Kevin M. Foley

Kevin M. Foley

Katten Muchin Rosenman LLP

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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

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

Corporate and Financial Weekly Digest - Volume IX, Issue 36

In this issue: - Bylaw of Delaware Corporation Providing for Exclusive Forum in North Carolina Upheld - FINRA Board to Consider Rule Proposals Regarding Private Trading Platforms - CBOE and C2 in...more

9/15/2014 - AIFM AIFMD Banks Bitcoins CBOE CFPB CFTC Commodity Pool Compliance CPO Cross-Border Exclusive Jurisdiction False Claims Act FINRA Forum ISDA JOBS Act Jurisdiction OTC Regulation M Regulation Z SEC Security-Based Swaps Swap Dealers Swaps UK

CFTC Staff Issues Interpretation of Secured Amount Depository Requirements

On August 28, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued an Interpretation of CFTC Regulation 30.7(c) that permits a futures commission merchant (FCM) to...more

9/3/2014 - Banks CFTC Depository Institutions DSIO UK

CFTC Releases Rule Enforcement Review of ICE Futures U.S.

On July 22, the Commodity Futures Trading Commission released the Division of Market Oversight’s rule enforcement review of ICE Futures U.S. The rule enforcement review included the following recommendations...more

7/29/2014 - CFTC Enforcement Futures Hedge Funds ICE

CFTC Issues No-Action Relief from Certain Ownership and Control Reporting Requirements

On November 18, the Commodity Futures Trading Commission adopted rules modifying its ownership and control reporting requirements. Specifically, the CFTC adopted (i) a new Form 71 to collect information regarding omnibus...more

7/29/2014 - CFTC Compliance No-Action Relief Reporting Requirements

CFTC Seeks Comment on ICE Clear Europe Portfolio Margining Proposal

The Commodity Futures Trading Commission has requested public comment on a petition submitted by ICE Clear Europe Limited to amend an order issued by the CFTC on May 30...more

7/23/2014 - CFTC Commodities Exchange Act Public Comment

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On June 25, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended to October 31 the relief previously granted in CFTC No-Action Letters Nos. 14-02 and 14-45....more

7/2/2014 - CFTC Commingling DSIO FCMs No-Action Letters Swap Dealers Swaps

Corporate and Financial Weekly Digest - Volume IX, Issue 26

In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling...more

6/30/2014 - CFTC FCMs Fee-Shifting Statutes FINRA Fraud-on-the-Market Halliburton v Erica P. John Fund NFA No-Action Letters SCOTUS SEC Securities Securities Fraud Shareholder Litigation Shareholders Swap Dealers Swaps

CFTC and Reserve Bank of Australia Sign Memorandum of Understanding Regarding Cross-Border Clearing Organizations

The Commodity Futures Trading Commission and Reserve Bank of Australia signed a memorandum of understanding (MOU) regarding the cooperation and the exchange of information in the supervision and oversight of clearing...more

6/10/2014 - Australia CFTC Clearing Agencies Cross-Border Cross-Border Transactions Memorandum of Understanding

New CFTC Commissioners Confirmed; Chairman Sworn In

On June 3, the Senate confirmed the appointment of Timothy Massad, Christopher Giancarlo and Sharon Bowen as Commissioners of the Commodity Futures Trading Commission. Mr. Massad, who previously served as the Assistant...more

6/10/2014 - CFTC

CFTC Extends No-Action Relief for Certain Transaction-Level Requirements for Non-US Swap Dealers

On June 4, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter extending the relief provided by CFTC Letter No. 14-01...more

6/10/2014 - CFTC Compliance DSIO No-Action Relief Swap Dealers Swap Market Swaps

Corporate and Financial Weekly Digest - Volume IX, Issue 23

In this issue: - SEC Chair Gives Speech on Equity Market Structure - New CFTC Commissioners Confirmed; Chairman Sworn In - CFTC Extends No-Action Relief for Certain Transaction-Level Requirements...more

6/9/2014 - CFTC Commodity Pool CPO Cross-Border Derivatives Clearing Organizations Equity Markets Fraud NFA No-Action Relief SEC Swap Dealers Swaps

CFTC Proposes to Amend De Minimis Threshold for Swaps with Utility Providers

The Commodity Futures Trading Commission has proposed to amend the “special entity” de minimis exception from swap dealer designation to exclude certain swaps with public utility providers. The proposed regulations are...more

6/4/2014 - CFTC Commodities De Minimus Quantity Exemption No-Action Letters No-Action Relief Proposed Regulation Swap Dealers Swaps Utilities Sector Utility Special Entities

CFTC Grants Recordkeeping Relief for Certain SEF and DCM Members

The Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight of the Commodity Futures Trading Commission have issued relief from certain recordkeeping obligations for persons that are not...more

6/4/2014 - CFTC Designated Contract Market No-Action Letters Recordkeeping Requirements SEFs Swap Dealers Swaps

CFTC Seeks Additional Comments on Position Limits for Physical Commodity Derivatives

The Commodity Futures Trading Commission is seeking additional comments on its proposed regulations relating to position limits for physical commodity derivatives. The CFTC will accept comments on its proposals regarding...more

6/4/2014 - CFTC Commodities Derivatives Physicians Position Limits

Corporate and Financial Weekly Digest - Volume IX, Issue 22

In this issue: - Delaware Legislation Banning Fee-Shifting in Bylaws and Charters - CFTC Proposes to Amend De Minimis Threshold for Swaps with Utility Providers - CFTC Grants Recordkeeping Relief for...more

6/2/2014 - Arbitration Broker-Dealer Bylaws CFTC Commodities De Minimis Claims Derivatives FCPA Fee-Shifting Statutes Foreign Official Fraud Instrumentality Mandatory Arbitration Clauses SEFs Swaps Utilities Sector

CFTC Hands Out First Whistleblower Award

The Commodity Futures Trading Commission has announced the first award under its whistleblower program. The CFTC will pay an anonymous recipient approximately $240,000 for providing information about violations of the...more

5/28/2014 - CEA CFTC Whistleblower Awards Whistleblowers

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