News & Analysis as of September 19, 2024

Swap Dealers

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The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions. less -

SEC to Enhance Its Regulation of Security-Based Swaps

Goodwin on 2/14/2023

As we have previously discussed, the SEC’s Fall 2022 “Reg Flex” Agenda charts the agency’s planned rulemaking through Q1 2023. Among this ambitious and wide-reaching agenda are two important final rulemakings concerning the...more

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

K&L Gates LLP on 10/30/2020

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

The SEC Adopts Security-Based Swap Rules Governing Risk Mitigation Techniques for Uncleared Security-Based Swaps

WilmerHale on 2/13/2020

On December 18, 2019, the Securities and Exchange Commission (the SEC or Commission) adopted new rules pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the...more

The CFTC Proposes a New Approach to Federal Position Limits -- Will This One Stick?

Bracewell LLP on 2/6/2020

At its open meeting held on January 30, 2020, the Commodity Futures Trading Commission (“CFTC” or “the Commission”) approved a proposed rulemaking to institute federal position limits in an effort to prevent excessive...more

SEC Adopts New Rules Affecting Security-Based Swap Dealers and Major Security-Based Swap Participants

Orrick - Finance 20/20 on 7/3/2019

On June 21, the Securities and Exchange Commission (SEC) adopted new rules and rule amendments to establish capital, margin and segregation requirements under Title VII of the Dodd-Frank Act. ...more

Definitely Maybe? The SEC Returns to Security-Based Swap Dealer Regulation

Cadwalader, Wickersham & Taft LLP on 10/15/2018

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was signed into law eight years ago. ...more

A Corporate End User’s Handbook for Dodd-Frank Derivatives Compliance

A&O Shearman on 1/31/2018

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), signed into law on July 21, 2010, was the largest overhaul of the U.S. derivatives market in history. While there are still a few parts of Dodd-Frank...more

US Commodity Futures Trading Commission Proposes Rule Establishing Minimum Capital Requirements for Swap Dealers

A&O Shearman on 12/27/2016

The CFTC issued a proposed rule establishing minimum capital requirements for Swap Dealers and Major Swap Participants. As required by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules...more

US Commodity Futures Trading Commission Chairman Speaks to SIFMA Annual Meeting Regarding the Agency’s Ongoing Work and Rulemaking...

A&O Shearman on 10/25/2016

Timothy Massad, Chairman of the CFTC, spoke at the SIFMA annual meeting about clearinghouse regulation, technological changes and finishing Dodd-Frank rulemaking. Massad first highlighted ongoing CFTC work regarding stress...more

"CFTC Proposes Rules to Count Cross-Border Swaps for Swap-Dealer Thresholds and Other Requirements"

Skadden, Arps, Slate, Meagher & Flom LLP on 10/24/2016

The CFTC’s newly proposed rules on cross-border transactions address which swap activities affect swap-dealer thresholds and trigger transaction-level swap requirements. These are the latest in a series of CFTC rulemakings,...more

Key Differences Between CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements

WilmerHale on 9/26/2016

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

CFTC Finalizes Cross-Border Margin Rules for Uncleared Swaps

Skadden, Arps, Slate, Meagher & Flom LLP on 6/6/2016

On May 24, 2016, the Commodity Futures Trading Commission (CFTC) adopted final rules (cross-border margin rules) that specify how its recently issued uncleared margin rules apply to cross-border transactions. Chairman Timothy...more

CFTC Proposed Guidance on Gas and Capacity Contracts Further Reduces Dodd-Frank Swap Burdens on End-Users

Cozen O'Connor on 4/20/2016

On April 4, 2016, the Commodity Futures Trading Commission (CFTC) issued proposed guidance that two products – common in competitive wholesale electric and natural gas markets – would not be considered swaps under the...more

Mandatory Margin Posting Regulations Coming Soon for Uncleared Swaps

Akerman LLP on 3/4/2016

U.S. bank regulators recently adopted final rules establishing initial and variation margin requirements for uncleared swaps (Final Margin Rules). These rules apply to regulated entities such as banks and subsidiaries of bank...more

"SEC Finalizes Registration Rules for Security-Based Swap Entities"

Skadden, Arps, Slate, Meagher & Flom LLP on 8/13/2015

On August 5, 2015, the Securities and Exchange Commission (SEC) adopted final registration rules for security-based (SB) swap dealers and major SB swap participants (collectively SBS Entities). Concurrently, the SEC also...more

CFTC Proposes Rule on Margin Requirements for Uncleared Swaps in Cross-Border Transactions

Katten Muchin Rosenman LLP on 7/15/2015

On June 29, the Commodity Futures Trading Commission proposed a rule that is intended to clarify the extent to which covered swap entities must comply with CFTC’s margin rules for uncleared swaps in cross-border transactions....more

Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps

Eversheds Sutherland (US) LLP on 9/25/2014

On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more

Bank Regulators Propose Relaxed Margin Requirements for Corporate End Users of Uncleared Swaps

Stinson - Corporate & Securities Law Blog on 9/10/2014

Five federal agencies have taken a second stab at a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as...more

Federal Agencies Seek Comment on Swap Margin Requirements

Orrick - Finance 20/20 on 9/9/2014

On September 3, the Fed, the Farm Credit Administration, the FDIC, the FHFA, and the OCC sought comment on a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap...more

SEC Adopts Final Rules and Guidance Regarding the Cross-Border Application of “Security-Based Swap Dealer” and “Major...

Morrison & Foerster LLP on 7/7/2014

Nearly four years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), on June 25, 2014, the Securities and Exchange Commission (“SEC”) adopted its first in a series of...more

SEC to Hold Open Meeting on Cross-Border Security-Based Swap Definitions

Katten Muchin Rosenman LLP on 6/24/2014

On June 18, the Securities and Exchange Commission announced that it will hold an open meeting on June 25 to consider whether to adopt rules that would apply the definitions of “security-based swap dealer” and “major...more

SEC SBSD Recordkeeping And Reporting Proposal

Cadwalader, Wickersham & Taft LLP on 4/24/2014

The SEC has published proposed recordkeeping, reporting and capital deficiency notification requirements that would apply to security-based swap dealers (“SBSDs”) and major security-based swap participants (“MSBSPs”) as well...more

A Simple Framework for Determining Whether Dodd-Frank Applies to Your Energy Trade

Akin Gump Strauss Hauer & Feld LLP on 1/3/2014

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) authorizes the Commodity Futures Trading Commission (“CFTC”) to comprehensively regulate energy trading activities. Dodd-Frank is...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 11/13/2013

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

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

K&L Gates LLP on 9/23/2013

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

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