News & Analysis as of

Commodity Exchange Act (CEA) Swap Dealers Major Swap Participants

Katten Muchin Rosenman LLP

The CFTC Adopts Amendments to Capital and Financial Reporting Requirements for Swap Dealers Largely Based on Prior Relief

After adopting final rules in 2020, the Commodity Futures Trading Commission (CFTC) adopted amendments to the capital and financial reporting requirements for Swap Dealers (SDs), which were largely based on prior no-action...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - February 2024 - 2

Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Cadwalader, Wickersham & Taft LLP

CFTC Issues Notice of Proposed Rulemaking in Connection with Risk Management Program Regulations for SDs, MSPs and FCMs

The Commodity Futures Trading Commission (the “Commission” or the ”CFTC”), on May 31, 2023 published an Advance Notice of Proposed Rulemaking (“ANPRM”), seeking public comment in connection with potential amendments to the...more

Latham & Watkins LLP

What to Know About the New CFTC Cross-Border Swaps Regime

Latham & Watkins LLP on

This Client Alert White Paper serves as a comprehensive guide to the new rule, which largely supersedes prior CFTC guidance that had informed market practice for over seven years. Key Points: ..The new rule became...more

K&L Gates LLP

Deference and Comity: CFTC Approves Cross-Border Swaps Final Rule

K&L Gates LLP on

INTRODUCTION - The Commodity Futures Trading Commission (CFTC or Commission) recently voted 3–2 to approve a final rule (Final Rule) on the cross-border application of certain swap provisions under the Commodity Exchange Act...more

Katten Muchin Rosenman LLP

The CFTC Proposes New Rules Walking Back Its Maximalist Cross-Border Swaps Regulatory Approach

Key Points - The Commodity Futures Trading Commission (CFTC) has proposed new rules (Proposal) for the cross-border application of certain of its swap regulations. - The Proposal includes certain changes relative to the...more

WilmerHale

CFTC Proposes Additional Swap Data Reporting Requirements

WilmerHale on

The Commodity Futures Trading Commission (CFTC) is proposing a significant, new reporting burden on swaps reporting parties and on swaps data repositories (SDRs). The proposal would impose new requirements on SDRs to verify...more

Eversheds Sutherland (US) LLP

NFA proposes proficiency requirements for Swap APs

On March 5, 2019, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission (CFTC or Commission) proposed amendments to NFA Bylaw 301 and NFA Compliance Rule 2-24 and the proposed...more

Cadwalader, Wickersham & Taft LLP

CFTC Issues Fourth Penalty for Inaccurate Large Trader Reporting of Swaps

On September 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) issued a fourth penalty for violations of its Swaps Large Trader Reporting (“Swaps LTR”) rule. This time, the penalty was...more

Katten Muchin Rosenman LLP

NFA Revises SD and MSP 4s Review Process

National Futures Association (NFA) has revised its review process for swap dealer (SD) and major swap participant (MSP) applications under Section 4s of the Commodity Exchange Act. Effective immediately, SDs and MSPs are no...more

Katten Muchin Rosenman LLP

CFTC Revises Interpretation on Forward Contracts with Embedded Volumetric Optionality

In 2012, the Commodity Futures Trading Commission issued an interpretation that identifies the circumstances in which an agreement, contract or transaction would fall within the forward contract exclusions from the “swap” and...more

Eversheds Sutherland (US) LLP

Congress Exempts Non-Financial End-Users, Their Agents and Certain Cooperatives From Non-Cleared Swap Margin Requirements in...

On January 8, 2015, the U.S. Senate approved legislation, by a 93-4 vote, to reauthorize the Terrorism Risk Insurance Act (“TRIA”). The legislation, dubbed the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the...more

Skadden, Arps, Slate, Meagher & Flom LLP

"CFTC Expands Large Trader Reporting and Increases Customer Account Protection Requirements"

The Commodity Futures Trading Commission (CFTC or Commission) recently adopted several rules to improve large trader reporting, facilitate segregation of customer swap margin and enhance customer protections for futures and...more

Katten Muchin Rosenman LLP

CFTC Adopts Rules for Segregation of Initial Margin for Uncleared Swaps

On October 31, the Commodity Futures Trading Commission adopted final rules with respect to the segregation of initial margin for uncleared swaps. The rules impose new obligations on swap dealers (SDs) and major swap...more

K&L Gates LLP

CFTC Guidance on Cross-Border Application of United States Swap Regulations

K&L Gates LLP on

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted interpretive guidance (the “Guidance”) that details the CFTC’s interpretation of the application of the Commodity Exchange...more

Perkins Coie

Financial Services Bulletin: Action At The CFTC, SEC, And Fed

Perkins Coie on

On Thursday, March 28, 2013, the Commodity Futures Trading Commission (the "CFTC") approved a final order that exempts certain non-financial energy derivative transactions between and amongst government-owned electric...more

Skadden, Arps, Slate, Meagher & Flom LLP

"CFTC Issues Final Exemptive Order on Cross-Border Application of Certain Swap Regulations"

Swaps trade in a global market. Title VII of the Dodd-Frank Act amended the Commodity Exchange Act (CEA) to impose a panoply of regulation on the swaps market mostly through regulations adopted by the Commodity Futures...more

Eversheds Sutherland (US) LLP

CFTC Affords Relief and Guidance in Light of Final Swap Definition’s Effective Date

On October 12, 2012, the Commodity Futures Trading Commission’s (CFTC) and Securities and Exchange Commission’s (SEC) final rules to further define the term “swap” (among other terms) became effective. The effective date of...more

Katten Muchin Rosenman LLP

CFTC Approves Conforming Rules on Registration of Intermediaries

On August 17, the Commodity Futures Trading Commission approved rule amendments to conform its existing intermediary registration rules to changes made to the Commodity Exchange Act (CEA) by the Dodd-Frank Wall Street Reform...more

Jackson Walker

Dodd Frank Update: Impact on Gas & Power Transactions (Presentation)

Jackson Walker on

TABLE OF CONTENTS I. Who Does the Dodd-Frank Act Impact? ...1 A. Major Swap Participants...1 1. Category 1: Substantial Position in Swap Categories ...1 2. Category 2: Substantial Counterparty Exposure...more

Jackson Walker

Dodd-Frank Financial Reform: Potential Impacts to ISDA and Other Trading Contracts

Jackson Walker on

Discussion Topics •General Overview of the Dodd-Frank Act •Title VII of the Dodd Frank Act: Impact on OTC Derivatives and Energy Trading •Definitions and applicability •Mandatory clearing •Registration requirements ...more

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