No-Action Relief Stock Options

OTC Derivatives Regulators Group Issues Report to G20 Leaders

The OTC Derivatives Regulators Group (ODRG) has issued an update to the G20 Leaders on the ODRG’s effort to resolve cross-border issues relating to over-the-counter derivatives reform. ...more

11/18/2014 - Derivatives G20 OTC

NFA Changes Public Display of FCM Financial Information on BASIC

Beginning November 25, the National Futures Association (NFA) will display additional information on each futures commission merchant’s (FCM’s) BASIC page, including the amount of customer funds held at clearing organizations...more

11/12/2014 - Brokers Customer Funds FCMs National Futures Association Repurchases Websites

CFTC Grants Relief to IB Entering Into Give-Up Arrangements

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from the proviso in CFTC Regulation 1.57(a)(1), which requires an introducing broker (IB) that has...more

11/12/2014 - CFTC DSIO FCMs Guaranteed Introducing Brokers No-Action Letters No-Action Relief

JAC Maintains Current Restrictions on Trading While Undermargined and Publishes Summary of Residual Interest Requirements

The Joint Audit Committee (JAC) has announced that it will maintain its current restrictions on trading while undermargined. As background, the JAC Margins Handbook provides that if an account is undermargined for an...more

11/12/2014 - Auditors Audits Joint Audit Committee Margin Requirements

CFTC Proposes to Amend Recordkeeping Requirements

The Commodity Futures Trading Commission has proposed to amend the recordkeeping requirements set forth in CFTC Regulation 1.35(a). The proposed amendments to CFTC Regulation 1.35(a) would clarify that records must be...more

11/12/2014 - CFTC Electronically Stored Information Proposed Regulation Recordkeeping Requirements

CFTC Proposes to Revise Residual Interest Deadline for FCMs

In 2013, the Commodity Futures Trading Commission amended CFTC Regulation 1.22 to require a futures commission merchant (FCM) to maintain its own funds (i.e., residual interest) in customer segregated accounts in an amount...more

11/11/2014 - CFTC FCMs Residual Interest Segregated Funds

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On October 30, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended indefinitely the relief previously granted in CFTC No-Action Letters Nos. 14-02, 14-45 and 14-88, as...more

11/4/2014 - CFTC DSIO FCMs No-Action Letters No-Action Relief Swaps

CFTC Issues Interpretation Regarding Accounting for Customer Margin Payments Using Automated Clearing House Payment Processing

On October 23, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued an interpretation regarding the appropriate treatment of customer margin payments made to a futures...more

10/28/2014 - ACH Payments CFTC DSIO

CFTC Issues Relief from Certain Part 45 Requirements to Singapore Exchange Derivatives Clearing Limited

On October 8, the Commodity Futures Trading Commission’s Divisions of Market Oversight and Clearing and Risk (Divisions) issued No-Action Letter No. 14-122 providing relief to Singapore Exchange Derivatives Clearing Limited...more

10/15/2014 - CFTC No-Action Letters Reporting Requirements Singapore Swaps

CFTC Extends Relief to DCOs and Their Clearing Members from Requirements for CDS Clearing-Related Swaps

On September 29, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued No-Action Letter No. 14-119 extending no-action relief previously granted to derivatives clearing organizations (DCOs),...more

10/8/2014 - CFTC Counterparty Risk Credit Default Swaps Derivatives Derivatives Clearing Organizations No-Action Letters No-Action Relief

CFTC Extends Relief for SEFs and DCMs from Straight-Through Processing Requirements for Package Transactions

On September 30, the Commodity Futures Trading Commission’s Divisions of Market Oversight and Clearing and Risk (Divisions) issued No-Action Letter No. 14-121 extending no-action relief previously granted to swap execution...more

10/7/2014 - CFTC DCMs No-Action Letters SEFs

CFTC Provides Time-Limited Relief to SEFs for Block Trades

On September 19, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) provided time-limited no-action relief to swap execution facilities (SEFs) from the requirement in CFTC Regulation 43.2 that block...more

9/30/2014 - Block Trades CFTC DMO No-Action Relief SEFs Swap Execution Facilities

London Metal Exchange Provides Revised Guidance on Structure, Terminology and Order Execution

On September 22, the London Metal Exchange (LME) provided revised guidance on the structure of LME, market terminology and order execution. As with previous versions, the revised guidance explains that LME recognizes two...more

9/30/2014 - Guidance Update London Metal Exchange

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