Regulation 2013: Dodd-Frank Position Limits, CFTC Reuthorization, Regulatory Harmonization
In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute...more
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
Welcome to the 2015 Mid-Year Report from the BakerHostetler Securities Litigation and Regulatory Enforcement Practice Team. The purpose is to provide a periodic survey, apart from our team Executive Alerts, on matters we...more
US lawmakers seek push out details.
US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more
The SEC entered into partial settlements with three persons charged with acting as brokers without registering. The charges were tied to an offering fraud which centered on selling interests in a firm that claimed to be...more
What are the characteristics of the energy companies that are seeking bankruptcy protection at this point in the current cycle?
A: With respect to “upstream” sector companies that have sought bankruptcy protection over...more
On Wednesday, July 15, 2015, the Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (“DMO”) hosted a public roundtable to discuss the process to determine whether a swap must be executed on an...more
The UK is to introduce a new means of resolving high value or complex financial disputes, to be known as the Financial List. This will be a specialist list for the following types of claims:
- Financial claims of £50...more
The US Commodity Futures Trading Commission (“CFTC”) has taken another step in refining its framework for cross-border activities, with a new set of proposed rules applicable to the cross-border application of margin...more
The Commodity Futures Trading Commission (CFTC) recently proposed rules1 to address the cross-border application of margin requirements for uncleared swaps for swap dealers and major swap participants not subject to...more
On June 29, 2015, the Commodity Futures Trading Commission (“CFTC”) issued proposed rules (“Proposed Rules”) regarding the cross-border application of its proposed uncleared swaps margin rules issued last October. The...more
AIFMD - Updated Q&A from ESMA -
On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage.
The revised Questions...more
Amid ongoing realignment in the mining and metals markets, industry participants have already begun seeing and seizing extraordinary opportunities—including those created by companies reacting to the boom-bust cycle.
The decision has been long awaited. In its landmark unanimous ruling handed down on 1 July 2015, The Supreme Court laid down clear guidance on the assessment of damages arising out of a wrongful repudiation of a contract for...more
On June 15, the Autorité des Marches Financiers (AMF) published a statement that the reporting obligations position limits for agricultural commodity derivatives proposed in the Separation and Regulation of Banking Activities...more
With recent release, the CFTC hopes to eliminate market uncertainty on forward contracts with embedded volumetric optionality.
UPDATE (June 18, 2015): On May 12, 2015, the CFTC adopted the Proposal as proposed (as used...more
On 10 June 2015, the Bank of England (“BoE”), HM Treasury (“HMT”) and the Financial Conduct Authority (“FCA”) published the final report on the “Fair and Effective Markets Review” which had been launched one year ago with the...more
Investment Adviser Chief Compliance Officer Blamed in SEC Lawsuit for President’s Theft of Client Funds; SEC Commissioner Criticizes Enforcement Actions Against CCOs Generally -
The Securities and Exchange Commission...more
In This Issue:
- SEC Denies Motion to Stay Regulation A+
- SEC Requests Public Comment on ETPs
- CFTC Further Extends Valuation Data Reporting Relief for SDs and MSPs
- Eleventh Circuit Upholds...more
Concluding a year-long review, UK regulators issued the final report of the Fair and Effective Markets Review Committee last week, making a number of recommendations intended to restore confidence in the trading markets for...more
The SEC has been thinking harder before waiving automatic disqualifications that the federal securities laws and regulations impose on so-called "bad actors."
Without such waivers, companies may be barred from, among...more
On June 10, 2015, the Fair and Effective Markets Review (FEMR), established by the Chancellor in June 2014 to conduct a review of fixed income, currency and commodity markets, published its final report. The report contains...more
UK Fair and Effective Markets Review Calls for Upping the Standards in UK and Global Fixed Income, Currency and Commodity Markets:
The Fair and Effective Markets Review issued 21 recommendations to “restore trust” in...more
At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”.
Shortly before the Mansion House speeches began, the...more
The Leadership for Energy Automation Practices (“LEAP”) published its new master agreement, the LEAP Master Agreement for the Purchase and Sale of Physical Commodities Version 3.0 (the “LEAP 3.0”) on June 10. This agreement...more
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