Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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CFTC Approves Final Rule for Filing Chief Compliance Officer Annual Reports

The CFTC approved a final rule amending a CFTC regulation addressing the timing for filing chief compliance officer annual reports for certain registrants. The final rule amends CFTC regulation 3.3 to provide futures...more

11/14/2016 - Annual Reports CFTC Chief Compliance Officers Commodities Filing Requirements Final Rules Financial Sector Futures Major Swap Participants Swap Dealers

CFTC Extends Swap Dealer De Minimis Phase-In Period

As has been rumored in recent weeks, the CFTC has adopted an order establishing December 31, 2018 as the swap dealer registration de minimis threshold phase-in termination date. With this approval, the de minimis threshold...more

10/14/2016 - CFTC De Minimus Quantity Exemption Financial Sector Registration Requirement Swap Dealers Swap Market Swaps

CFTC Chief Supports Extension of Swap Dealer De Minimis Exemption

Under current CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the CFTC as swap dealers during the phase-in period...more

9/19/2016 - CFTC De Minimus Quantity Exemption Dodd-Frank Financial Sector Registration Requirement Swap Dealers Swap Market Swaps Threshold Requirements Time Extensions

CFTC Proposes to Amend Whistleblower Rules to Provide Anti-Retaliation Enforcement Authority

The CFTC has proposed amendments to its whistleblower rules that reinterpret its anti-retaliation authority and proposes appropriate rule amendments to implement that authority. When the CFTC initially adopted its...more

9/1/2016 - Anti-Retaliation Provisions CFTC Commodities Commodities Exchange Act Popular Retaliation Whistleblower Protection Policies Whistleblowers

CFTC Collects $2.69 Million in Spoofing Action

The CFTC announced that a federal court in New York issued a Consent Order imposing a permanent injunction against CFTC Defendants Heet Khara and Nasim Salim, residents of the United Arab Emirates (UAE), prohibiting them from...more

4/5/2016 - CFTC Civil Monetary Penalty Commodities Exchange Act Commodity Futures Contracts Disruptive Trading Practices Enforcement Actions Permanent Injunctions Spoofing United Arab Emirates

CFTC Provides Delivery Method for Volcker Rule CEO Attestation

The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission, or CFTC, announced that certain banking entities subject to Appendix B of Part 75 of the Commission’s regulations should...more

3/16/2016 - Attestation Deadlines Banks CFTC Dodd-Frank Volcker Rule

CFTC Beats Kraft’s Motion to Dismiss on Novel Claim

In the first case of its kind, the CFTC accused Kraft Food Groups, Inc. and former parent Mondelez Global LLC with manipulation pursuant to Section 6(c)(1) of the Commodities Exchange Act and related Regulation 180.1....more

12/22/2015 - CFTC Commodities Exchange Act Futures Kraft Market Manipulation Motion to Dismiss

CFTC Adopts Final Margin Rules for Uncleared Swaps

The CFTC has approved a final rule on margin requirements for uncleared swaps for swap dealers (SDs) and major swap participants (MSPs). The new regulation addresses margin requirements for uncleared swaps entered into by SDs...more

12/17/2015 - CFTC Covered Swap Entities (CSE) Major Swap Participants Margin Requirements Uncleared Swaps

CFTC Brings First Ever Charges for Insider Trading in Commodities

The CFTC issued an Order filing and simultaneously settling charges against Arya Motazedi for engaging in fraudulent transactions in the New York Mercantile Exchange’s (NYMEX) RBOB Gasoline Physical futures contract and CL...more

12/4/2015 - CFTC Commodity Futures Contracts Crude Oil Enforcement Actions Insider Trading

CFTC Report Indicates CFTC Botched Swap Dealer De Minimis Exemption

CFTC staff issued a preliminary report regarding the swap dealer de minimis exception. Under CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are...more

11/19/2015 - CFTC De Minimus Quantity Exemption Dodd-Frank Financial Markets Swap Dealers

Banking Regulators Adopt End-User Exemption for Swap Margin Requirements

New Margin Requirements - The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse. This action is...more

10/23/2015 - Banking Sector Banks CFTC Commodities Exchange Act Compliance Dodd-Frank Farm Credit Administration FDIC Federal Reserve FHFA Financial Institutions Financial Markets Hedge Funds Margin Requirements Obama Administration OCC Regulatory Agenda Risk Mitigation SEC Securities Exchange Act Swap Dealers Swaps Terrorism Insurance

CFTC Moves Against Bitcoin Transactions

In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions. Coinflip, Inc. In the first action, the CFTC issued an order filing and simultaneously settling charges...more

