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Swap Dealers › Commodities Futures Trading Commission › Swaps

Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own... more +
Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules.  less -
Orrick, Herrington & Sutcliffe LLP

CFTC orders bank to pay $5M for swap reporting violations

Orrick, Herrington & Sutcliffe LLP on

On August 26, the CFTC issued an order against a bank for allegedly failing to correctly report millions of swap transactions to a registered swap data repository, in violation of a prior CFTC order, and for failing to...more

Katten Muchin Rosenman LLP

The CFTC's Updated Block and Cap Sizes for 2024

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The Division of Data (DOD) of the Commodity Futures Trading Commission (CFTC or the Commission) published updated post-initial appropriate minimum block sizes and post-initial cap sizes under Part 43 of the CFTC’s...more

Katten Muchin Rosenman LLP

The CFTC Adopts Amendments to Capital and Financial Reporting Requirements for Swap Dealers Largely Based on Prior Relief

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After adopting final rules in 2020, the Commodity Futures Trading Commission (CFTC) adopted amendments to the capital and financial reporting requirements for Swap Dealers (SDs), which were largely based on prior no-action...more

Cadwalader, Wickersham & Taft LLP

A Decade-Long Death of Footnote 195

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Sometimes a small footnote (which technically is not even a part of the official Federal rule) may have an outsize impact on the rule itself. In 2013, subsequent to the enactment of the Dodd Frank Act of 2010, the Commodity...more

BCLP

Driving Force - More fines, more admissions, more monitors: what is the future of CFTC enforcement?

BCLP on

In a recent speech given at New York University’s School of Law, the Commodity Futures Trading Commission’s (CFTC’s) Director of Enforcement, Ian McGinley, unveiled a new advisory concerning penalties, monitors and admissions...more

Latham & Watkins LLP

SEC Launches Regulation for Security-Based Swap Execution Facilities

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Regulation SE, the last of the Title VII Dodd-Frank rulemakings, will become effective on February 13, 2024. The Securities and Exchange Commission (SEC) has taken a significant step in enhancing the regulatory landscape...more

Katten Muchin Rosenman LLP

The CFTC Proposes Operational Resiliency Rules for FCMs, Swap Dealers and Major Swap Participants

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Adopted partially in response to a 2023 cyberattack on a widely-used, third-party service provider to several financial services firms, the Commodity Futures Trading Commission (CFTC) has proposed new requirements and...more

Goodwin

Agencies Issue Final Guidance on Third-Party Risk Management

Goodwin on

Agencies Issue Final Guidance on Third-Party Risk Management - On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more

Cadwalader, Wickersham & Taft LLP

CFTC Issues Advisory on Prime Brokerage Arrangements on SEFs and DCO Registration Requirements

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On May 17, the staff of Commodity Futures Trading Commission (“CFTC”) Division of Clearing and Risk (“DCR”) issued an advisory (“Advisory”) that encourages entities using prime brokerage (“PB”) arrangements that provide...more

Davis Wright Tremaine LLP

Swaps Enforcement Update: Business Conduct Standards for Swap Dealers and Major Swap Participants

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While the initial swap dealer enforcement actions brought by the Commodity Futures Trading Commission (CFTC) focused on swap data reporting failures, recent enforcement efforts have focused on compliance with business conduct...more

Cadwalader, Wickersham & Taft LLP

Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges

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In response to changes in business practices, regulations and laws eventually change, too.  During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more

Goodwin

SEC to Enhance Its Regulation of Security-Based Swaps

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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

WilmerHale

The Securities and Exchange Commission’s Implementation of Title VII of the Dodd-Frank Act: Reviewing the Status of Security-based...

WilmerHale on

Gary Gensler served as Chair of the Commodity Futures Trading Commission (“CFTC”)from May 26, 2009 to January 3, 2014. He presided over the CFTC during the period that followed the 2008 financial crisis and led the CFTC...more

Eversheds Sutherland (US) LLP

Enforcement appears as messages disappear part II: Steep penalties imposed in personal messaging cases  

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On September 27, 2022, 15 broker-dealers and one investment adviser agreed to pay more than $1.8 billion in total civil penalties to the US Securities and Exchange Commission (SEC), and, for those same companies or affiliates...more

Latham & Watkins LLP

CFTC Mandates Clearing for Interest Rate Swaps on IBOR Alternatives

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A new rule removes the requirement to clear IBOR-based swaps and extends mandatory clearing to swaps on IBOR alternatives. On August 12, 2022, the US Commodity Futures Trading Commission (CFTC) voted to amend its...more

Cadwalader, Wickersham & Taft LLP

CFTC Finalizes Rule Regarding LIBOR Transition Clearing Requirement Determination for Certain Interest Rate Swaps

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On August 12, the Commodity Futures Trading Commission (“CFTC”) issued a final rule amending its Regulation 50.4(a) clearing requirements for swaps. The latest in a series of rulemaking that is supportive of the...more

Cadwalader, Wickersham & Taft LLP

CFTC’s Swap Reporting Advisory

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Accurate and timely reporting of swap data is the cornerstone of swap regulation. The CFTC had promulgated its swap reporting rules in 2012, and were after 2012 among the first rules implementing the Dodd-Frank Act to...more

Eversheds Sutherland (US) LLP

Swap APs exempt from Branch Office Manager Series 30 Examination requirement effective January 3, 2022

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On Monday, November 27, 2021, the National Futures Association (NFA) submitted to the CFTC proposed amendments to NFA Compliance Rule 2-7 to exclude associated persons (APs), designated as “swap” APs, from the Branch Office...more

Katten Muchin Rosenman LLP

Key Takeaways: CFTC's FY 2021 Swap Dealers Enforcement Actions

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In Fiscal Year 2021 (FY 2021), the Commodity Futures Trading Commission (CFTC) brought and settled five enforcement actions against swap dealers for alleged reporting, disclosures and supervision failures. Historically, the...more

Hogan Lovells

Understanding the SEC’s new security-based swap dealer regulations - What should commercial end users, funds, and other financial...

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This client alert addresses three aspects of security-based swap (SBS) regulations recently issued by the Securities Exchange Commission (SEC) that are relevant to commercial end users, funds, and other financial end users:...more

Latham & Watkins LLP

What to Know About the New CFTC Cross-Border Swaps Regime

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This Client Alert White Paper serves as a comprehensive guide to the new rule, which largely supersedes prior CFTC guidance that had informed market practice for over seven years. Key Points: ..The new rule became...more

Goodwin

ISDA Publishes Dodd-Frank Security-Based Swap Protocol

Goodwin on

On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more

Morgan Lewis

CFTC Amends Real-Time Swap Public Reporting Requirements

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The Commodity Futures Trading Commission (CFTC) has unanimously approved amendments to the real-time swap reporting rules in Part 43 of the CFTC’s regulations by, among other things, clarifying the applicability of the rules...more

K&L Gates LLP

Know Your Limits: The CFTC Adopts Position Limits for Derivatives Related to Energy, Agriculture, and Metals Products

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INTRODUCTION - The Commodity Futures Trading Commission (CFTC) recently voted 3–2, along party lines, to approve a final rule (Final Rule) regarding position limits for certain futures contracts and economically equivalent...more

K&L Gates LLP

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

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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

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