News & Analysis as of

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

Orrick's Financial Industry Week in Review - February 10, 2014

No-Action Letter Provides Relief to M&A Brokers - On January 31, in a significant no-action letter (Letter), the Staff of the Division of Trading and Markets provided assurances that it would not recommend enforcement...more

CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued two no-action letters granting relief to futures commission merchants (FCMs) from certain requirements of the...more

Open for Business: SEFs Navigate the New Regulatory Environment  [Video]

Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter (OTC) swaps to be cleared and traded on this new type of regulated platform. The CFTC published its final SEF rules in...more

Corporate and Financial Weekly Digest - Volume IX, Issue 1

In this issue: - FINRA Issues Annual Regulatory and Examination Priorities Letter for 2014 - CFTC Makes Comparability Determinations for Substituted Compliance Purposes - CFTC Issues No-Action Relief from...more

Private Fund Update - December 2, 2013

In this issue: - The 113th Congress - Securities and Exchange Commission - Commodity Futures Trading Commission (CFTC) - The Administration - Private Equity Growth Capital Council...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 Staff Issues No-Action Letters Relating to Swap Execution Facilities

Commodity Futures Trading Commission staff released several no-action letters impacting swap execution facilities (SEFs) and their participants. These no-action letters are related to swap data reporting requirements, SEF...more

Corporate and Financial Weekly Digest - October 4, 2013

In this issue: - FINRA Proposes Rule to Require Alternative Trading Systems to Report Volume Information and Use Unique Market Participant Identifiers - SEC Issues Frequently Asked Questions Regarding Liability...more

CFTC Issues Extension of Time-Limited No-Action Relief to Cooperatives

The Division of Clearing and Risk of the Commodity Futures Trading Commission has extended the expiration date for relief granted in an earlier no-action letter from the swap clearing requirement under Section 2(h) of the...more

Corporate and Financial Weekly Digest - June 28, 2013

In this issue: - Delaware Court of Chancery Upholds Forum Selection Provisions in Bylaws - CFTC Issues No-Action Letters - Portfolio Reconciliation and Swap Trading Relationship Documentation Requirements...more

CFTC Temporary No-Action Relief for Transition to SEF Rules

On June 17, the CFTC Division of Market Oversight issued a no-action letter providing temporary relief to entities that have been operating pre-Dodd-Frank Act trading platforms....more

CFTC Extends No-Action Relief for Certain Transactions and Trading Platforms

On June 17, the Commodity Futures Trading Commission’s Division of Market Oversight extended the no-action relief it previously granted to any person or entity offering, entering into, or rendering advice or services with...more

CFTC No-Action Relief

On June 4, the CFTC issued a no-action letter providing relief from the clearing requirement for swaps entered into by eligible treasury affiliates....more

CFTC Staff Issues New and Extends Current No-Action Relief

The Commodity Futures Trading Commission recently released two no-action letters (i) extending relief provided to futures commission merchants (FCMs) relating to risk-based limits for bunched orders and (ii) providing relief...more

CFTC Approves Final Regulations Governing Clearing Exemption for Swaps Between Certain Affiliated Entities and Provides No-Action...

On April 1, 2013, the Commodity Futures Trading Commission (“CFTC”) approved a final rule (Regulation 50.52) exempting swaps between certain affiliated entities from the clearing requirements of the Commodity Exchange Act...more

Corporate and Financial Weekly Digest - May 3, 2013

In this issue: - SEC Issues Proposal Regarding Cross-Border Security-Based Swap Activities - CFTC Staff Issues No-Action Letters - Delaware Court Dismisses Securities Fraud Action Against Power Plant...more

CFTC Staff Issues No-Action Letters

Commodity Futures Trading Commission staff recently released three no-action letters providing relief relating to swap data reporting requirements with respect to trade options, inter-affiliate swaps and real-time reporting...more

Corporate and Financial Weekly Digest - April 12, 2013

In this issue: - SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft - CME Block Trade Advisories Clarify Nonpublic Information Restrictions - CFTC Staff Issues No-Action...more

"CFTC Delays April 10 Compliance Date for Many Swap Data Reporting Requirements"

On April 9, 2013, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight, responding to requests from multiple interested parties, issued a no-action letter (the No-Action Letter) extending the April...more

CFTC Staff Issues No-Action Letters

The Commodity Futures Trading Commission staff recently released a series of letters relating to a variety of regulatory issues, including registration relief for certain entities and recordkeeping requirements for certain...more

CFTC Extends Compliance Dates For End User Swap Reporting

The CFTC has issued a no-action letter that effectively extends the dates for swap counterparties who are not swap dealers (SDs) or major swap participants (MSPs) to come into compliance with the agency’s reporting rules...more

"CFTC Issues No-Action Relief From Certain Inter-Affiliate Swap Reporting Requirements"

On April 5, 2013, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight and Division of Clearing and Risk provided no-action relief (the No-Action Letter) from certain reporting requirements relating...more

CFTC No-Action Letter Allows Most End Users To Report All Trade Options On Annual Aggregate Basis

The CFTC Division of Market Oversight (DMO) has issued a no-action letter that will allow most swaps end users to report all trade options on an annual aggregate basis. Trade options are commodity options (which include some...more

Corporate and Financial Weekly Digest - April 5, 2013

In this issue: - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - SEC Provides Guidance Regarding Social Media and Regulation Fair Disclosure (Regulation FD) - SEC Amends...more

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