News & Analysis as of

CFTC and SEC Propose Interpretation Concerning Forward Contracts with Embedded Volumetric Optionality

On November 13, 2014, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) approved for publication in the Federal Register a proposed interpretation clarifying the CFTC’s...more

NFA Proposes Amendment to NFA Compliance Rule 2-4

On December 1, National Futures Association (NFA) filed with the Commodity Futures Trading Commission for review and approval a proposed amendment to NFA Compliance Rule 2-4 to include swaps-related activities. Compliance...more

Bridging the Week - December 2014 #2

CFTC Commissioner Raises Ghost of HanMag Securities to Discuss Clearinghouse Risk Management Issues… Invoking the specter of the default of HanMag Securities Corporation on the Korea Exchange (KRX) last December...more

CFTC Releases No-Action Letter 14-144

The letter modifies previous No-Action Letter 13-22, to expand relief for treasury affiliates entering into swaps on behalf of non-financial end-user affiliates that could otherwise elect the exception in section 2(h)(7) of...more

CFTC Provides Relief from the Clearing Requirement for Swaps Entered into by Eligible Treasury Affiliates

On November 26, CFTC issued a no-action letter providing additional relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act...more

Orrick's Financial Industry Week in Review

Council of EU Agrees General Approach on Proposed Regulation on Securities Financing Transactions - On November 20, the Council of the EU published a press release reporting that its Permanent Representatives Committee...more

CFTC Proposes Important Clarification on Forward Contracts with Embedded Volumetric Optionality

The CFTC has published an important proposed clarification to its seven element test regarding forward contracts with embedded volumetric optionality (EVO). The proposed interpretation provides that a contract for deferred...more

Bridging the Week - November 2014 #3

Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million - The Commodity Futures Trading Commission...more

Prudential Regulators and CFTC Re-Propose Margin Requirement Rules for Uncleared Swaps

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency...more

This Week In Securities Litigation

Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the...more

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On October 30, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended indefinitely the relief previously granted in CFTC No-Action Letters Nos. 14-02, 14-45 and 14-88, as...more

Orrick's Derivatives in Review - October 2014

Prudential Regulators and CFTC Re-Propose Rules for Uncleared Swap Margin - Both the Commodity Futures Trading Commission and the prudential regulators re-proposed their April 2011 proposed rules imposing initial and...more

Financial Regulatory Developments Focus - October 2014 #4

In this issue: - Derivatives - Compensation - Shadow Banking - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Financial Market Infrastructure -...more

CFTC Issues Relief from Certain Part 45 Requirements to Singapore Exchange Derivatives Clearing Limited

On October 8, the Commodity Futures Trading Commission’s Divisions of Market Oversight and Clearing and Risk (Divisions) issued No-Action Letter No. 14-122 providing relief to Singapore Exchange Derivatives Clearing Limited...more

CFTC Hears Testimony on Bitcoin

The Global Markets Advisory Committee of the Commodity Futures Trading Commission held a public meeting on October 9, in which one panel addressed Bitcoin. The meeting focused on informing the staff regarding basic...more

Financial Regulatory Developments Focus - October 2014 #2

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Bank Structure - Shadow Banking - Financial Services - Excerpt...more

CFTC Finalizes Rule to Exclude Swaps with Municipal Utilities From $25 Million De Minimis Swap Dealer Threshold

The CFTC has published its final rule to exclude most swaps used for hedging purposes by municipal and other governmental utilities from counting against the $25 million swap dealer de minimis threshold that currently applies...more

CFTC Finalizes Exception for Swaps with Utility Special Entities

The Commodity Futures Trading Commission (CFTC) last week released a final rule excluding certain electricity and natural gas swaps with governmental agencies and municipalities from the lower de minimis threshold for swaps...more

Financial Regulatory Developments Focus - October 2014

In this issue: - Derivatives - Bank Prudential Regulation & Regulatory Capital - Recovery & Resolution - Financial Market Infrastructure - Funds - Enforcement - People...more

Bridging the Week - September 2014 #3

Court Permits Customer and IB Claims to Proceed Against U.S. Bank Over Peregrine Collapse - A US federal court in Illinois authorized two lawsuits arising from the collapse of Peregrine Financial Group to proceed...more

Regulators Re-Propose Minimum Margin Requirements for Uncleared Swaps

U.S. Federal banking regulators (the “Prudential Regulators”) recently re-proposed rules providing for minimum margin requirements for uncleared swaps and security-based swaps executed by swap dealers, security-based swap...more

This Week In Securities Litigation

The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million. The agency also filed a series of actions this week....more

CFTC Adopts Final Rule on Utility Operations-related Swaps with Utility Special Entities

On September 17, the CFTC approved a final rule on the exclusion of utility operations-related swaps with utility special entities from de minimis threshold for swaps with special entities. “Special entities” refers to...more

CFTC Proposes Margin Requirements for Uncleared Swaps

On September 17, the CFTC approved a proposed rule addressing margin requirements for uncleared swaps entered into by swap dealers or major swap participants that are not subject to regulation by the Federal Reserve Board,...more

Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps

On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more

400 Results
|
View per page
Page: of 16