9/25/2015 - Bitcoin CEA CFTC Commodities Commodities Exchange Act Cross-Border Transactions Financial Institutions Financial Markets Global Market GMAC Swap Execution Facilities Trading Platforms Virtual Currency

Kraft Moves to Dismiss Novel CFTC Manipulation Claim

The CFTC accused Kraft Food Groups, Inc. and former parent Mondelez Global LLC with manipulation pursuant to Section 6(c)(1) of the Commodities Exchange Act and Regulation 180.1 promulgated thereunder. Regulation 180.1 makes...more

6/2/2015 - CFTC Commodities Exchange Act Enforcement Actions Food Manufacturers Kraft Price Manipulation

CFTC Says Securitization SPVs Eligible for End-User Exception

The CFTC issued a no-action letter to Ford Motor Credit to clarify that a securitization special purpose vehicle, or SPV, that is wholly-owned by, and consolidated with, a captive finance company (as described in Section...more

5/4/2015 - CEA CFTC Financing Ford Motor No-Action Letters Securitization SPVs

CFTC Pushes Dodd-Frank Boundaries With Manipulation Case

In the first case of its kind, the CFTC has accused Kraft Food Groups, Inc. and former parent Mondelez Global LLC with manipulation pursuant to Section 6(c)(1) of the Commodities Exchange Act and Regulation 180.1 promulgated...more

4/6/2015 - CFTC Commodity Futures Contracts Kraft Price Manipulation Securities Exchange Act

CFTC Provides Chief Compliance Officers Additional Time to Submit Annual Reports

The CFTC’s Division of Swap Dealer and Intermediary Oversight issued a no-action letter to futures commission merchants, swap dealers and major swap participants, referred to as registrants, that provides relief from certain...more

3/30/2015 - Annual Reports CFTC Chief Compliance Officers FCMs Filing Deadlines Major Swap Participants Swap Dealers

CFTC’s Massad on End-Users

CFTC Chair Timothy G. Massad delivered a speech on the importance of providing flexibility in the CFTC’s regulations to accommodate hedging by commercial end-users of derivatives. Mr. Massad highlighted the following...more

2/27/2015 - CFTC Derivatives End-Users Hedging

End-Users Are Dodd-Frank Collateral Damage According To CFTC Commissioner

CFTC Commissioner J. Christopher Giancarlo recently delivered remarks where he stated “Unfortunately, caught up in some of the collateral damage surrounding the Dodd-Frank reforms were the traditional commodity and energy...more

1/30/2015 - CFTC Dodd-Frank End-Users Energy Sector Financial Regulatory Reform Market Participants Nonbank Firms Threshold Requirements

ISDA Survey Finds End Users Uncertain About New Margin Requirements

Derivatives end users are concerned about the impact of new margin requirements for non-cleared derivatives, with a large number unsure whether they will even have to comply with the rules, according to a survey published by...more

1/7/2015 - CFTC Derivatives ISDA Margin Requirements Proposed Standards Swaps

Fed Issues Volcker Rule FAQs

The Federal Reserve Board has issued FAQs on the Volcker Rule set forth in Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The FAQs mirror other FAQs issued by Office of the Comptroller of the...more

1/2/2015 - CFTC Dodd-Frank FDIC Federal Reserve OCC SEC Volcker Rule

Others May Seek Swap Reporting Delay Like Southwest

Reuters has an interesting article about a no-action letter the CFTC issued to Southwest Airlines to permit a 15 calendar day delay in reporting oil derivative transactions. Southwest apparently convinced the CFTC that rapid...more

12/23/2014 - Airlines CFTC Derivatives Hedges No-Action Letters Oil & Gas Reporting Requirements Southwest Airlines

CFTC Gives Treasury Affiliates More Relief From Clearing Requirements

The CFTC issued a no-action letter providing further relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act, or CEA, and...more

12/1/2014 - CFTC Commodities Exchange Act FSOC No-Action Letters

CFTC Grants Family Offices Relief From Registration as Commodity Trading Advisors

The CFTC previously granted family offices no-action relief from registration as commodity pool operators. That letter did not provide an exemption from registration as a commodity trading advisor. However, the CFTC has...more

11/26/2014 - CFTC CPOs Family Offices Investment Adviser No-Action Letters No-Action Relief Registration

CFTC Eliminates Barrier to Hedge Funds Using JOBS Act General Solicitation

Many hedge funds have been reluctant to use general solicitation to offer securities because of the possibility it would be inconsistent from exemptions related to CPO (commodity pool operator) regulations administered by the...more

9/10/2014 - CFTC Commodity Pool CPO General Solicitation Hedge Funds JOBS Act

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