News & Analysis as of

SEC SBSD Recordkeeping And Reporting Proposal

The SEC has published proposed recordkeeping, reporting and capital deficiency notification requirements that would apply to security-based swap dealers (“SBSDs”) and major security-based swap participants (“MSBSPs”) as well...more

Orrick's Financial Industry Week in Review

European Banking Authority Publishes Opinion on European Commission's Proposed Amendments to ITS - On April 16, the European Banking Authority (EBA) published via its website an opinion dated April 4, 2014 on...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

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

CFTC Makes Comparability Determinations for Substituted Compliance Purposes

The Commodity Futures Trading Commission has approved comparability determinations for substituted compliance with six different non-US regulatory regimes. Pursuant to the substituted compliance determinations, the CFTC will...more

A Simple Framework for Determining Whether Dodd-Frank Applies to Your Energy Trade

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) authorizes the Commodity Futures Trading Commission (“CFTC”) to comprehensively regulate energy trading activities. Dodd-Frank is...more

CFTC Provides Relief for Intended-to-Be-Cleared Swaps

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight has issued No-Action Letter 13-70 providing relief to swap dealers (SDs) and major swap participants (MSPs) from (1) trading...more

"CFTC Expands Large Trader Reporting and Increases Customer Account Protection Requirements"

The Commodity Futures Trading Commission (CFTC or Commission) recently adopted several rules to improve large trader reporting, facilitate segregation of customer swap margin and enhance customer protections for futures and...more

CFTC Adopts Rules for Segregation of Initial Margin for Uncleared Swaps

On October 31, the Commodity Futures Trading Commission adopted final rules with respect to the segregation of initial margin for uncleared swaps. The rules impose new obligations on swap dealers (SDs) and major swap...more

CFTC Provides Clarification for SD and MSP Employees Acting in Clerical or Ministerial Capacities

The Commodity Exchange Act and Commodity Futures Trading Commission regulations make it unlawful for a swap dealer (SD) or major swap participant (MSP) to permit a person subject to a statutory disqualification to effect or...more

"CFTC Publishes Sweeping Concept Release Asking Questions About Additional Regulation of Automated Trading Strategies and...

On September 12, 2013, the Commodity Futures Trading Commission (CFTC) published a concept release (Concept Release or Release) requesting information about current market practices relating to the use of automated trading...more

CFTC Guidance on Cross-Border Application of United States Swap Regulations

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted interpretive guidance (the “Guidance”) that details the CFTC’s interpretation of the application of the Commodity Exchange...more

Final Exemptive Order Regarding Cross-Border Application of Certain Swap Regulations

On July 13, 2013, the Commodity Futures Trading Commission (the “CFTC”) approved a second final exemptive order (the “Final Order”) providing time-limited relief from certain cross-border applications of the swaps provisions...more

CFTC Approves Final Interpretative Guidance With Respect To The Cross-Border Application Of Certain Swap Provisions Of The...

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) approved final interpretative guidance (the “Final Guidance”)1 regarding the cross-border application of...more

Non-U.S. Managers’ Offshore Pools Must Be Looked Through for U.S. Swaps Regulation

Swaps market participants that are not “U.S. persons” may not be subject to the full requirements of the Commodity Futures Trading Commission’s (CFTC) swaps regulation, depending on with whom they enter into a swap. Also,...more

NFA Reminds SDs and MSPs of Portfolio Reconciliation Requirements

Pursuant to Commodity Futures Trading Commission No-Action Letter No. 13-40, swap dealers (SDs) and major swap participants (MSPs) are required to comply with the portfolio reconciliation requirements in CFTC Regulation...more

An End-User's Guide to the CFTC's Final Cross-Border Guidance

Last month, the U.S. Commodity Futures Trading Commission (CFTC) issued final interpretive guidance with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank...more

CFTC Issues Final Guidance and Accompanying Exemptive Order on Cross-Border Application of Certain Swap Regulations

At a public meeting on July 12, 2013, the Commodity Futures Trading Commission (CFTC or Commission) adopted final guidance on how Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In...more

Mandatory Clearing of iTraxx CDS Indices for Category 2 Entities Began July 25

The Division of Clearing and Risk of the Commodity Futures Trading Commission announced that commodity pools, private funds (other than active funds) and certain other persons predominantly engaged in banking or financial...more

CFTC Issues Interpretive Guidance Regarding Certain Cross-Border Transactions

On July 12, the Commodity Futures Trading Commission adopted interpretive guidance and a policy statement regarding the cross-border application of the swap provisions of the Dodd-Frank Wall Street Reform and Consumer...more

CFTC Grants No Action Relief to EU Swap Dealers from Swap Documentation Rules

Demonstrating coordination between US swap rules and those of the European Union, the Commodity Futures Trading Commission issued a no action letter (no. 13-45) on July 11 that permits a company organized under the laws of...more

CFTC Grants No-Action Relief to SDs and MSPs Regarding Relationship Documentation and Business Conduct

CFTC Grants No-Action Relief to SDs and MSPs Regarding Relationship Documentation and Business Conduct - The Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued...more

Federal Reserve Issues Interim Final Rule on Federal Assistance to Swap Entities

Section 716(a) of the Dodd-Frank legislation forbids "Federal assistance" with respect to swaps, security-based swaps, or other activity of any "swaps entity."...more

CFTC Adopts Final Cross Border Swaps Guidance

On Friday, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted final guidance regarding the cross border application of the new derivatives requirements under the Dodd-Frank Wall Street Reform and Consumer...more

CFTC approves final cross-border guidance of the swap provisions of the Dodd-Frank Act

Following yesterday’s announcement by the Commodity Futures Trading Commission and the European Commission of a joint understanding regarding a coordinated approach to the regulation of cross-border derivatives (for a further...more

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