On February 25, 2019, the US Commodity Futures Trading Commission (CFTC) and the Bank of England, including the Prudential Regulation Authority (BoE), and the UK’s Financial Conduct Authority (FCA) issued a joint statement...more
On August 27, 2018, the Commodity Futures Trading Commission (“CFTC”) published final rules in the Federal Register amending its regulations regarding duties of chief compliance officers (“CCOs”) of swap dealers (“SD”), major...more
On June 4, 2018, the Commodity Futures Trading Commission (“CFTC” or “Commission”) by a 2 to 1 vote proposed to amend its regulations to maintain the de minimis exception threshold from swap dealer registration at the...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
On May 2, 2018, staff of the Division of Market Oversight of the Commodity Futures Trading Commission (“CFTC”) issued an interpretation regarding CFTC Reg. 150.4(b)(1), 17 CFR 150.4(b)(1), which provides an exemption from the...more
In September 2015, the Commodity Futures Trading Commission (CFTC) stated in a settlement order that “Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities” under the...more
On May 23, 2017, the Commodity Futures Trading Commission (“CFTC”) finalized rule amendments to its recordkeeping rule, CFTC Reg. 1.31, as well as related technical amendments to CFTC Regs. 1.35 and 23.203. CFTC Reg. 1.31...more
On May 3, 2017, the Commodity Futures Trading Commission (“CFTC”) approved for publication in the Federal Register proposed amendments to its rules regarding the duties of Chief Compliance Officers (“CCOs”) for swap dealers...more
The SEC has proposed all of its major Title VII rules regulating the security-based swaps market. The authors discuss the current status of this and related rulemakings, the relief the SEC has granted, and the provisions of...more
On November 21, 2016, the U.S. Commodity Futures Trading Commission (CFTC) approved final rule amendments to its regulations that allow commodity pool operators (CPOs) to use certain additional alternative generally accepted...more
On October 11, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) issued proposed rules to address certain issues related to the cross-border application of Title VII of the Dodd-Frank Wall Street Reform and...more
On July 13 2016, the US Securities and Exchange Commission (SEC) adopted amendments and guidance (Final Rules and Guidance) related to its rules on the regulatory reporting and public dissemination of security-based swaps...more
The Commodity Futures Trading Commission (“CFTC”) on August 5, 2016, issued a proposal to amend its rules governing commodity pool annual reports, which, if adopted, would permit commodity pool operators (“CPOs”) of a pool...more
On July 27, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) proposed amendments to its rules (“Proposed Rules”) that loosen the conditions for exemption from registration as a futures commission merchant (“FCM”),...more
8/8/2016
/ Asset Management ,
CFTC ,
Commodity Interest ,
Commodity Trading Advisors (CTAs) ,
CPO ,
Designated Contract Markets (DCMs) ,
Financial Institutions ,
Futures Commission Merchants (FCMs) ,
Introducing Brokers ,
No-Action Letters ,
Proposed Rules ,
Registration Requirement ,
Swap Execution Facilities
On May 24, 2016, the Commodity Futures Trading Commission (“CFTC”) in a much anticipated action approved the issuance of final rules (“Final Rules”) regarding the cross-border application of its uncleared swaps margin...more
6/8/2016
/ Basel Committee on Banking Supervision (BCBS) ,
CFTC ,
Commodities ,
Covered Swap Entities (CSE) ,
Cross-Border ,
Cross-Border Transactions ,
Federal Register ,
Final Rules ,
Financial Statements ,
Foreign Subsidiaries ,
Guaranty Claims ,
IOSCO ,
Margin Requirements ,
Prudential Regulation Authority (PRA) ,
Swap Dealers ,
Swaps ,
U.S. Person
On March 16, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) approved a final rule that eliminates the reporting and recordkeeping requirements in current CFTC regulations for trade option counterparties that are...more
On February 10, 2016, the U.S. Securities and Exchange Commission (“SEC”) approved final rule amendments to its cross border rules that address how the security-based swap dealer definition applies to security-based swap...more
On January 8, 2016, the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters providing relief from the mandatory clearing requirement for swaps under Section...more
On November 24, 2015, the Commodity Futures Trading Commission (“CFTC”) approved the issuance of proposed rules to implement a framework of registration, reporting, recordkeeping and other compliance requirements for market...more
On December 16, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) adopted final rules to impose margin requirements on uncleared swaps entered into by swap dealers and major swap participants subject to...more
On September 14, 2015, the Commodity Futures Trading Commission (CFTC) published a final rule requiring introducing brokers (IBs), commodity pool operators (CPOs), and most commodity trading advisors (CTAs) to become members...more
10/5/2015
/ CFTC ,
Commodity Exchange Act (CEA) ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
De Minimus Quantity Exemption ,
Dodd-Frank ,
Final Rules ,
Introducing Brokers ,
National Futures Association ,
Registered Futures Association Membership ,
Swaps
On September 22, 2015, the Commodity Futures Trading Commission (“CFTC”) issued for public comment a supplement (the “Supplemental Aggregation Proposal”) to its proposed aggregation rules for position limits for related...more
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
On June 29, 2015, the Commodity Futures Trading Commission (“CFTC”) issued proposed rules (“Proposed Rules”) regarding the cross-border application of its proposed uncleared swaps margin rules issued last October. The...more
7/14/2015
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
CFTC ,
Commodities ,
Compliance ,
Cross-Border Transactions ,
Federal Register ,
Financial Statements ,
Foreign Subsidiaries ,
Futures ,
Margin Requirements ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
Public Comment ,
Swap Dealers ,
Swaps ,
U.S. Person
On May 12, 2015, the Commodity Futures Trading Commission (“CFTC”) and Securities and Exchange Commission (“SEC”) jointly issued the CFTC’s final interpretation clarifying its interpretation concerning forward contracts with...more