Kevin M. Foley

Kevin M. Foley

Katten Muchin Rosenman LLP

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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 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

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 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 Staff Announces Streamlined No-Action Relief Process for Certain CPOs

On May 12, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight announced a streamlined process that will allow a commodity pool operator (CPO) that has delegated investment management...more

5/21/2014 - CFTC Commodity Pool CPO Financial Regulatory Reform No-Action Relief

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On April 7, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued CFTC No-Action Letter No. 14-45, extending to June 30 the relief previously granted in CFTC No-Action...more

4/15/2014 - CFTC Commingling DSIO No-Action Letters No-Action Relief Swaps

CFTC Issues No-Action Relief Regarding 30.7 Accounts

On January 10, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued time-limited relief to a registered futures commission merchant (FCM) with respect to certain of...more

2/20/2014 - Banks CFTC DSIO FCMs Foreign Banks No-Action Relief

Corporate and Financial Weekly Digest - Volume IX, Issue 6

In this issue: - SEC Division of Corporation Finance Issues Guidance on Rule 506(c) Private Placements - SEC Issues No-action Relief Regarding Registration of M&A Brokers - CFTC Issues Guidance on New...more

2/11/2014 - Alternative Investment Funds Bank Fraud Banks Brokers CFTC Due Diligence Exemptions Filing Requirements Fraud Investment Adviser Investment Funds No-Action Relief Private Placements Registration Rule 506 Offerings SEC Swap Dealers Swaps

Corporate and Financial Weekly Digest - Volume IX, Issue 3

In this issue: - CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules - Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct -...more

1/20/2014 - Affirmative Defenses Banks CFTC Collateralized Debt Obligations Directors FCMs FDIC Insider Trading No-Action Relief OCC Professional Liability Receivership Scienter Trust Preferred Securities

CFTC Staff Extends No-Action Relief for Transaction-Level Requirements in Certain Cross-Border Situations

In an action parallel with the request for public comment (see “CFTC Requests Comment on Staff Advisory Regarding the Applicability of Transaction Level Requirements,” above), on January 3, the Commodity Futures Trading...more

1/15/2014 - CFTC Compliance Cross-Border DSIO No-Action Relief Swap Dealers

CFTC Grants LCH.Clearnet Time-Limited No-Action Relief to Clear Swaps Executed on DCMs or SEFs

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) has granted time-limited no-action relief stating that it will not recommend that the CFTC take enforcement action against (i) LCH.Clearnet Ltd...more

10/1/2013 - CFTC LCH.Clearnet.LLC No-Action Relief Swaps

CFTC Grants Relief to CPOs Trading Through Subsidiaries

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) has granted no-action relief from certain reporting obligations to commodity pool operators (CPOs) of registered investment...more

9/17/2013 - CFTC Controlled Foreign Corporations CPO DSIO Investment Funds No-Action Relief Subsidiaries

CFTC Grants Relief to CTAs and IAs from Swap Block Trade Aggregation Prohibition

The Commodity Futures Trading Commission’s Division of Market Oversight has issued no-action relief from the prohibition in CFTC Regulation 43.6(h)(6) on the aggregation of orders for different accounts to satisfy minimum...more

8/7/2013 - Block Trades CFTC CTA Investment Adviser No-Action Relief Swaps

CFTC Expands No-Action Relief Granted to FBOTs

The Commodity Futures Trading Commission’s Division of Market Oversight previously issued no-action letters to foreign boards of trade (FBOTs), pursuant to which FBOTs that list futures and options for trading are permitted...more

7/17/2013 - Board of Directors CFTC Foreign Investment No-Action Relief

CFTC Grants Relief from Required Clearing for Swaps Resulting from Multilateral Portfolio Compression

On March 18, the Commodity Futures Trading Commission’s Division of Clearing and Risk granted no-action relief relating to the clearing requirement for swaps resulting from multilateral portfolio compression exercises (as...more

3/26/2013 - CFTC Mandatory Clearing Requirements No-Action Relief Portfolio Compression Swaps

CFTC Grants Relief from Required Clearing for Partial Novation and Partial Termination of Swaps

On March 20, the Commodity Future Trading Commission’s Division of Clearing and Risk granted no-action relief from the clearing requirement for “stub” swaps that result when two counterparties agree to reduce the notional...more

3/26/2013 - CFTC Mandatory Clearing Requirements No-Action Relief Novation Stub Swaps Termination

CFTC Grants No-Action Relief for Certain Cleared Repo Transactions

The Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission has adopted a no-action position authorizing registered futures commission merchants (FCMs) to enter into repurchase and reverse repurchase...more

12/4/2012 - CFTC No-Action Relief

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