Nate Endrud

Nate Endrud

Stinson Leonard Street

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Latest Publications


CFTC to Shift Enforcement Actions to Administrative Courts

The CFTC plans to revive the use of administrative courts to bring enforcement actions for violations of the Commodity Exchange Act and CFTC regulations, according to recent remarks by Aitan Goelman, Director of the Division...more

3/23/2015 - Administrative Hearings CFTC Commodities Exchange Act Enforcement Actions

Illegal “Wash Sales” in Futures Contracts Result in $35 Million Fine

On December 18, the U.S. District Court for the Southern District of New York entered a Consent Order against a foreign bank (the “Bank”), imposing a civil monetary penalty of $35 million and enjoining future violations by...more

12/23/2014 - CFTC Civil Monetary Penalty Consent Order Foreign Banks Wash Sale Rules Wash Trades

CFTC Proposes Important Clarification on Forward Contracts with Embedded Volumetric Optionality

The CFTC has published an important proposed clarification to its seven element test regarding forward contracts with embedded volumetric optionality (EVO). The proposed interpretation provides that a contract for deferred...more

11/24/2014 - CFTC Forward Contract Exclusion Forward Contracts Futures Swaps

CFTC Finalizes Rule to Exclude Swaps with Municipal Utilities From $25 Million De Minimis Swap Dealer Threshold

The CFTC has published its final rule to exclude most swaps used for hedging purposes by municipal and other governmental utilities from counting against the $25 million swap dealer de minimis threshold that currently applies...more

10/7/2014 - CFTC Compliance De Minimis Claims Dodd-Frank Swaps Utilities Sector

CFTC Proposes Margin Rules for Uncleared Swaps

Following bank regulators’ re-proposal of margin requirements for uncleared swaps by bank swap dealers (bank SDs) and bank major swap participants (bank MSPs), the CFTC has re-proposed its own very similar requirements for...more

9/18/2014 - Banks CFTC Major Swap Participants Margin Requirements Swaps

CFTC Proposes Rule to Exclude Municipal Utilities from $25 Million De Minimis Swap Dealer Threshold

Today the CFTC published its proposed rule that would exclude most swaps used by municipal utilities for hedging purposes from counting against the $25 million swap dealer de minimis threshold that currently applies to swaps...more

6/3/2014 - CFTC Electricity Municipalities Natural Gas Proposed Regulation Swaps Threshhold Requirements Utilities Sector Utility Special Entities

FERC & CFTC Sign MOUs On Jurisdiction And Information Sharing (Finally)

On January 2, approximately three years after the applicable deadline under the Dodd-Frank Act, the Federal Energy Regulatory Commission and Commodity Futures Trading Commission entered into two Memoranda of Understanding...more

1/7/2014 - CFTC FERC Information Sharing Jurisdiction Memorandum of Understanding

New Year Brings Changes To End User Reporting Requirements For Trade Options And Swaps

The first half of 2014 will bring changes to the end user reporting requirements for trade options and swaps—namely, (1) the commencement of the annual Form TO reporting requirement for unreported trade options and (2) a...more

1/2/2014 - End-Users Reporting Requirements Swap Data Repositories Swaps Trade Options

Who Are The Swap Dealers?

We recently passed the first rolling 12-month period for determining which entities will surpass the CFTC’s de minimis swap dealing levels and thus be “swap dealers” under the Dodd-Frank Act. So, who are they?...more

11/12/2013 - CFTC Dodd-Frank ISDA Swap Dealers Swaps

CFTC Re-Proposes Position Limits On Physical Commodity Derivatives

Yesterday, the CFTC voted to approve a new position limits rule that resembles the agency’s previous short-lived rule (vacated and now abandoned after court challenge), albeit with certain significant changes. ...more

11/7/2013 - Aggregation Rules CFTC Commodities Derivatives Futures Swaps

CFTC Abandons Old Position Limits Rule In Favor Of New Rule

According to a statement by Commissioner O’Malia today, the CFTC has voted to dismiss its appeal of the federal district court decision striking down the CFTC’s 2011 position limits rule. The Commission has an open meeting...more

10/30/2013 - CFTC Position Limits

CFTC Responds To FAQ On Commodity Options

Today, the CFTC Division of Market Oversight published a response to frequently asked questions regarding commodity options, including reporting obligations with respect to trade options. The response clarified a few...more

10/1/2013 - CFTC Commodities Dodd-Frank Position Limits Reporting Requirements Swaps Trade Options

CFTC Extends Compliance Dates For End User Swap Reporting

The CFTC has issued a no-action letter that effectively extends the dates for swap counterparties who are not swap dealers (SDs) or major swap participants (MSPs) to come into compliance with the agency’s reporting rules...more

4/10/2013 - CFTC Compliance End-Users No-Action Letters Reporting Requirements Swaps

CFTC No-Action Letter Allows Most End Users To Report All Trade Options On Annual Aggregate Basis

The CFTC Division of Market Oversight (DMO) has issued a no-action letter that will allow most swaps end users to report all trade options on an annual aggregate basis. Trade options are commodity options (which include some...more

4/8/2013 - CFTC DMO No-Action Letters Recordkeeping Requirements Swaps Trade Options

Energy Alert: Deadline Approaches For Energy Company Swap Reporting

The CFTC's Dodd-Frank swap reporting and recordkeeping requirements become mandatory on April 10, 2013, for all persons and companies engaging in swaps. These requirements include the agency's swap data reporting and...more

3/19/2013 - CFTC Dodd-Frank Recordkeeping Requirements Reporting Requirements Swaps

CFTC Issues Advisory Regarding Swap Reporting Requirements

The CFTC Division of Market Oversight has issued an advisory to remind market participants of the swap reporting requirements that are now, or soon to be, in effect. End users must be in compliance with the reporting rules...more

3/11/2013 - CFTC End-Users Major Swap Participants Reporting Requirements Swap Dealers Swaps

IECA Releases Amending Agreement To Facilitate End User Compliance With CFTC Regulations

The International Energy Credit Association (“IECA”) has released a standardized agreement titled the “Dodd-Frank Act Representations and Reporting Amending Agreement” to facilitate end user compliance with the CFTC’s swap...more

3/11/2013 - CFTC Dodd-Frank End-Users Reporting Requirements Swaps

Energy Alert: 9 Dodd-Frank New Year's Resolutions For Energy Companies

The Commodity Futures Trading Commission rulemaking whirlwind that was 2012 has come and gone, putting that agency's comprehensive swap regulatory regime mostly in place. Here are nine important actions energy companies...more

1/3/2013 - CFTC Compliance Dodd-Frank End-Users Recordkeeping Requirements Swap Dealers Swaps

Dodd-Frank New Year’s Resolutions For Energy Companies And Other Swaps End Users

The CFTC rulemaking whirlwind that was 2012 has come and gone, putting the agency’s comprehensive swap regulatory regime mostly in place. While many energy companies and other swaps end users found much to be happy about in...more

1/2/2013 - CFTC Compliance Dodd-Frank End-Users Recordkeeping Requirements Swap Dealers Swaps

CFTC Extends Compliance Dates, Delaying Need To Adhere To ISDA Dodd-Frank Protocol

The CFTC has issued an interim final rule regarding certain business conduct and documentation requirements for swap dealers and major swap participants. The compliance date for the business conduct standards and certain...more

12/24/2012 - CFTC Compliance Dodd-Frank ISDA Swap Dealers

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