On December 17, 2019, three different divisions of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters intended to facilitate the swaps market’s transition away from interbank offered rates (each, an...more
On October 16, 2019, the Commodity Futures Trading Commission (CFTC) proposed rules that, if finalized, would delay by one year the date by which swap dealers must comply with the CFTC’s initial margin (IM) requirements in...more
On April 26, 2018, J. Christopher Giancarlo, Chairman of the Commodity Futures Trading Commission (“CFTC” or “Commission”) and Bruce Tuckman, the CFTC’s Chief Economist, issued a white paper outlining changes to swaps...more
Last week the Commodity Futures Trading Commission (“CFTC”) issued an order (the “De Minimis Order”) that pushes back by one year the date on which the CFTC may lower its swap dealer de minimis threshold, the amount of swap...more
In a previous client alert we provided an overview of the recent report, the second of four, issued by the U.S. Department of the Treasury (“Treasury”) and titled “A Financial System that Creates Economic Opportunities,...more
Last week the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the Office of the Comptroller of the Currency (the “OCC” and, collectively with the Federal Reserve, the “Banking Agencies”) released...more
President Donald Trump may have his sights set on deregulation but a full repeal of title VII looks unlikely -
One might think that the stated intention of US president-elect Donald Trump and Republicans in the US...more
Last month the Commodity Futures Trading Commission (“CFTC”) released the final report of its staff (the “Staff”) on the de minimis exception to the CFTC’s definition of “swap dealer” (the “Final Report”). That exception,...more
More than six years after the enactment of the Dodd-Frank Act, and more than three years after the US Commodity Futures Trading Commission (CTFC) required swap dealers to register in accordance with Title VII of that Act, it...more
In an important step in the ongoing regulation of the market for security-based swaps (both individually and in the plural, “SBS”), last month the Securities and Exchange Commission (“SEC”) issued its final business conduct...more
The Commodity Futures Trading Commission (“CFTC”) yesterday announced by far its largest whistleblower award to date, agreeing to pay “more than $10 million” to a whistleblower who provided key information leading to a...more
Early this month the U.S. Securities and Exchange Commission (“SEC”) released final rules (the “Registration Rules”) for the registration of security-based swap dealers (“SBSDs”). The Registration Rules, released more than...more
8/31/2015
/ Background Checks ,
Broker-Dealer ,
CFTC ,
Chief Compliance Officers ,
Compliance ,
Final Rules ,
Policies and Procedures ,
Registration ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Stand-Alone SBSDs ,
Swaps
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
8/6/2015
/ Accredited Investors ,
AIF ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Rules ,
CFTC ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Covered Banking Entity ,
Covered Funds ,
Credit Cards ,
Cross-Border Transactions ,
Debt Collection ,
Derivatives ,
Dodd-Frank ,
ECOA ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Executive Compensation ,
Exemptions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
FDIC ,
Federal Reserve ,
Fiduciary Duty ,
Final Rules ,
Financial Regulatory Reform ,
Financial Transaction Tax ,
Foreign Banks ,
FSOC ,
HMDA ,
HOEPA ,
Incentive Compensation ,
Investment Company Act of 1940 ,
IOSCO ,
Liquidity Risk Management Rule ,
MiFID II ,
Mortgage Servicing Rules ,
NRSRO ,
OCC ,
Privacy Notice Rule ,
Proprietary Trading ,
Prudential Standards ,
Remittance Transfer Rule ,
Reporting Requirements ,
Risk Management ,
Security-Based Swaps ,
Shadow Banking ,
SIFIs ,
Stand-Alone SBSDs ,
Swap Execution Facilities ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Transparency ,
Truth in Lending Act (TILA) ,
UCITS ,
UDAAP ,
Volcker Rule
Last fall both the Commodity Futures Trading Commission (“CFTC”) and five U.S. prudential banking regulators (the “Prudential Regulators”) released proposed rules for margin requirements for uncleared swap transactions for...more
After years of anticipation, the U.S. Commodity Futures Trading Commission in July 2013 issued more than 300 pages of “guidance” ostensibly to assist market participants in understanding the breadth of the extraterritorial...more
7/15/2014
/ CFTC ,
Cross-Border ,
Cross-Border Transactions ,
Dodd-Frank ,
EU ,
Extraterritoriality Rules ,
G20 ,
Market Participants ,
Over The Counter Derivatives (OTC) ,
Swap Market ,
Swaps
At their September 2009 summit in Pittsburgh, G20 leaders agreed that by no later than December 2012, all standardised over-the-counter (OTC) derivatives should be traded on exchanges or electronic trading platforms ‘where...more
In a letter dated March 29, 2013 (the “March 29 Letter”), the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”), extended by three months, but subject...more