News & Analysis as of

Major Swap Participants

Major Swap Participants are individuals or entities who are not swap dealers and who "maintain a substantial position in swaps for any of the major swap categories, whose outstanding swaps create substantial... more +
Major Swap Participants are individuals or entities who are not swap dealers and who "maintain a substantial position in swaps for any of the major swap categories, whose outstanding swaps create substantial counterparty exposure that could have serious adverse effects on the US banking system or financial markets, or are financial entities that are highly leveraged relative to the amount of capital they hold and that are not subject to the capital requirements established by an appropriate federal banking agency and maintain a substantial position in outstanding swaps in any major category as established by the Commodity Futures Trading Commission." Major Swap Participants are defined by the Commodity and Exchange Act and are required to register as such under the CFTC's Final Rules.  less -

US Commodity Futures Trading Commission Extends Comment Period on Proposed Capital Requirements for Swap Dealers and Major Swap...

by Shearman & Sterling LLP on

The CFTC announced that it was extending the comment period for the proposed rule on capital requirements applicable to swap dealers and major swap participants...more

Corporate and Financial Weekly Digest - Volume XII, Issue 10

CFTC Extends Public Comment Period for Swap Dealers and Major Swap Participants Minimum Capital Requirement Proposal - On March 16, the Commodity Futures Trading Commission published in the Federal Register its decision...more

Certain Companies that May be Subject to FDIC Orderly Liquidation Authority under Dodd-Frank are Now Subject to Qualified...

by Dechert LLP on

Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their...more

Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

by Pepper Hamilton LLP on

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

CFTC Issues No-Action Relief for Swap Dealers Complying with the EU Margin Rules

by White & Case LLP on

The CFTC has issued no-action relief for Swap Dealers that are subject to, and in compliance with, the EU margin rules but fail to comply with certain provisions of the CFTC’s margin rules for the period from February 4, 2017...more

Insurance Companies Need to Prepare for Swap Margin Rules in Effect on March 1, 2017

by Holland & Knight LLP on

March 1, 2017, is the scheduled implementation date applicable for all insurance companies for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules. Although the...more

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

by Shearman & Sterling LLP on

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

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Re-Proposal of Position Limits Regulation - On December 5, 2016, the U.S. Commodity Futures Trading Commission ("CFTC") unanimously approved to re-propose rules that...more

CFTC Approves Minimal Capital Requirements for Swap Dealers and Major Swap Participants

On December 2, 2016, the U.S. Commodity Futures Trading Commission (CFTC) unanimously approved proposed rules that establish minimum capital requirements for swap dealers and major swap participants. The proposed rules set...more

US Commodity Futures Trading Commission Approves Rule Amending Chief Compliance Officer Annual Report Timing for Certain...

by Shearman & Sterling LLP on

The US Commodity Futures Trading Commission announced its unanimous approval of a final rule amending CFTC regulation 3.3 to provide for a 90-day window after the end of an institution’s fiscal year for the filing of chief...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

Guide to U.S. Variation Margin Documentation for Financial End Users

by Holland & Knight LLP on

The scheduled implementation date applicable for most financial end users for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules is March 1, 2017. In most cases, the U.S....more

CFTC Approves Supplemental Proposal to Regulation Automated Trading

by Reed Smith on

The Commodity Futures Trading Commission issued a supplemental proposal on automated trading November 4, 2016, that revises a number of the regulations proposed by the Commission in its initial proposal. The Supplemental...more

CFTC Approves Final Rule for Filing Chief Compliance Officer Annual Reports

The CFTC approved a final rule amending a CFTC regulation addressing the timing for filing chief compliance officer annual reports for certain registrants. The final rule amends CFTC regulation 3.3 to provide futures...more

CFTC Cross-Border Regulatory Update: New Proposal on Cross-Border Swap Transactions and Other Developments

by Reed Smith on

On October 11, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved a proposed rule on the Cross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to...more

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

by Shearman & Sterling LLP on

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"

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

CFTC Issues Fourth Penalty for Inaccurate Large Trader Reporting of Swaps

On September 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) issued a fourth penalty for violations of its Swaps Large Trader Reporting (“Swaps LTR”) rule. This time, the penalty was...more

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

by WilmerHale on

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 Releases Its Final Staff Report on the Swap Dealer De Minimis Exception

by Morrison & Foerster LLP on

Last month the Commodity Futures Trading Commission (“CFTC”) released the final report of its staff (the “Staff”) on the de minimis exception to the CFTC’s definition of “swap dealer” (the “Final Report”). That exception,...more

CFTC Issues Final Rules on Cross-Border Uncleared Swap Margin Requirements

by White & Case LLP on

The CFTC has combined an entity-level approach with a transaction-level approach in its final cross-border uncleared swap margin requirements. Introduction - On December 16, 2015, the Commodity Futures Trading...more

US Commodity Futures Trading Commission Approves Final Rule to Amend Swap Data Recordkeeping and Reporting Requirements for...

by Shearman & Sterling LLP on

The CFTC approved a final rule to amend existing swaps reporting regulations in order to provide additional clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap...more

US Securities and Exchange Commission Adopts Final Rule Regarding Trade Acknowledgments

by Shearman & Sterling LLP on

The US Securities and Exchange Commission adopted a final rule requiring security-based swap dealers and major security-based swap participants to provide trade acknowledgments for security-based swap transactions. The trade...more

CFTC Finalizes Cross-Border Margin Rules for Uncleared Swaps

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 Amends Swap Portfolio Reconciliation Requirement

On May 2, 2016, the U.S. Commodity Futures Trading Commission approved a final rule to amend the swap portfolio reconciliation requirement. Under CFTC Regulation 23.500(i), swap dealers and major swap participants were...more

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