News & Analysis as of

Future Commission Merchants

CFTC Proposes to Amend Chief Compliance Officer Duties and Annual Report Requirements

by Morrison & Foerster LLP on

On May 3, 2017, the Commodity Futures Trading Commission (“CFTC”) approved for publication in the Federal Register proposed amendments to its rules regarding the duties of Chief Compliance Officers (“CCOs”) for swap dealers...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

No-Action Relief Allowing Use of Consolidated Risk Disclosure Statement

On November 30, 2016, the U.S. Commodity Futures Trading Commission‘s Division of Swap Dealer and Intermediary Oversight provided no-action relief to futures commission merchants (FCMs) and introducing brokers (IBs), allowing...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

CFTC Proposed Registration Relief for Non-U.S. Futures Commission Merchants, Commodity Pool Operators, Commodity Trading Advisors...

On July 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) proposed amendments to its rules (“Proposed Rules”) that loosen the conditions for exemption from registration as a futures commission merchant (“FCM”),...more

HKSFC Issues Circular on Application Process for Exemptive Relief Under CFTC Regulation 30.10

On August 13, the Hong Kong Securities and Futures Commission (HKSFC) issued a circular describing the application procedure for certain licensed corporations to deal directly with customers in the United States pursuant to...more

"CFTC Extends Annual Report Deadline for Certain Chief Compliance Officers"

Last week, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued no-action relief that provides chief compliance officers (CCOs) of registered swap dealers (SDs),...more

Financial Services Bulletin: Action At The CFTC And CFPB

by Perkins Coie on

CFTC Proposes Registered Futures Association Membership Rules - On Friday, November 8, 2013, the Commodity Futures Trading Commission (the "CFTC") proposed amending its regulations to require that all persons...more

CFTC Staff Issues New and Extends Current No-Action Relief

The Commodity Futures Trading Commission recently released two no-action letters (i) extending relief provided to futures commission merchants (FCMs) relating to risk-based limits for bunched orders and (ii) providing relief...more

NFA Amends FCM Capital Requirements for Forex Transactions with ECPs

The National Futures Association (NFA) has amended the financial requirements applicable to member futures commission merchants (FCMs) acting as counterparties in foreign exchange (forex) transactions...more

Customer Protection Fund: Slip it to SIPC

by MarketsReformWiki on

Watch the Restoring Customer Confidence video series: http://jlne.ws/TJeVtG About this solution: If there is one solution to restoring customer confidence in futures that has been talked about more than any other, it...more

CFTC Proposal for Enhanced FCM and DCO Protections

On October 23, the CFTC proposed new regulations and amendments to existing regulations to enhance protections for customers and to strengthen safeguards for the holding of money, securities, and other property deposited by...more

Financial Services Bulletin: Action at the CFTC

by Perkins Coie on

In This Issue: - CFTC Proposes Rules For Future Commission Merchants and Derivative Clearing Organizations - CFTC Adjusts the Maximum Civil Monetary Penalties for Inflation - CFTC Announces Temporary...more

CFTC Proposes Rules to Enhance Protections for Customer Funds

by Katten Muchin Rosenman LLP on

The Commodity Futures Trading Commission published proposed rules that are designed to increase protections for customers and customer funds held by futures commission merchants (FCMs) and derivatives clearing organizations...more

CFTC to Hold Open Meeting to Consider Proposed Customer Funds Protection Rules

by Katten Muchin Rosenman LLP on

The Commodity Futures Trading Commission has announced that it will hold a public meeting to consider proposed rules that would enhance protections afforded customers and customer funds held by futures commission merchants...more

CFTC Guidance on Segregated and Secured Funds

On October 4, the CFTC released guidance to registered futures commissions merchants (FCMs) which identifies a situation whereby FCMs may be inappropriately utilizing an omnibus account with their clearing FCM in which they...more

CFTC Issues Guidance on Segregated and Secured Funds Maintained in a Combined Omnibus Account

The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight has issued guidance clarifying that futures commission merchants (FCMs) may not maintain customer segregated funds (i.e.,...more

Regulatory Developments: CFTC's Division of Clearing and Risk Issues Extension of Time for Compliance from Certain Pre-Trade...

by White & Case LLP on

On September 26, 2012, the CFTC's Division of Clearing and Risk issued a no action letter granting an extension of time for compliance from certain pre trade screening requirements. Section 1.73 of the CFTC's clearing member...more

CFTC Issues Extension of Time for Compliance with Certain Pre-Trade Screening Requirements

In a letter to the Futures Industry Association, the Commodity Futures Trading Commission’s Division of Clearing and Risk has extended the time for clearing member FCMs to comply with certain provisions of CFTC Rule 1.73....more

CFTC Issues Guidance on Trade Acceptance Requirements

The Commodity Futures Trading Commission’s Division of Clearing and Risk (Division) has advised clearing member futures commission merchants (FCMs) and derivatives clearing organizations (DCOs) of the Division’s position...more

CFTC Seeks Public Comment on ICE Clear Europe Request about Futures

On September 11, the CFTC requested public comment on a petition from ICE Clear Europe Limited for an order pursuant to Section 4d(a) of the Commodity Exchange Act which would permit ICE Clear Europe and its clearing members...more

Financial Services Bulletin: Action at the CFTC

by Perkins Coie on

In This Issue: - CFTC Proposes Inter-Affiliate Clearing Exemption - CFTC Proposes Exemption For Certain Non-Financial Energy Derivative Transactions - CFTC Approves Conforming Rule on Registration of...more

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