Pursuant to new National Futures Association (NFA) Compliance Rule 2-52, Interpretive Notice 9082 and amendments to NFA Bylaw 301, for NFA membership filings, membership renewals and material updates made after October 15,...more
The Securities and Exchange Commission recently adopted significant changes to Rule 35d-1 under the Investment Company Act of 1940 (Names Rule), as well as certain forms and disclosure requirements on September 20, 2023...more
12/6/2023
/ Derivatives ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Form N-PORT ,
Investment ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Portfolios ,
Notice Requirements ,
NSMIA ,
Proposed Amendments ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
The Commodity Futures Trading Commission (Commission or CFTC) voted to announce proposed rule changes on October 2, 2023, that would significantly change the disclosure requirements applicable to registered commodity pool...more
On September 20, 2023, the U.S. Securities and Exchange Commission, by a vote of four to one, adopted amendments to the current rule regarding registered fund names, as well as certain forms and disclosure requirements. The...more
9/22/2023
/ Deceptive Intent ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Investment Company Act of 1940 ,
Investor Protection ,
Misleading Statements ,
New Amendments ,
Notice Requirements ,
Recordkeeping Requirements ,
Registered Funds ,
Securities and Exchange Commission (SEC)
Overview -
The U.S. Securities and Exchange Commission, by a vote of three-to-one, proposed for public comment on May 25, 2022, amendments to the rule governing naming conventions of funds1 subject to the U.S. Investment...more
The Securities and Exchange Commission on February 4, 2022 published in the Federal Register its proposed new Rule 10B-1 under the Securities Exchange Act of 1934, together with a related form, Schedule 10B. The SEC had voted...more
The U.S. federal securities laws, the Commodity Exchange Act and regulations thereunder, and certain other applicable federal laws, rules and regulations, as well as rules of U.S. self-regulatory organizations (such as the...more
2/9/2022
/ Beneficial Owner ,
CFTC ,
Cooperative Compliance Regime ,
Employee Retirement Income Security Act (ERISA) ,
Financial Services Industry ,
Investment Adviser ,
Large Traders ,
Private Funds ,
Private Placements ,
Reporting Requirements ,
Required Forms ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
The National Futures Association has adopted two new operational requirements that will affect (among others) registered commodity pool operators and commodity trading advisors. Under new NFA Compliance Rule 2-50, as of...more
The U.S. federal securities laws, the Commodity Exchange Act and regulations thereunder, and certain other applicable federal laws, rules and regulations, as well as rules of U.S. self-regulatory organizations (such as the...more
The Commodity Futures Trading Commission, on December 7, 2020, published in the Federal Register significant amendments to CFTC Regulation 3.10(c) (Amendments), making the regulation a more broadly available registration...more
The U.S. Securities and Exchange Commission on October 28, 2020 approved by a 3-2 vote a new rule and rule and form amendments related to the use of derivatives and certain other transactions by registered investment...more
During the course of 2019 and 2020, the Commodity Futures Trading Commission and the National Futures Association (NFA, the self-regulatory organization for the U.S. futures and swaps industry) have been hard at work amending...more
11/9/2020
/ Buy-Side Trading ,
CFTC ,
Commodity Futures Contracts ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Coronavirus/COVID-19 ,
Derivatives ,
Infectious Diseases ,
National Futures Association ,
Regulatory Requirements ,
Relief Measures ,
Reporting Requirements ,
Rulemaking Process
The Commodity Futures Trading Commission, by a 3-2 vote on October 15, 2020, adopted amendments to Part 150 of the CFTC Regulations (Amendments). Part 150 currently imposes federal speculative position limits on nine futures...more
11/4/2020
/ Capital Markets ,
CFTC ,
Commodities ,
Derivatives ,
Exemptions ,
Financial Regulatory Reform ,
Futures ,
New Amendments ,
Position Limits ,
Regulatory Agenda ,
Rulemaking Process
The U.S. Securities and Exchange Commission on October 28, 2020 approved by a 3-2 vote a new rule and rule amendments (collectively, Final Rule) related to the use of derivatives and certain other transactions by registered...more
On October 9, 2020, ISDA announced that on October 23, 2020 it will launch (1) the IBOR Fallbacks Supplement (Supplement) to the 2006 ISDA Definitions (Definitions) and (2) the ISDA 2020 IBOR Fallbacks Protocol (Protocol)....more
