Mark D. Young

Mark D. Young

Skadden, Arps, Slate, Meagher & Flom LLP

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"CFTC Aims to Lower the Bar on Proving Manipulation in Pending Cases"

In two separate Commodity Futures Trading Commission (CFTC) enforcement actions before district courts in New York and Chicago, the CFTC has asked each court to adopt holdings that would significantly enhance the CFTC’s...more

1/23/2016 - CFTC Commodities Exchange Act Enforcement Actions Federal Pleading Requirements Fraud Kraft Price Manipulation Rule 10b-5

"Bitcoins and the Blockchain: The CFTC Takes Notice of Virtual Currencies"

As interest in bitcoin derivatives has increased, the Commodity Futures Trading Commission (CFTC) has turned more of its attention toward virtual currencies. For a little more than a year, at least two trading facilities...more

1/21/2016 - Bitcoin CFTC Commodities Commodities Exchange Act Derivatives Swap Market Virtual Currency

"CFTC Proposes Regulation AT for Automated Trading"

The Commodity Futures Trading Commission (CFTC) has proposed new rules — Regulation Automated Trading (Regulation AT) — that would impose new and potentially burdensome risk and compliance controls on any person engaged in...more

1/21/2016 - Algorithmic Trading CFTC DCMs Derivatives FCMs Reporting Requirements

"Basel III Leverage Ratio Could Undermine Efforts to Address Systemic Risk in Derivatives Markets"

Following the 2008 financial crisis, regulators across the globe have pondered how to ameliorate systemic risk in derivatives markets. At the 2009 G-20 summit, international regulators committed to address this risk through...more

1/20/2016 - Basel III BCBS CFTC Derivatives Dodd-Frank Leverage Ratio Swaps

"Prudential Regulators Finalize Margin Requirements for Non-Cleared Swaps"

Federal banking regulators (Prudential Regulators) have finalized much-anticipated rules (Final Rules) relating to initial and variation margin requirements for certain swaps and security-based swaps that are not centrally...more

11/3/2015 - Affiliates CFTC Commercial End-User Exception Compliance Dates Covered Swap Entities (CSE) Cross-Border Customer Collateral Requirements Derivatives Final Rules Investment Management Margin Requirements Non-Cleared Swaps Prudential Regulation Authority SEC Security-Based Swaps Swaps

"CFTC Asserts Jurisdiction in Bitcoin Markets"

The Commodity Futures Trading Commission (CFTC) recently took a series of actions confirming views expressed late last year by CFTC Chairman Timothy Massad that "[d]erivatives contracts based on a virtual currency represent...more

10/2/2015 - Bitcoin CFTC Commodities Commodities Exchange Act Derivatives Jurisdiction Popular SEFs Swap Trading Swaps Virtual Currency

"CFTC Extends Registered Futures Association Membership Requirement to Introducing Brokers, Commodity Pool Operators and Commodity...

The Commodity Futures Trading Commission (“CFTC”) unanimously approved a final rule (“Final Rule”) that formally extends the existing registered futures association (“RFA”) membership requirement to registered introducing...more

9/14/2015 - Brokers CFTC Commodity Pool CPOs CTA Derivatives Final Rules Investment Adviser Major Swap Participants National Futures Association NFA Registered Futures Association Membership Registration Requirement Swap Dealers Swaps

"SEC Finalizes Registration Rules for Security-Based Swap Entities"

On August 5, 2015, the Securities and Exchange Commission (SEC) adopted final registration rules for security-based (SB) swap dealers and major SB swap participants (collectively SBS Entities). Concurrently, the SEC also...more

8/13/2015 - CFTC Dodd-Frank Major Swap Participants Registration Requirement SBS Entities SEC Securities Exchange Act Security-Based Swaps Swap Dealers Swaps Threshold Requirements

"CFTC Proposes Rules for Cross-Border Application of Uncleared Margin"

The Commodity Futures Trading Commission (CFTC) recently proposed rules1 to address the cross-border application of margin requirements for uncleared swaps for swap dealers and major swap participants not subject to...more

7/15/2015 - CFTC Commodities Cross-Border Derivatives Margin Requirements Non-US Entities Prudential Regulation Authority SEC Swaps

"CFTC Issues Revised Embedded Volumetric Optionality Interpretation for Swaps"

On May 12, 2015, the Commodity Futures Trading Commission (CFTC) issued revised interpretive guidance for forward contracts with embedded volumetric optionality (EVO). In 2012, the CFTC and Securities and Exchange Commission...more

5/19/2015 - CFTC Forward Contracts Guidance Update Interpretive Opinions Major Swap Participants SEC Swap Dealers Swaps

"CFTC Proposes to Reduce Trade Option Reporting Requirements for Commercial End-Users"

Trade options are physically settled over-the-counter options on most deliverable commodities (e.g., agricultural, energy, or metals) where the buyer is a producer, processor, commercial user or merchant of the commodity...more

5/4/2015 - CFTC DMO End-Users Reporting Requirements Swap Data Repositories Swaps Trade Options

"SEC Proposes How to Apply Security-Based Swap Rules to Non-US Persons When Using US Personnel"

On April 29, 2015, the Securities and Exchange Commission (SEC) proposed new rules1 that would address how registration, SEC Regulation SBSR and other SEC requirements for security-based swap transactions would apply to a...more

