News & Analysis as of

Open for Business: SEFs Navigate the New Regulatory Environment  [Video]

Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter (OTC) swaps to be cleared and traded on this new type of regulated platform. The CFTC published its final SEF rules in...more

Key Provisions of the Volcker Rule Final Regulations for Non-US Banking Entities

The five US financial agencies (“Agencies”) have approved jointly prepared final regulations (“Final Rules”) to implement the prohibitions on engaging in proprietary trading and investment in or sponsorship of a private...more

CFTC Issues Guidance on Block Trade and Large Notional Off-Facility Swap Rules; Advisers Must Obtain Consents

The U.S. Commodity Futures Trading Commission (“CFTC”) has issued final rules (“Final Rules”) setting minimum block trade sizes for different types of CFTC regulated swaps that are permitted to be executed off-facility and...more

Corporate and Financial Weekly Digest - July 19, 2013

In this issue: - SEC Extends Interim Final Temporary Rule for Broker-Dealers Engaging in a Retail Forex Business - FINRA Announces Targeted Examination Letter Regarding High-Frequency Trading - CFTC...more

Update On ISDA Protocols

We previously noted certain matters that needed to be completed by May 1, 2013 for those entities engaged in derivatives transactions to allow swap dealers to comply with the CFTC’s External Business Conduct Rule. ...more

CFTC Issues Final Trade Execution Rules

On May 16, the Commodity Futures Trading Commission approved a new regulatory framework applicable to swap execution facilities (SEFs). The regulatory framework governs the registration and operation of SEFs, and is largely...more

CFTC Adopts Final Rules for Execution Facilities and Other Matters

During an open meeting on May 16, the Commodity Futures Trading Commission adopted a final rule establishing core principles and other requirements for swap execution facilities, which will become effective 60 days after...more

Financial Services Legislative and Regulatory Update -- May 20‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - The conflation of three scandals clearly tainted President Obama...more

SEC and CFTC Issue Final Joint Rules on “Red Flags” Compliance

The Securities Exchange Commission (“SEC”) and the Commodity and Futures Trade Commission (“CFTC”) (together, the “Commissions”) have issued final joint rules and guidelines that require certain entities regulated by the...more

CFTC Approves Clearing Exemption for Inter-Affiliate Swaps

On April 1, the Commodity Futures Trading Commission approved a final rule that permits certain affiliates to elect not to clear a swap. To qualify for the clearing exemption, the counterparties’ financial statements must be...more

CFTC’s Final Rule Exempting Certain RTO Transactions From CFTC Regulation Largely Affirms Earlier Order But Offers Helpful Changes...

On March 28, 2013, the Commodity Futures Trading Commission issued a final rule that largely affirmed its earlier proposal to exempt certain FERC and Texas PUC regulated transactions from CFTC jurisdiction and provided...more

Orrick's Financial Industry Week in Review - April 8, 2013

UK Financial Services Regulatory Handover - On April 1, the long-awaited handover of power from the FSA to the "twin-peaks system," consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority...more

Corporate and Financial Weekly Digest - April 5, 2013

In this issue: - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - SEC Provides Guidance Regarding Social Media and Regulation Fair Disclosure (Regulation FD) - SEC Amends...more

Swap Definitions Rules Finalized by the SEC and the CFTC under Dodd-Frank

Introduction - On July 18, 2012, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC” and, together with the SEC, the “Commissions”) jointly published several final rules...more

Regulatory Developments: CFTC Issues Final Rules on Confirmation, Portfolio Reconciliation, Portfolio Compression and Swap Trading...

On August 27, 2012, the CFTC approved final rules which establish requirements for the (i) documenting of swap trading relationships between swap dealers ("SD") or major swap participants ("MSP") and their counterparties,...more

CFTC, SEC Finalize Swap Product Definitions

I. Introduction - On July 9 and 10, 2012, the Commodity Futures Trading Commission and Securities and Exchange Commission (collectively, the “Commissions”) approved joint final rules and interpretations (the “Swap...more

CFTC Final Rules for Swap Dealers and Major Swap Participants

On August 27, the CFTC approved final rules to improve the risk management procedures of swap dealers and major swap participants....more

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