On January 13, 2021, the U.S. Supreme Court is set to hear a case, AMG Capital Management, LLC v. FTC, that could substantially curtail the primary authority the Federal Trade Commission (FTC) relies on to seek monetary...more
On October 29, 2020, the Commodity Futures Trading Commission (CFTC) Division of Enforcement (Division) issued a memorandum (Guidance) providing guidance for Division staff to follow when recommending the recognition of an...more
On October 23, 2020, the International Swaps and Derivatives Association (ISDA) published its long-awaited IBOR Fallbacks Supplement (Supplement) and IBOR Fallbacks Protocol (Protocol), marking a major milestone in the effort...more
Recent and significant regulatory and legislative events in the digital asset space demonstrate the evolving and expanding approach by U.S. and international regulators to the burgeoning digital asset markets. These...more
10/31/2020
/ Banks ,
Blockchain ,
CFTC ,
Civil Monetary Penalty ,
Consent Order ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Derivatives ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
Enforcement Actions ,
FinCEN ,
Global Market ,
Initial Coin Offering (ICOs) ,
Legislative Agendas ,
OCC ,
OECD ,
Offshore Listings ,
Regulatory Oversight ,
Restricted Transactions ,
Securities and Exchange Commission (SEC) ,
Securities Tokens ,
Smart Contracts ,
Stablecoins ,
Summary Judgment ,
Taxation ,
UK ,
Virtual Currency
On October 15, 2020, the Commodity Futures Trading Commission (CFTC) voted 3-2 to adopt new rules on speculative position limits (the Final Rule). The Final Rule will become effective 60 days after publication in the Federal...more
On September 17, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved final rules amending the agency’s swap data reporting and derivatives clearing organization (DCO) registration requirements. The...more
On September 10, 2020, the Commodity Futures Trading Commission (CFTC) published Staff guidance (Guidance) from the director of the Division of Enforcement (Division) that outlines factors the Division will consider when...more
On August 31, 2020, the Commodity Futures Trading Commission (CFTC or Commission) announced relief for swap dealers (SD) and other market participants related to the industry-wide transition from swaps that reference the...more
On July 23, 2020, the Commodity Futures Trading Commission (CFTC or Commission) voted 3-2 to approve a final rule (Final Rule) on the cross-border application of certain swap provisions under the Commodity Exchange Act (CEA)....more
On June 25, 2020, the Commodity Futures Trading Commission (CFTC or Commission) held an open meeting and voted unanimously to approve a final rule prohibiting post-trade name give-up for swaps executed anonymously on a swap...more
In a memorandum dated May 20, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Enforcement issued guidance outlining factors that CFTC staff will consider when recommending civil monetary penalties (CMPs)...more
On March 17, 2020, in response to the COVID-19 (coronavirus) pandemic, the Commodity Futures Trading Commission (CFTC) Division of Market Oversight (DMO) and Division of Swap Dealer and Intermediary Oversight (DSIO) issued...more
3/22/2020
/ Brokers ,
CFTC ,
Coronavirus/COVID-19 ,
DMO ,
DSIO ,
Futures ,
Market Participants ,
No-Action Relief ,
Popular ,
Relief Measures ,
Swaps
On January 30, 2020, the Commodity Futures Trading Commission (CFTC or Commission) voted 3-2 to issue a proposed rulemaking on speculative position limits (the Proposal). The Proposal would apply spot month-only federal...more
2/19/2020
/ Amended Rules ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Dodd-Frank ,
Notice of Proposed Rulemaking (NOPR) ,
Position Limits ,
Proposed Regulation ,
Public Comment ,
Swaps
On January 30, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved proposed amendments (SEF Proposed Rules) to CFTC regulations related to the execution of package transactions, the correction of error...more
On July 25, 2019, the Ninth Circuit reinstated the Commodity Futures Trading Commission’s (CFTC) lawsuit in CFTC v. Monex Credit Co.,1 interpreting the CFTC’s Dodd-Frank enforcement authority under Commodity Exchange Act...more
7/31/2019
/ Administrative Authority ,
Appeals ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Derivatives ,
Dodd-Frank ,
Fraud ,
Price Manipulation ,
Reversal ,
Swaps
On March 6, 2019, the Commodity Futures Trading Commission’s (CFTC or Commission) Division of Enforcement (Division) published an advisory on self-reporting and cooperation for violations of the Commodity Exchange Act (CEA)...more
In 2018, the Commodity Futures Trading Commission (CFTC or Commission) began operating with a full complement of five commissioners for the first time since 2014. Soon thereafter, it held a rare open meeting to propose major...more
1/22/2019
/ CCPs ,
CFTC ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Dodd-Frank ,
Enforcement Actions ,
EU ,
Extraterritoriality Rules ,
Jurisdiction ,
Legislative Agendas ,
Regulatory Agenda ,
Swap Execution Facilities ,
Swaps
On November 14, 2018, the Commodity Futures Trading Commission (CFTC) Division of Enforcement released an annual report, apparently the first of its kind. In a speech given at New York University School of Law, James M....more
On October 2, 2018, in a speech to the Economic Club of Minnesota in Minneapolis, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo forcefully emphasized the agency’s commitment to an active...more
Recent federal court decisions, and a pending appeal in the Ninth Circuit, highlight disagreement among the courts as to the scope of the Commodity Futures Trading Commission’s (CFTC) anti-fraud and anti-manipulation...more
10/2/2018
/ Administrative Authority ,
Anti-Fraud Provisions ,
Anti-Manipulation Rule ,
Appeals ,
CFTC ,
Commodities ,
Dodd-Frank ,
Enforcement Actions ,
Fraud ,
Rare Earth Metals ,
Split of Authority ,
Swaps ,
Unfair or Deceptive Trade Practices ,
Use in Commerce ,
Virtual Currency
On June 25, 2018, the International Swaps and Derivatives Association (ISDA) and other trade associations published a report on the results of a survey of market participant preparedness for the anticipated global transition...more
On April 3, 2018, the Federal Reserve Bank of New York (FRBNY) will begin publishing three reference rates based on overnight repurchase agreement (repo) transactions collateralized by U.S. Treasury securities: the Secured...more
On January 29, 2018, the Commodity Futures Trading Commission (CFTC) announced the filing of eight anti-spoofing enforcement actions: three settlements with financial institutions and five complaints filed in federal district...more
2/6/2018
/ Aiding and Abetting ,
Buyers ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Constitutional Challenges ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Enforcement Actions ,
Extradition ,
Financial Institutions ,
Futures ,
Petition for Writ of Certiorari ,
Sellers ,
Settlement ,
Spoofing ,
Swap Execution Facilities ,
Swaps ,
Vagueness
On December 1, 2017, the Chicago Mercantile Exchange and CBOE Futures Exchange took the necessary regulatory steps to begin trading new bitcoin futures contracts this month. The Cantor Exchange took similar steps to begin...more
On August 30, 2017, the Federal Reserve Board published in the Federal Register its request for comment on proposed plans for the Federal Reserve Bank of New York and the Office of Financial Research to publish three new...more