5/4/2015 - CFTC Non-US Entities SEC Security-Based Swaps Swaps

"CFTC Extends Annual Report Deadline for Certain Chief Compliance Officers"

Last week, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued no-action relief that provides chief compliance officers (CCOs) of registered swap dealers (SDs),...more

3/31/2015 - Annual Reports CFTC Chief Compliance Officers DSIO Filing Deadlines Future Commission Merchants Major Swap Participants Swap Dealers Swaps

"SEC Releases Final and Proposed Rules Regarding SB Swap Reporting"

The Securities and Exchange Commission (SEC) recently issued three releases with final and proposed regulations addressing the reporting of security-based swaps (SB swaps) called for by the Dodd-Frank Act. The regulations...more

3/2/2015 - CFTC Dodd-Frank Final Rules Proposed Regulation Reporting Requirements SEC Security-Based Swaps

"Reconciling Regulatory Requirements in Cross-Border Derivatives Takes Center Stage"

As the Commodity Futures Trading Commission (CFTC) completes the derivatives regulations mandated by the Dodd-Frank Act, the European Union continues to develop its own derivatives rules. Both sets of regulations seek to...more

1/27/2015 - Basel III CFTC Derivatives Dodd-Frank EU International Harmonization IOSCO MiFID Regulatory Agenda

"CFTC Staff Issues Annual Report Advisory and Extends Annual Report and Acknowledgment Letter Deadlines"

Annual Report Advisory - On December 22, 2014, the Division of Swap Dealer and Intermediary Oversight (Division) of the U.S. Commodity Futures Trading Commission (CFTC) released an advisory (Advisory) providing...more

12/31/2014 - Annual Reports CFTC Chief Compliance Officers DSIO FCMs Major Swap Participants

"Congress Lessens Impact of Swaps Push-Out Rule"

On December 16, 2014, President Barack Obama signed into law a bill that lessens the impact of Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, more commonly known as the “Swaps Push-Out...more

12/19/2014 - Dodd-Frank FDIC Foreign Banks Push-Out Requirements Section 716 Swaps

"CFTC Fine-Tunes Rules, Emphasizing Relief for Commercial End-Users"

On November 3, 2014, the Commodity Futures Trading Commission (CFTC or Commission) approved three proposals that Chairman Timothy Massad described as “fine tuning” certain of the CFTC’s rules “to make sure they do not impose...more

11/18/2014 - CFTC DCMs Derivatives No-Action Relief Reporting Requirements Risk Mitigation SEFs

Prudential Regulators and CFTC Re-Propose Margin Requirements for Non-Cleared Swaps

Federal banking regulators (the Prudential Regulators) have re-proposed regulations to require certain dealers and major participants in the swap and security-based swap markets to collect initial and variation margin for...more

9/22/2014 - Banks Basel Committee CFTC Major Swap Participants Margin Requirements Prudential Regulation Authority Swap Dealers Swap Market

"CFTC Further Extends Comment Periods on Position Limits Proposals"

The Commodity Futures Trading Commission (Commission or CFTC) has further extended the comment periods for its November 2013 proposal concerning position limits aggregation and its December 2013 proposal concerning position...more

7/7/2014 - CFTC Commodities Derivatives Rulemaking Process

"SEC Begins to Finalize Cross-Border Security-Based Swaps Rules"

On June 25, 2014, the Securities and Exchange Commission (SEC) adopted the first of a series of rules and guidance that will establish how security-based (SB) swap requirements under the Dodd-Frank Wall Street Reform and...more

6/26/2014 - Cross-Border Dodd-Frank SEC Security-Based Swaps

SEC Proposes Securities-Based Swap Recordkeeping, Reporting and Notification Requirements

On May 2, 2014, the Securities and Exchange Commission (SEC)published in the Federal Register proposed regulations1 that would implement the recordkeeping, reporting and notification requirements of the Dodd-Frank Wall Street...more

6/6/2014 - Broker-Dealer Dodd-Frank Major Swap Participants Notice Requirements Proposed Regulation Recordkeeping Requirements Reporting Requirements SEC Security-Based Swaps Swaps

"CFTC Proposes Three Actions to Address Rulemaking Issues"

On May 22, 2014, the Commodity Futures Trading Commission (Commission or CFTC) and its staff took three actions. First, the Commission proposed to amend its existing definition of “swap dealer” in order to allow...more

5/30/2014 - CFTC Commodities Derivatives Swap Dealers Swaps

"ISDA and FIA Europe Publish Cleared Derivatives Execution Agreement"

On May 15, 2014, the International Swaps and Derivatives Association (ISDA) and the Futures Industry Association (FIA) Europe published the ISDA/FIA Europe Cleared Derivatives Execution Agreement (ISDA/FIA Europe CDEA). ...more

5/19/2014 - Derivatives EU ISDA Swaps

"SEC Proposes Security-Based Swap Recordkeeping, Reporting and Notification Requirements and Capital Rules for SEC Registrants"

On April 17, 2014, the Securities and Exchange Commission (SEC) proposed new regulations that would implement the recordkeeping, reporting and notification requirements of the Dodd-Frank Wall Street Reform and Consumer...more

4/18/2014 - Capital Requirements Dodd-Frank Notice Requirements Recordkeeping Requirements Reporting Requirements SEC Swaps

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