Kevin M. Foley

Kevin M. Foley

Katten Muchin Rosenman LLP

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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

OTC Derivatives Regulators Issue Report Regarding Cross-Border Issues

On September 10, the Over-the-Counter Derivatives Regulators Group (ODRG) issued a report providing an update to the Group of 20 (G20) on its progress in resolving over-the-counter (OTC) derivatives cross-border...more

9/17/2014 - Cross-Border Derivatives Financial Regulatory Reform G20 OTC Over-the-Counter Sales

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

NFA Issues Notice Setting Effective Date for Risk Exposure Report Filing Through WinJammer

On August 22, National Futures Association issued Notice I-14-20 to advise swap dealers (SDs) and major swap participants (MSPs) that, effective September 30, SDs and MSPs will be required to submit quarterly Risk Exposure...more

9/3/2014 - Swap Dealers Swaps

FinCEN Issues Advisories for US Financial Institutions

The Financial Crimes Enforcement Network (FinCEN) has issued separate advisories relating to (1) anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies and (2) promoting a culture of compliance with...more

8/26/2014 - Anti-Money Laundering Anti-Terrorism Financing Bank Secrecy Act Banks Financial Institutions FinCEN

ICE Futures U.S. Issues Amendments to EFRP Rule and FAQs

On August 8, ICE Futures U.S. revised its rule and frequently asked questions related to exchange of futures for related position (EFRP) transactions. The amendments codify the requirements regarding the simultaneous transfer...more

8/19/2014 - EFRP Futures

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

NFA Proposes Interpretive Notice Prohibiting the Use of Credit Cards to Fund Retail Forex or Futures Trading Accounts

National Futures Association (NFA) has proposed an Interpretive Notice that would prohibit NFA members from allowing customers to fund their retail forex or futures trading accounts with credit cards. NFA believes that the...more

7/2/2014 - Credit Cards Futures National Futures Association Trading Account

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

JAC Issues Guidance on FCM Financial Information Disclosure Requirements

The Joint Audit Committee (JAC) has issued a regulatory alert reminding futures commission merchants (FCMs) of their obligation to make certain financial information available on their websites effective July 12 in accordance...more

6/25/2014 - Audits Disclosure Requirements FCMs

Corporate and Financial Weekly Digest - Volume IX, Issue 25

In this issue: - Delaware Court of Chancery Rules That a Major Debt Holder and 48 Percent Stockholder Is a Controlling Stockholder and Owes Fiduciary Duties to Minority Stockholders - Delaware Court of Chancery...more

6/23/2014 - Compliance Controlling Stockholders Cross-Border Debt Debtors Disclosure Requirements FCMs Fiduciary Duty FINRA Fraud Investment Adviser Minority Shareholders Real Estate Market SEC Shareholder Litigation Shareholders Swaps

NFA Issues Notice Regarding Changes to Form PQR and Form PR

On June 5, National Futures Association issued a notice to its members informing them that NFA has made several minor changes to the commodity pool operator Form PQR and commodity trading advisor Form PR...more

6/11/2014 - Commodities Commodity Broker Commodity Pool CPO Form PQR Form PR NFA

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

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