News & Analysis as of

Swaps Commodities Futures Trading Commission Margin Requirements

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

Latham & Watkins LLP on

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

Orrick - Finance 20/20

CFTC Approves Final Rules Relating to DCMs, SEFs and Margin Requirements for Uncleared Swaps

Orrick - Finance 20/20 on

On December 8, the CFTC approved a number of final rules, including (i) amendments requiring designated contract markets (DCMs) to implement certain risk controls relating to market disruptions caused by electronic trading,...more

Orrick - Finance 20/20

CFTC Approves Proposed Amendments to Margin Requirements for Swap Dealers and Major Swap Participants

On August 14, the Commodity Futures Trading Commission (CFTC) approved two proposed amendments to margin requirements for Swap Dealers and Major Swap Participants (the “CFTC Margin Rule”). The first proposal would, among...more

Dechert LLP

CFTC Sets the Parameters for Which Virtual Currencies are Subject to Full CFTC Jurisdiction by Merit of How They are Bought and...

Dechert LLP on

The Commodity Futures Trading Commission published in the Federal Register on June 24, 2020 its final interpretive guidance concerning retail commodity transactions involving certain digital assets (2020 Guidance).1 The 2020...more

Dechert LLP

CFTC Finalizes New Requirement Applying Statutory Disqualification Prohibitions to CPOs Exempt under CFTC Regulation 4.13 – Exempt...

Dechert LLP on

CFTC Also Proposes Amendments to Help Non-U.S. CPOs and Extends its Uncleared Swap Margin Phase-In Schedule - During the period from late May 2020 through early June 2020, the Commodity Futures Trading Commission held...more

Morgan Lewis

CFTC Delays Phase 5 Initial Margin Implementation Date

Morgan Lewis on

The US Commodity Futures Trading Commission has approved an interim final rule extending the Phase 5 initial margin compliance deadline for uncleared swaps by one year....more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Extends Phase 5 Compliance Date for Its Initial Margin Rules and Proposes More Regulatory Flexibility for Non-US Commodity...

On May 28, 2020, the Commodity Futures Trading Commission (CFTC or Commission) unanimously approved an interim final rule extending the Phase 5 compliance date for the Commission’s initial margin rules (Interim Final Rule)...more

Morgan Lewis

Global Standard Setters Extend Deadlines for Uncleared Margin Requirements

Morgan Lewis on

To help address market participants in the face of the coronavirus (COVID-19) crisis, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions have provided a one-year extension...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Clarifies Meaning of ‘Actual Delivery’ in Margined, Leveraged or Financed Retail Transactions in Virtual Currencies

On March 24, 2020, the Commodity Futures Trading Commission (CFTC or Commission) voted unanimously to adopt an interpretation of the term “actual delivery” with respect to retail virtual currency transactions (2020 Guidance)....more

Dechert LLP

New CFTC DSIO Director Outlines Components of Regulatory Program Applicable to Asset Managers; Addresses Extension of the CFTC...

Dechert LLP on

Director Joshua B. Sterling of the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO or Division) delivered several speeches in September and early October 2019, setting forth certain guiding principles and the...more

K&L Gates LLP

Final Phase of Initial Margin Requirements for Uncleared Swaps to Be Delayed Until September 2021 for Most Market Participants–How...

K&L Gates LLP on

SUMMARY - Swap dealers (“SDs”) are required to post and collect initial margin (“IM”) for uncleared swaps with other SDs and counterparties that are financial end users with “material swap exposure” (“MSE”) in accordance...more

WilmerHale

The SEC Adopts Security-Based Swap Rules Governing Capital, Margin and Segregation

WilmerHale on

On June 21, 2019, the Securities and Exchange Commission (SEC or Commission) adopted a package of rules and rule amendments (Rules) that set forth the capital, margin and segregation requirements for security-based swap...more

A&O Shearman

US Commodity Futures Trading Commission Provides Margin Relief for Legacy Swaps

A&O Shearman on

In response to a request from the International Swaps and Derivatives Association, the Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight issued no-action relief that will permit swap...more

Orrick - Finance 20/20

CFTC Approves Comparability Determination for Australia’s Uncleared Swap Margin Rules

Orrick - Finance 20/20 on

On March 27, 2019, the CFTC approved a comparability determination of Australia’s margin requirements for uncleared swaps, finding the requirements comparable to U.S. requirements for substituted compliance purposes. ...more

Orrick - Finance 20/20

CFTC Approves Comparability Determination for Japan’s Uncleared Swap Margin Rules

On March 26, the CFTC approved an amended comparability determination that would extend the substituted compliance permitted for Japan’s margin requirements for uncleared swaps with respect to the scope of entities subject to...more

A&O Shearman

US Regulators Offer Margin Relief for Legacy Swaps No Deal Brexit Scenario

A&O Shearman on

The Commodity Futures Trading Commission has unanimously approved an interim final rule that will allow swap dealers and major swap participants to, in the event of a no-deal Brexit scenario, transfer legacy swaps entered...more

WilmerHale

2018 CFTC Year-In-Review

WilmerHale on

For the Commodity Futures Trading Commission (CFTC or Commission), 2018 was characterized by (1) an active enforcement program emphasizing cooperation and self-reporting, (2) increasing cross-border tension over supervision...more

Orrick - Finance 20/20

CFTC Approves a Final Rule to Amend Uncleared Swap Margin Requirements

Orrick - Finance 20/20 on

On November 19, the Commodity Futures Trading Commission (“CFTC”) announced that it approved a final rule to amend its uncleared swap margin requirements to better align with certain rules adopted by the Board of Governors of...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on Smart Contracts, Updates to Uncleared Swap Margin Requirements and...

CFTC - CFTC’s LabCFTC Releases Primer on Smart Contracts - On November 27, the Commodity Futures Trading Commission’s LabCFTC released “A CFTC Primer on Smart Contracts” to provide information on a variety of financial...more

Skadden, Arps, Slate, Meagher & Flom LLP

Final Phases of Initial Margin Requirements for Uncleared Swaps Expected to Spark Additional Margin Compliance Efforts

On July 19, 2018, the International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) published a white paper entitled "Initial Margin for Non-Centrally Cleared...more

Hogan Lovells

U.S. federal regulators propose amendments to swap margin regulations to clarify treatment of certain amendments to legacy swaps

Hogan Lovells on

The Dodd-Frank Act requires entities that engage in swap activities to either submit their swaps for clearing with a central clearinghouse or to collect and post collateral (margin) based on the daily mark-to-market exposure...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC and European Commission Make Progress on Cross-Border Agreements

On October 13, 2017, the Commodity Futures Trading Commission (CFTC) announced two cross-border developments with the European Commission (EC) that take significant steps toward reconciling regulation of cross-border...more

Troutman Pepper

Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

Troutman Pepper on

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Regulators Provide Some Flexibility on the Swaps Variation Margin Compliance Deadline"

On February 23, 2017, U.S. federal banking regulators (Prudential Regulators), European regulators and the International Organization of Securities Commissions (IOSCO) issued statements clarifying their expectations on...more

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