10/15/2020
/ Antitrust Division ,
Department of Justice (DOJ) ,
Derivatives ,
Financial Conduct Authority (FCA) ,
IBOR Fallbacks Supplement (Supplement) ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
ISDA 2020 IBOR Fallbacks Protocol (Protocol) ,
Libor ,
Risk Free Rates (RFRs)
CFTC Also Proposes Amendments to Help Non-U.S. CPOs and Extends its Uncleared Swap Margin Phase-In Schedule -
During the period from late May 2020 through early June 2020, the Commodity Futures Trading Commission held...more
8/6/2020
/ CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
CPOs ,
Disqualification ,
Dodd-Frank ,
Exemptions ,
Interim Final Rules (IFR) ,
Margin Requirements ,
Swaps ,
Uncleared Swaps
The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations issued a National Exam Program Risk Alert on June 18, 2020 (Risk Alert), which introduces an examination initiative on the upcoming...more
7/31/2020
/ Alternative Reference Rates Committee (ARRC) ,
Broker-Dealer ,
Clearing Agencies ,
Compliance ,
Interest Rates ,
Investment Adviser ,
Investment Companies ,
Libor ,
Municipal Advisers ,
OCIE ,
Risk Alert ,
SEC Examination Priorities ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Traders ,
Transitional Arrangements
The staff of the Securities and Exchange Commission’s Division of Investment Management (Staff) released a statement on May 27, 2020 (Statement), indicating that the Staff would not recommend enforcement against registered...more
The Commodity Futures Trading Commission published on April 14, 2020, a proposal to amend certain compliance requirements for commodity pool operators under CFTC Rule 4.27 and CFTC Form CPO-PQR, as codified at Appendix A to...more
The Commodity Futures Trading Commission issued industry-wide no-action relief for registered commodity pool operators on March 20, 2020, to permit those CPOs additional time to make certain regulatory filings and issue...more
3/25/2020
/ Branch Offices ,
Business Continuity Plans ,
CFTC ,
Commodity Trading Advisors (CTAs) ,
Coronavirus/COVID-19 ,
CPOs ,
DSIO ,
Filing Requirements ,
NFA ,
No-Action Relief ,
Relief Measures ,
Remote Working ,
Time Extensions
This Dechert OnPoint summarizes Dechert’s analysis of the exceptions provided in executive orders in certain states that have restricted business activities in response to the COVID-19 coronavirus public health emergency. The...more
The U.S. federal securities laws, the Commodity Exchange Act and regulations thereunder, and certain other applicable federal laws, rules and regulations, as well as rules of U.S. self-regulatory organizations (such as the...more
2/12/2020
/ Asset Management ,
BEA ,
Benefit Plan Sponsors ,
CFTC ,
Commodities Traders ,
Commodity Exchange Act (CEA) ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
CPOs ,
Cross-Border Transactions ,
Employee Retirement Income Security Act (ERISA) ,
Equity Securities ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
Form 13F ,
Form ADV ,
Form PF ,
Investment Adviser ,
Investment Funds ,
Large Traders ,
NFA ,
Private Funds ,
Private Placements ,
Reporting Requirements ,
Schedule 13D ,
Securities and Exchange Commission (SEC)
The U.S. Securities and Exchange Commission on November 25, 2019 unanimously approved for publication a rule proposal related to the use of derivatives and certain other transactions by companies that have elected to be...more
1/11/2020
/ BDC ,
Business Development Companies ,
CFTC ,
Commodities ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Derivatives ,
Investment Adviser ,
Investment Company Act of 1940 ,
NFA ,
Notification Requirements ,
Proposed Amendments ,
Public Comment ,
Recordkeeping Requirements ,
Registered Investment Companies (RICs) ,
Reporting Requirements ,
Repurchase Agreements ,
Rule 18f-4 ,
Securities and Exchange Commission (SEC) ,
Swaps
The Commodity Futures Trading Commission published in the Federal Register on December 10, 2019 several amendments to the regulatory framework applicable to certain commodity pool operators (CPOs) and commodity trading...more
1/9/2020
/ Amended Regulation ,
BDC ,
Business Development Companies ,
CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
Compliance ,
CPOs ,
Disclosure Requirements ,
Exemptions ,
Family Offices ,
Filing Requirements ,
Final Rules ,
General Solicitation ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
JOBS Act ,
NFA ,
Popular ,
Reaffirmation ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC)
The Commodity Futures Trading Commission published in the Federal Register on December 10, 20191 amendments to five different aspects of the regulatory framework applicable to certain commodity pool operators (CPOs) and...more