Michael M. Philipp

Michael M. Philipp

Morgan Lewis

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National Futures Association Proposes Cybersecurity Guidance for NFA Member Firms

NFA links NFA’s supervisory requirements with its proposed requirements mandating that NFA Members have information systems security programs. The National Futures Association (NFA) has proposed cybersecurity...more

9/8/2015 - Board of Directors C-Suite Executives CFTC Cyber Threats Cybersecurity Data Protection Data Security Financial Services Industry FINRA Incident Response Plans Information Security National Futures Association NIST Proposed Regulation SEC Security Risk Assessments

CFTC/SEC Jurisdictional Battle Heats Up Over Dividend Indices

The CFTC recently approved a futures contract on a dividend index as a non-security based index futures contract over the SEC’s objection that the dividend index contract could be a security future; the CFTC’s actions may...more

8/20/2015 - CEA CFTC Commodities Commodity Futures Contracts Commodity Futures Modernization Act of 2000 (CFMA) Dividends Index Contracts SEC Securities Swap Market

CFTC Staff Exempts Certain Commodity Trading Advisors from Form CTA-PR Reporting

The reporting relief applies to commodity trading advisors that do not “direct” trading of any client commodity interest trading accounts. On July 23, the CFTC’s Division of Swap Dealer and Intermediary Oversight issued...more

7/28/2015 - CFTC Commodity Broker Commodity Interest Commodity Pool CTA Exemptions Investment Adviser National Futures Association Reporting Requirements Swap Dealers

CFTC Releases No-Action Letter 14-144

The letter modifies previous No-Action Letter 13-22, to expand relief for treasury affiliates entering into swaps on behalf of non-financial end-user affiliates that could otherwise elect the exception in section 2(h)(7) of...more

12/8/2014 - CEA CFTC Dodd-Frank No-Action Letters Swaps Treasury Affiliates

CFTC Proposes Amendments to Recordkeeping Rules

Proposed changes would provide permanent relief from compliance with certain recordkeeping requirements and narrow the types of records that must be identifiable by transaction. The December 2012 amendments to...more

11/10/2014 - CFTC CTA DCMs FCMs Proposed Amendments Recordkeeping Requirements SEFs

Challenges in Requiring High-Frequency Traders to Register as Dealers

SEC Chair Mary Jo White outlined a broad market structure proposal that would require high-frequency traders to register with the SEC as dealers and that could signal the end of the dealer-trader distinction....more

6/11/2014 - Broker-Dealer Compliance Enforcement High Frequency Trading Registration SEC

SEC Proposes Enhanced Regulatory Framework for Certain Registered Clearing Agencies

The proposal is consistent with international recommendations and Basel III criteria. On March 12, the Securities and Exchange Commission (SEC) proposed new rules and rule amendments (the Proposal) that would enhance...more

3/21/2014 - Basel III CFTC Clearing Agencies Dodd-Frank FSOC Proposed Regulation Risk Assessment Risk Management SEC

SEC Provides Relief for Familiarization Activities of Foreign Options Markets

The no-action relief provided by the staff of the Division of Trading and Markets is generally consistent with the relief previously provided to foreign options markets. On July 1, the staff of the Securities and...more

7/18/2013 - Equitable Relief Foreign Investment Foreign Markets SEC Secondary Markets

Federal Reserve Adopts Retail Forex Rules

Standards for banking organizations regulated by the Federal Reserve for Retail Forex are generally comparable to rules adopted by other regulators. ...more

4/25/2013 - Banking Industry Regulations Disclosure Requirements Dispute Resolution Dodd-Frank Eligible Contract Participant Federal Reserve Final Rules Foreign Exchanges

CFTC Adopts Tape-Recording and Recordkeeping Rules

Final rules require tape recording by futures commission merchants, introducing brokers, retail foreign exchange dealers, and commodity trading advisors; affected CFTC registrants must implement systems to comply by December...more

1/4/2013 - Broker-Dealer CFTC Commodities Compliance Foreign Exchanges Recordkeeping Requirements Tape Recordings

SEC Permits Portfolio Margining of Credit Default Swaps

Order grants exemptive relief from Exchange Act requirements; parallel CFTC relief expected soon. On December 14, the Securities and Exchange Commission (SEC) issued an order granting exemptive relief (Exemptive Order)...more

12/31/2012 - Broker-Dealer CEA CFTC Derivatives Clearing Organizations Exemptive Orders SEC Swaps

CFTC Staff No-Action Relief for Family Offices and Fund of Funds Operators

Claims for relief from CPO registration by qualifying family offices and fund of funds operators must be filed by December 31. On November 29, the Commodity Futures Trading Commission's (CFTC's) Division of Swap Dealer...more

12/6/2012 - CFTC Commodity Pool Family Offices No-Action Relief

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