Commodities

News & Analysis as of

CFTC Brings Significant Enforcement Action Against Online Cryptocurrency Exchange

The action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading. On June 2, 2016, the US Commodity Futures Trading Commission (CFTC)...more

The Global Implications of the EU's New Civil Market Abuse Regime

On 3 July 2016 the EU Market Abuse Regulations (“MAR”) will come into force, replacing the previous civil market abuse regime as set out in the Market Abuse Directive (“MAD”). Given its extra-territorial effect, the changes...more

CFTC to Reopen Comment Period for Specific Elements of Regulation Automated Trading

On June 2, 2016, the U.S. Commodity Futures Trading Commission announced that the comment period for certain aspects of Regulation Automated Trading will be reopened between June 10, 2016 and June 24, 2016.  Press release....more

Setting the New Benchmark: EU Regulation on Financial Benchmarks

Background - The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

Orrick's Financial Industry Week in Review

Council of EU Adopts Regulation Extending Exemptions for Commodity Dealers under CRR - On May 30, 2016, the Council of the EU published a press release confirming that it has adopted a Regulation amending the Capital...more

Council of EU Adopts Regulation Extending Exemptions for Commodity Dealers under CRR

On May 30, 2016, the Council of the EU published a press release confirming that it has adopted a Regulation amending the Capital Requirements Regulation (Regulation 575/2013) (CRR) to extend an exemption from certain...more

CFTC Issues Final Rules Regarding the Cross-Border Application of its Uncleared Swaps Margin Requirements - June 2016

On May 24, 2016, the Commodity Futures Trading Commission (“CFTC”) in a much anticipated action approved the issuance of final rules (“Final Rules”) regarding the cross-border application of its uncleared swaps margin...more

CFTC Asserts Broader Jurisdiction over Digital Asset Exchanges, Levies $75,000 Fine

The CFTC’s recent enforcement against Bitfinex’s financed trading activities demonstrates the Commission’s increasing interest in virtual currency and digital assets. The U.S. Commodity Futures Trading Commission (CFTC)...more

Commodities contracts and the impact of the OW Bunkers case

As we reported in an earlier Client Alert, the UK Supreme Court recently handed down its highly anticipated judgment in the Res Cogitans case. The Supreme Court was unanimous in finding that a contract to supply bunkers to...more

Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign...

Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets - On May 26, 2016, the Foreign Exchange Working Group...more

The implications of the transition to a ‘circular economy’, and overview of the content and current status of draft EU...

In this client alert we discuss the implications of the transition to a ‘circular economy’ for producers of, and traders in, raw and/or recycled materials of all kinds, manufacturers of products and actors in all stages of...more

Development of court practice on customs disputes over the classification of goods

On May 18, 2016 the Commercial Court of Moscow rendered a decision on the customs dispute of Apple Rus LLC (the “Company”) over the classification of Apple Watch devices according to the unified Foreign Economic Activity...more

FERC Summer 2016 energy market and reliability report

Federal energy regulatory staff have presented their 2016 Summer Seasonal Assessment to the Federal Energy Regulatory Commission. The "Summer 2016 Energy Market and Reliability Assessment" presents an summer outlook by...more

Taking Rights over Third Party Insurances

Following the publication of our client alert dated 20th January 2016, we have been asked to consider a series of issues relating to insurance arrangements designed to maximise the benefit of cover for the interests of a...more

UK Financial Regulatory Developments - May 2016 #6

Industry associations agree cyber principles - ISDA, the European Banking Federation and the Global Financial Markets Association have published a set of common principles they hope will encourage effective global policy...more

UK Financial Regulatory Developments - May 2016 #5

Commission discusses crowdfunding in the CMU - The Commission has published a report on crowdfunding in the EU capital markets union (CMU). The report assesses national regimes, identifies best practice and presents the...more

CFTC Proposes Amendment to RTO-ISO Order

On May 10, 2016, the Commodity Futures Trading Commission (“CFTC”) proposed an amendment (“Proposed Amendment”) to an order it issued on March 28, 2013 (“RTO-ISO Order”), exempting certain electric energy transactions from a...more

International Organization of Securities Commissions Recommends the Development of Guidelines to Combat Issues Arising from the...

The International Organization of Securities Commissions published its final report on the impact of storage infrastructures on the integrity of the price formation process of physically-delivered commodity derivatives...more

MoFo Tax Talk - Volume 9, No. 1

IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more

Compliance Departments Must Continue to Evolve as Regulators Refine Their Approach to Spoofing

The government’s pursuit of alleged “spoofing” continues to garner headlines with the criminal authorities recently securing a conviction in the prosecution of Michael Coscia for alleged spoofing on the Chicago Mercantile...more

EU Technical Standards on Requirements for Investment Firms under MiFID II Adopted by the European Commission

The European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Directive with regard to organizational requirements and operating conditions for investment firms. The adopted...more

LMEShield and other developments – the LME’s continuing pivot to Asia

The announcement of the LMEShield initiative arrives off the back of a number of other Asia focused developments for the LME. The LMEShield initiative takes the LME yet one step further towards its desire of having LME...more

Long-term supply (and off-take) agreements: some recent themes

This Client Alert seeks to highlight certain recurring issues and themes arising in the context of long-term commodity supply and off-take agreements. It draws upon the recent collective experience of our lawyers as well as...more

U.S. Manufacturing Continues as World Leader

The latest Research Briefing from Oxford Economics claims that the U.S. manufacturing sector is “the most competitive worldwide.” Pretty strong statement there. Reading the news, one would find it hard to believe, so let’s...more

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