Swap Dealers Major Swap Participants

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 -
News & Analysis as of

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

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

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

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

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

"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

NFA Proposes Cybersecurity Guidance for Derivatives Traders

On August 28, 2015, the National Futures Association (NFA) submitted a proposed interpretative notice (Notice) to the Commodity Futures Trading Commission (CFTC) to require information systems security programs (ISSPs). If...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Goofy Haircut

Under the Margin Rules, swap dealers and major swap participants that do not have a prudential regulator (Covered Swap Entities, or CSEs) would be required to collect and post initial margin for uncleared swaps with financial...more

SEC Moves Closer to Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants

On August 5, 2015, the US Securities and Exchange Commission (“SEC”) took several incremental steps toward completing its regulatory framework for security-based swap dealers and majority security-based swap participants...more

"SEC Finalizes Registration Rules for Security-Based Swap Entities"

On August 5, 2015, the Securities and Exchange Commission (SEC) adopted final registration rules for security-based (SB) swap dealers and major SB swap participants (collectively SBS Entities). Concurrently, the SEC also...more

SEC Adopts Registration Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants

On August 5, the Securities and Exchange Commission adopted new registration rules for security-based swap dealers and major security-based swap participants (SBS entities). In general, an SBS entity would register by filing...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Know Thyself

To clarify our intended audience, in the Financial Entity Update we will address issues germane to entities that trade swaps but are neither dealers nor commercial end users. This includes a broad and diverse group of...more

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

The CFTC has combined an entity-level approach with a transaction-level approach in its proposed cross-border uncleared swap margin requirements. Introduction - On October 3, 2014, the Commodity Futures Trading...more

CFTC Proposes Rule on Margin Requirements for Uncleared Swaps in Cross-Border Transactions

On June 29, the Commodity Futures Trading Commission proposed a rule that is intended to clarify the extent to which covered swap entities must comply with CFTC’s margin rules for uncleared swaps in cross-border transactions....more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As: June 26, 2015 - On June 26, 2015, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing eight new questions. The single rulebook Q&As relate...more

CFTC Extends No-Action Relief to Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations

On June 15, CFTC Division of Market Oversight published a letter extending the time-limited relief provided by previously issued no-action letter 14-90, expiring on June 30, 2015, to June 30, 2016. The relief applies to the...more

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