Kevin M. Foley

Kevin M. Foley

Katten Muchin Rosenman LLP

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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 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 Reissues and Clarifies Relief Regarding Swaps Trading on MTFs

On April 9, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) and Division of Swap Dealer and Intermediary Oversight jointly issued CFTC No-Action Letter No. 14-46, which modifies the conditions...more

4/16/2014 - CFTC No-Action Letters Swap Dealers Swaps

CFTC Issues Interpretation Regarding Auditor Independence Standards

On March 28, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued an interpretive statement regarding the auditor independence standards applicable to futures commission...more

4/8/2014 - Auditors Audits CFTC FCMs Swap Dealers Swaps

CFTC Requests Public Comment on ICE Swap Trade Packaged Transaction Rule

ICE Swap Trade, LLC, a swap execution facility temporarily registered with the Commodity Futures Trading Commission, recently self-certified amendments to its rules (ICE Rules) to allow market participants to execute...more

4/2/2014 - CFTC Commodities Exchange Act Swap Dealers Swaps

CFTC Reissues FAQ on Commodity Options

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) has reissued a document addressing frequently asked questions (FAQs) on commodity options. The FAQs document, which DMO originally issued on...more

3/11/2014 - CFTC Commodities Major Swap Participants Swap Dealers Swaps Trade Options

Corporate and Financial Weekly Digest - Volume IX, Issue 9

In this issue: - CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards - SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Supreme Court Rules that...more

3/3/2014 - CFTC Chief Compliance Officers Compliance Corporate Counsel Cross-Border DSIO Fees Gramm-Leach-Blilely Act Insider Trading Preemption SCOTUS SEC Swap Dealers Swaps

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

CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued two no-action letters granting relief to futures commission merchants (FCMs) from certain requirements of the...more

1/21/2014 - Broker-Dealer CFTC Compliance FCMs No-Action Letters Swap Dealers Swaps

CFTC Requests Comment on Staff Advisory Regarding the Applicability of Transaction Level Requirements

On January 3, the Commodity Futures Trading Commission requested public comment on the Division of Swap Dealer and Intermediary Oversight’s Advisory regarding the applicability of transaction-level requirements to non-US swap...more

1/15/2014 - CFTC Intermediaries Swap Dealers Swaps

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 Issues No-Action Relief Regarding Annual Reports by Chief Compliance Officers

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued two no-action letters providing relief from certain chief compliance officer (CCO) annual report filing...more

1/8/2014 - CFTC Chief Compliance Officers DSIO Reporting Requirements Securities Swap Dealers

NFA Reminds SDs and MSPs of Portfolio Reconciliation Requirements

Pursuant to Commodity Futures Trading Commission No-Action Letter No. 13-40, swap dealers (SDs) and major swap participants (MSPs) are required to comply with the portfolio reconciliation requirements in CFTC Regulation...more

8/21/2013 - CFTC Major Swap Participants NFA Portfolio Reconciliation Swap Dealers Swaps

Mandatory Clearing of iTraxx CDS Indices for Category 2 Entities Began July 25

The Division of Clearing and Risk of the Commodity Futures Trading Commission announced that commodity pools, private funds (other than active funds) and certain other persons predominantly engaged in banking or financial...more

7/30/2013 - CFTC Commodity Pool iTraxx CDS indices Major Swap Participants Private Funds Swap Dealers Swaps

Portfolio Reconciliation and Swap Trading Relationship Documentation Requirements for SDs and MSPs

Provisionally registered swap dealers (SDs) and major swap participants (MSPs) are required by the National Futures Association (NFA) to submit portfolio reconciliation and swap trading relationship documentation policies and...more

7/2/2013 - CFTC Compliance Investment Portfolios Major Swap Participants NFA Required Documentation Swap Dealers Swaps

CFTC Issues No-Action Letters

The Commodity Futures Trading Commission released a series of staff letters relating to various issues arising under rules implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act, including portfolio...more

7/2/2013 - CFTC Chief Compliance Officers Dodd-Frank Major Swap Participants Swap Dealers Wall Street

CFTC Staff Issues No-Action Letters

Commodity Futures Trading Commission staff recently released two no-action letters providing relief relating to the application of business conduct standards to prime brokers and swap dealers and disclosure of pre-trade...more

5/7/2013 - Business Conduct Standards CFTC Commodities Exchange Act Disclosure Requirements No-Action Letters Swap Dealers

CFTC Staff Issues No-Action Letters

Commodity Futures Trading Commission staff recently released three no-action letters providing relief relating to swap data reporting requirements with respect to trade options, inter-affiliate swaps and real-time reporting...more

4/16/2013 - CFTC End-Users Major Swap Participants No-Action Letters Recordkeeping Requirements Reporting Requirements Swap Dealers Swaps Trade Options

CFTC Issues Proposed Rule to Clarify Responsibilities of Clerical Employees of SDs and MSPs

In general, Commodity Futures Trading Commission Regulation 23.22 prohibits a swap dealer (SD) or major swap participant (MSP) from permitting an associated person (AP) of the SD or MSP to effect or be involved in effecting...more

4/16/2013 - Background Checks CFTC Major Swap Participants Proposed Regulation Swap Dealers

CFTC Staff Issues No-Action Letters

The Commodity Futures Trading Commission staff recently released a series of letters relating to a variety of regulatory issues, including registration relief for certain entities and recordkeeping requirements for certain...more

4/10/2013 - CFTC CPO Major Swap Participants No-Action Letters Recordkeeping Requirements Registration Swap Dealers Swaps

CFTC Issues Rule Regarding Persons Associated with Multiple Swap Dealers or Major Swap Participants

On April 1, the Commodity Futures Trading Commission issued a final rule clarifying that each swap dealer (SD), major swap participant (MSP) or other CFTC registrant with whom an associated person (AP) is associated is...more

4/10/2013 - CFTC Joint and Several Liability Major Swap Participants Swap Dealers

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