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SEC Proposes New Large Position Reporting Requirements and Prohibitions on Fraud and Manipulation For Security-Based Swaps

On December 15, the Securities and Exchange Commission (SEC) proposed a series of potentially far-reaching changes to the regulation of the security-based swap (SBS) markets. Among other changes, the proposed rules would...more

SEC Proposes New Disclosure Rules for Share Repurchases

On December 15, 2021, the Securities and Exchange Commission (SEC) proposed a new rule “intended to improve the quality, relevance and timeliness of information related to issuer share repurchases.” Specifically, the new rule...more

Energy & Infrastructure Insight – Autumn 2020 – Issue 3

We are pleased to publish the Third Edition of our Energy & Infrastructure Insight, providing information and analysis of the current issues facing the energy and infrastructure sectors across the globe. In this latest...more

CFTC Approves Final Rule on Post-Trade Name Give-Up on Swap Execution Facilities

The CFTC has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a Swap Execution Facility (SEF) and are intended to be cleared. Although the...more

CFTC Considers New Approach to Regulation of Electronic Trading

In the wake of considerable market criticism of prior proposals, the CFTC has proposed a new approach to addressing certain risks of electronic trading. The CFTC has now officially withdrawn, on a 3-2 vote, its controversial...more

Regulators Finalize Amendments to the Swap Margin Rule and Seek to Extend Implementation Deadline

On June 25, 2020, the Federal Reserve, Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Housing Finance Agency and Office of the Comptroller of the Currency (the “Agencies”) finalized amendments to...more

SEC Identifies LIBOR Preparedness as an Examination Priority

On June 18, 2020, the Securities Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) announced the details of an examination initiative specifically focused on LIBOR preparedness. OCIE has...more

New ARRC Recommendations for Loans and Spread Adjustments in Light of LIBOR Transition

On June 30, 2020, the Alternative Reference Rates Committee (ARRC) released a series of updates concerning fallbacks and conventions for new variable rate private student loans and syndicated loans, as well as the results of...more

CFTC Approves Proposed and Final Rules on Clearing, Margin and Consumer Privacy

The CFTC has recently published the following final and proposed rules codifying previously issued no action relief and restoring consumer information privacy policies and procedures...more

7/2/2020  /  CFTC , Enforcement Actions

CFTC Issues Final Interpretive Guidance on ‘Actual Delivery’ of Digital Assets

The Commodity Futures Trading Commission (the CFTC) has issued long-awaited final interpretive guidance regarding the “actual delivery” exception to retail commodity transactions involving digital or virtual currencies under...more

ARRC Announces Best Practices for Completing Transition from LIBOR

On May 27, 2020, the Alternative Reference Rates Committee (ARRC) published best practices for completing the financial industry’s transition away from U.S. dollar (USD) LIBOR. With 19 months remaining before the anticipated...more

Updated: Covid-19 Compliance And Legal Considerations For Asset Managers

As the world responds to COVID-19, we have identified a wide variety of compliance and legal considerations for asset managers. We previously summarized a select list of these considerations on March 18, 2020. Given the...more

COVID-19: Derivatives Implications

The outbreak of the novel coronavirus COVID-19 has implications for derivatives contracts. For example, some companies are asserting that the reported disruptions in the global supply-chain and travel restrictions constitute...more

ISDA Issues Consultation on Pre-Cessation Fallback Provisions to Facilitate LIBOR Transitioning

On February 25, 2020, the International Swaps and Derivatives Association (ISDA) launched a new consultation on how to implement pre-cessation fallback language into derivatives agreements. Responses are due by no later than...more

CFTC Approves Proposed Rule on Post-Trade Name Give-Up on Swap Execution Facilities

In the wake of significant market discussion, the CFTC has proposed an amendment to Part 37 of the Commission’s regulations to eliminate the practice of “post-trade name give-up” for swaps traded on certain swap execution...more

CFTC Staff Issues Three Letters Providing LIBOR Transition Relief to Market Participants

The Commodity Futures Trading Commission (CFTC) has issued three no-action letters providing relief for swap transactions (and amendments to swap transactions) in connection with the expected market transition from using the...more

LIBOR Transition: Fannie Mae and Freddie Mac to Stop Accepting LIBOR, Begin Accepting SOFR

The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) announced on Wednesday, February 5th, that they will stop accepting LIBOR-indexed adjustable-rate mortgages...more

SEC Finalizes Capital, Margin and Segregation Requirements

As a further step towards the implementation of its security-based swap regime, the Securities and Exchange Commission (SEC) has adopted a number of long-awaited capital, margin and segregation requirements for security-based...more

SEC Proposes Modifications to Cross-Border Application of Security-Based Swaps Regime

The Securities and Exchange Commission (SEC) continues to take steps toward implementation of its security-based swap (SBS) dealer registration framework. A particular area of concern for market participants has been how the...more

CFTC Proposes Amendments to DCO Core Principle Regulations

The Commodity Futures Trading Commission (CFTC) has proposed a series of changes to its general regulations governing derivatives clearing organizations (DCOs). The CFTC has stated that the proposed amendments are intended to...more

CFTC Proposes Updated Swap Data Reporting Regulations

The Commodity Futures Trading Commission (CFTC) has proposed the first installment of a series of amendments to its rules relating to swap data repositories (SDRs) and reporting of swap data. The proposed amendments, which...more

Federal Reserve Proposes Broadened Application of FDICIA Netting Provisions

On May 2, 2019, the Board of Governors of the Federal Reserve System Board proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991...more

ISDA Proposes Amendments to the 2014 ISDA Credit Derivatives Definitions Relating to Narrowly Tailored Credit Events

On March 6, 2019, the International Swaps and Derivatives Association (ISDA) published proposed amendments to the 2014 ISDA Credit Derivatives Definitions relating to so-called narrowly tailored credit events (NTCEs). ISDA...more

CFTC Divisions Outline Examination Priorities for 2019

On February 12, 2019, the Commodity Futures Trading Commission (CFTC) published the 2019 examination priorities for its Division of Market Oversight (DMO), Division of Swap Dealer & Intermediary Oversight (DSIO) and Division...more

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