News & Analysis as of

CFTC Reissues and Clarifies Relief Regarding Swaps Trading on MTFs

On April 9, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) and Division of Swap Dealer and Intermediary Oversight jointly issued CFTC No-Action Letter No. 14-46, which modifies the conditions...more

Financial Regulatory Developments Focus - April 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Services - Financial Crime - Excerpt from Derivatives: European Commission Consults on Definition...more

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On April 7, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued CFTC No-Action Letter No. 14-45, extending to June 30 the relief previously granted in CFTC No-Action...more

Corporate and Financial Weekly Digest - Volume IX, Issue 15

In this issue: - SEC Issues New FAQs on Conflict Minerals - SEC Issues Frequently Asked Questions Regarding the Amendments to the Broker-Dealer Reporting Rule - FINRA Requests Comment on Rules Regarding...more

CFTC Issues Interpretation Regarding Auditor Independence Standards

On March 28, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued an interpretive statement regarding the auditor independence standards applicable to futures commission...more

Segregation of Initial Margin Posted in Connection with Uncleared Swaps: Considerations for the Buy Side

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and Commodity Futures Trading Commission (“CFTC”) Rules 23.702 and 23.703 thereunder (together, the “Rules”), swap dealers are required to notify their...more

Dodd-Frank Compliance in a Nutshell

Here are some important Dodd-Frank rules that you need to keep in mind if you are neither a Swap Dealer nor a Major Swap Participant ("Non-SD/MSP"). Clearing - General Rule. Dodd-Frank requires all swaps listed...more

"CFTC Deadlines Approach for Swap Dealer Margin Segregation Notifications and Buy-Side Responses"

Market participants that enter into uncleared swaps should expect to receive notifications from swap dealer (SD) and major swap participant (MSP) counterparties regarding segregation of initial margin for swaps. Dodd-Frank...more

CFTC Requests Public Comment on ICE Swap Trade Packaged Transaction Rule

ICE Swap Trade, LLC, a swap execution facility temporarily registered with the Commodity Futures Trading Commission, recently self-certified amendments to its rules (ICE Rules) to allow market participants to execute...more

CFTC Extends Expiration of MTF Relief

On February 12, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued relief from registration as a swap execution facility (SEF) to multilateral trading facilities (MTFs) regulated within the...more

Corporate and Financial Weekly Digest - Volume IX, Issue 13

In this issue: - SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks - Proposed Changes to FINRA Classification of Hybrid Securities for Trade Reporting Purposes - FINRA...more

CFTC Requests Comment on Swap Data Reporting Rules

On March 19, the Commodity Futures Trading Commission approved for publication in the Federal Register a request for public comment on swap data reporting requirements under Part 45 of the CFTC’s regulations. The request was...more

CFTC Opens Broad Inquiry Into Swap Data Recordkeeping And Reporting

Following up on its January 21, 2014, formation of an interdivisional staff working group (Working Group) to review its swap data reporting and other provisions of Part 45 of its regulations, on March 19, 2014, the Commodity...more

Corporate and Financial Weekly Digest - Volume IX, Issue 12

In this issue: - Delaware Supreme Court Upholds Chancery Court Ruling that Applied Business Judgment Rule to Going Private Transaction with Controlling Stockholder - Amendments to Uniform Branch Office...more

CFTC Provides Time-Limited No-Action Relief to Certain Affiliated Swap Counterparties

The CFTC has issued two separate no-action relief letters to provide time-limited no-action relief pertaining to swaps between certain affiliated counterparties. The letters both pertain to CFTC Regulation 50.52, which...more

Joint Audit Committee Adopts Template Acknowledgment Letters

On March 12, the Joint Audit Committee issued a regulatory alert and revised templates for segregated, secured and cleared swap customer acknowledgment letters...more

CFTC Announces Available-to-Trade Determinations

In December 2013, Bloomberg LLC (BSEF) submitted a self-certified determination that certain interest rate and credit default swaps are made available to trade (MAT) for purposes of the Commodity Exchange Act (CEA) and...more

CFTC Reissues FAQ on Commodity Options

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) has reissued a document addressing frequently asked questions (FAQs) on commodity options. The FAQs document, which DMO originally issued on...more

Corporate and Financial Weekly Digest - Volume IX, Issue 9

In this issue: - CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards - SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Supreme Court Rules that...more

CFTC and EC Statement on Regulatory Framework

On February 12, the CFTC and the European Commission announced jointly that the two agencies have made significant progress in their collaboration on the regulatory frameworks for CFTC-regulated swap execution facilities...more

"Mandatory SEF/DCM Trading Begins for Certain Interest Rate Swaps"

As of February 15, 2014, certain types of fixed-for-floating interest rate swaps must be executed on a swap execution facility (SEF) or a designated contract market (DCM), unless an exception applies (e.g., the commercial...more

Initial Swap Trading Requirements Come into Effect—Limited Relief for Packaged Trades and Some EU Facilities

The Commodity Futures Trading Commission has imposed for the first time a requirement that certain swaps be traded on a regulated market. Beginning February 15, 2014, certain cleared interest rate swaps and index credit...more

Corporate and Financial Weekly Digest - Volume IX, Issue 6

In this issue: - SEC Division of Corporation Finance Issues Guidance on Rule 506(c) Private Placements - SEC Issues No-action Relief Regarding Registration of M&A Brokers - CFTC Issues Guidance on New...more

CFTC Certifies Two More “Available to Trade” Determinations

Last week, the Commodity Futures Trading Commission (CFTC) certified two additional available to trade determinations (MAT determinations). The latest MAT determinations cover additional interest rate swaps (IRS) and, for the...more

CFTC Certifies Available-to-Trade Determinations

In October, TW SEF LLC (TW SEF) and MarketAxess SEF Corporation submitted self-certified determinations that certain interest rate and credit default swaps are made available to trade (MAT) for purposes of the Commodity...more

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