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 -
News & Analysis as of

NFA Issues Notice Regarding Swap Valuation Dispute Notices

On February 2, National Futures Association (NFA) issued Notice I-16-07, which implements an order previously issued by the Commodity Futures Trading Commission authorizing NFA to receive notices of swap valuation disputes...more

Corporate and Financial Weekly Digest - Volume XI, Issue 5

SEC/CORPORATE - SEC Approves FINRA’s Funding Portal Rules - On January 22, the Securities and Exchange Commission approved the Financial Industry Regulatory Authority’s funding portal rules and related forms for...more

CFTC Issues Order Delegating to the NFA Certain Functions Related to Notices of Swap Valuation Disputes

The Commodity Futures Trading Commission has authorized the National Futures Association (NFA) to receive, review, maintain and serve as the official custodian of records for notices of swap valuation disputes in excess of US...more

NFA Revises SD and MSP 4s Review Process

National Futures Association (NFA) has revised its review process for swap dealer (SD) and major swap participant (MSP) applications under Section 4s of the Commodity Exchange Act. Effective immediately, SDs and MSPs are no...more

CFTC Reminds SDs and MSPs of Swap Reporting Obligations

The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission has issued an advisory to remind swap dealers (SDs) and major swap participants (MSPs) of their swap data reporting...more

Life on the margin: US margin rules finalized at last

More than five years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the US Commodity Futures Trading Commission has adopted a final rule regarding margin for uncleared swaps (the CFTC...more

The Financial Report - Volume 5, No. 1 January 2016 (Global)

Discussion and Analysis Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority, announced in FINRA’s 11th annual Regulatory and Examination Priorities Letter, published earlier this week, that...more

CFTC Adopts Final Margin Rules for Swap Dealers

On December 16, the Commodity Futures Trading Commission adopted final rules that set margin requirements for swap dealers and major participants (collectively, Swap Entities) regulated by the CFTC with respect to swaps that...more

CFTC Approves Final Rule on Margin Requirements for Uncleared Swaps

The U.S. Commodity Futures Trading Commission (CFTC) approved on December 16 final rules (Final Rules) on margin requirements for over-the-counter uncleared swaps entered into by CFTC-registered swap dealers (SDs) and major...more

CFTC Adopts Margin Requirements for Uncleared Swaps

Wednesday, the Commodity Futures Trading Commission (“CFTC”) held an open meeting at which it voted to adopt final rules (the “CFTC Margin Rules”) governing margin requirements for uncleared swaps (“Swaps”) entered into by...more

CFTC Adopts Final Margin Rules for Uncleared Swaps

The CFTC has approved a final rule on margin requirements for uncleared swaps for swap dealers (SDs) and major swap participants (MSPs). The new regulation addresses margin requirements for uncleared swaps entered into by SDs...more

NFA Issues Notice on the Inclusion of Legal Entity Identifiers in the Swap Dealer/Major Swap

The National Futures Association (NFA) has issued Notice I-15-28, which discusses the legal entity identifiers (LEIs) that are now being used in the NFA’s swap dealer/major swap participant registry (SD/MSP Registry). The...more

U.S. Swap Dealers and Non-U.S. Major Swap Participants Under SDR Reporting Rules

On November 9, the U.S. Commodity Futures Trading Commission’s (the “CFTC“) Division of Market Oversight issued a time-limited no-action letter extending the relief provided in CFTC Letter No. 14-141. The relief applies to...more

CFTC Extends Swap Data Reporting Relief to Certain Non-US SDs and MSPs

The Division of Market Oversight of the Commodity Futures Trading Commission has extended relief from swap data reporting obligations for swap dealers (SDs) and major swap participants (MSPs) that are non-US persons...more

Corporate and Financial Weekly Digest - Volume X, Issue 44

BROKER-DEALER - FINRA Issues Investor Alert Regarding IRS Phone Scam - The Financial Industry Regulatory Authority issued an Investor Alert warning investors about a phone scam involving phone calls allegedly...more

Highlights of the Final Prudential Regulator Margin Rules for Non-Cleared Swaps

The US prudential regulators (the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency)...more

NFA Adopts Cybersecurity Guidance

The National Futures Association (NFA) adopted on October 23, 2015 an “Interpretive Notice to NFA Compliance Rules 2-9, 2-36, and 2-49: Information Systems Security Programs” (Notice). The Notice requires each NFA Member to...more

U.S. Banking Regulators Finalize Minimum Margin Requirements for Uncleared Swaps

On October 22, 2015, the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (the “OCC”) adopted final rules (the “Final Margin Rules”) establishing minimum margin and capital...more

CFTC Approves NFA Interpretive Notice on Information Systems Security Programs, Including Cybersecurity Guidance

The CFTC recently approved the National Futures Association’s interpretive notice (the “Cybersecurity Notice”) on the general requirements that members should implement for their information systems security programs...more

Financial Regulators Adopt Final Margin Rules for Non-Cleared Swaps

On October 22, the US prudential regulators (the Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve, Comptroller of the Currency, Farm Credit Administration and Federal Housing Finance Agency)...more

Financial Entity Update: CFTC’s Proposed Margin Rules for Uncleared Swaps – America’s Next Top Model

Our first installment on the CFTC’s proposed margin rules (Margin Rules) for uncleared swaps addressed the importance of the “financial end user” definition and making certain notional calculations. Our second and third...more

Four Cybersecurity Ideas from CFTC Commissioner Bowen

On Sept. 17, 2015, Commissioner Sharon Y. Bowen of the U.S. Commodity Futures Trading Commission (CFTC) gave the keynote address for the International Swaps and Derivatives Association’s 2015 North American Conference in New...more

NFA To Host Audio Conference for SDs and MSPs

National Futures Association (NFA) will hold an audio conference on Thursday, September 24, at 11:00 a.m. ET to help prepare swap dealers (SDs) and major swap participants (MSPs) for their upcoming examinations. Interested...more

Corporate and Financial Weekly Digest - Volume X, Issue 35

SEC/CORPORATE - US District Court Orders SEC To Revise Resource Extraction Issuer Rule - On September 2, the US District Court for the District of Massachusetts ordered the SEC to file with the District Court in 30...more

"CFTC Extends Registered Futures Association Membership Requirement to Introducing Brokers, Commodity Pool Operators and Commodity...

The Commodity Futures Trading Commission (“CFTC”) unanimously approved a final rule (“Final Rule”) that formally extends the existing registered futures association (“RFA”) membership requirement to registered introducing...more

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