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Marginal adjustments?!

On October 12, 2017, the Division of Clearing and Risk (Division) of the US Commodity Futures Trading Commission (CFTC) issued an interpretative letter in response to a request for clarification on whether payments of...more

CFTC No-Action Relief from SEF Trading for Package Transactions

Earlier this week, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight extended existing no-action relief from trading on a swap execution facility for package transactions until November 15, 2020....more

11/2/2017  /  CFTC , No-Action Relief , SEFs , Swaps

CFTC Modernizes Recordkeeping Standards

On May 30, 2017, the Commodity Futures Trading Commission (CFTC) adopted final rules to amend its existing regulation 1.31 (Regulation 1.31). Regulation 1.31 sets forth the form and manner in which all records retained in...more

CFTC Chief Announces Initiative to Simplify CFTC Regulation

On March 15, 2017, while speaking at the Annual International Futures Industry Conference, J. Christopher Giancarlo, the acting chairman of the Commodity Futures Trading Commission (CFTC), and President Donald Trump’s nominee...more

The Deadline for Compliance With the U.S. Variation Margin Rules Is Approaching! Are You Ready?

The requirement that non-cleared swaps be fully margined, which is one of the last pillars of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), will take effect for “financial end-users”...more

ISDA Publishes Variation Margin Protocol

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol is intended as a tool to help market participants that will...more

CFTC Proposes to Expand Mandatory Clearing to Include Additional Classes of Interest Rate Swaps

On June 9, the Commodity Futures Trading Commission (CFTC) released a notice of proposed rulemaking regarding an expansion of CFTC Regulation 50.4(a). If adopted, additional classes of interest rate swaps will become subject...more

CFTC and EU Regulators Agree on a Common Approach for the Regulation of CCPs

Last week, the Commodity Futures Trading Commission (CFTC) and European regulators announced that they have reached agreement on a “common approach” regarding requirements for central counterparties (CCPs) (i.e.,...more

CFTC Amends Regulation 1.35

U.S. Commodity Futures Trading Commission (CFTC) Regulation 1.35 requires futures commission merchants (FCMs), retail foreign exchange dealers (RFEDs), introducing brokers (IBs) and members of a swap execution facility (SEF)...more

Preliminary Report on the Swap Dealer De Minimis Exception

On November 18, the staff of the Commodity Futures Trading Commission (CFTC) issued a much anticipated report on the de minimis exception from the “swap dealer” definition, the Swap Dealer De Minimis Exception Preliminary...more

Coming Soon - Mandatory Clearing of Interest Rate Swaps Under EMIR

On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU...more

CFTC and NFA Afford Relief from Certain CTA Periodic Reporting Obligations

On July 21, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) published an exemptive letter that provides relief from periodic reporting on CFTC Form...more

ISDA Publishes EMIR Classification Letter

On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their...more

European Regulators Publish Second Consultation Paper on Margin for OTC Derivatives

On June 10, the European Supervisory Authorities (ESA) published a second consultation paper on draft Regulatory Technical Standards (RTS) to implement the European Market Infrastructure Regulation (EMIR) requirement that...more

SEC’s Proposed SBS Rules on Cross-Border Security-Based Swap Activities

When the Securities and Exchange Commission (SEC) adopted final rules in June 2014 on the cross-border activities of security-based swap (SBS) dealers and major SBS participants, the SEC indicated that it would reserve the...more

The SEC Releases Regulations on Reporting and Dissemination of Security-Based Swaps Data

On February 11, 2015, the Securities and Exchange Commission (SEC) published final regulations that will require Swap Data Repositories (SDRs)1 to register with the SEC (Regulation SDR) and prescribe reporting and public...more

Mandatory Clearing in Europe May Still Be “A Ways Off”: ESMA Responds to Proposed Amendments on Interest Rate Swaps Clearing RTS...

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement...more

CFTC Fines Summit Energy Services, Inc. for Violating CTA Registration Rules Under the Commodity Exchange Act

On January 16, the Commodity Futures Trading Commission (CFTC) issued a settlement order requiring Summit Energy Services, Inc. (Summit Energy) to pay a $140,000 civil monetary penalty for acting as an unregistered commodity...more

Counterparty Rights in Energy Bankruptcies

For the past several years, low interest rates and higher commodity prices have resulted in generally favorable financial conditions in the energy sector, keeping energy bankruptcy activity to a minimum. With the recent sharp...more

1/30/2015

CFTC Grants No-Action Relief to Commodity Pool Operators with Respect to Certain Insurance-Linked Securitization Vehicles

Toward the end of 2014, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued two letters affecting insurance-linked securitization vehicles: CFTC...more

1/19/2015  /  CFTC , CPOs , DSIO , No-Action Relief , SIFMA , Swap Dealers , Swaps

Congress Exempts Non-Financial End-Users, Their Agents and Certain Cooperatives From Non-Cleared Swap Margin Requirements in...

On January 8, 2015, the U.S. Senate approved legislation, by a 93-4 vote, to reauthorize the Terrorism Risk Insurance Act (“TRIA”). The legislation, dubbed the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the...more

CFTC Expands Existing Clearing Relief for Treasury Affiliates

On November 24, the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) issued a no-action letter to expand previously issued relief, that is available to “treasury affiliates,” from the...more

ESMA Issues Revision of the Technical Standards on Reporting under Article 9 of EMIR

On November 10, the European Securities and Markets Authority (ESMA) published a consultation paper relating to the Regulatory Technical Standards and Implementing Technical Standards (collectively, the Technical Standards),...more

CFTC Clarifies Dealer Requirement to Notify Customers of Right to Segregation of Initial Margin for Uncleared Swaps

On October 31, the Division of Swap Dealer and Intermediary Oversight (Division) of the Commodity Futures Trading Commission (CFTC) issued a staff interpretation regarding the notification of the right to segregation of...more

ESMA Issues Final Draft Standards for the Central Clearing of Certain Interest Rate Swaps under EMIR

On October 1, the European Securities and Markets Authority (ESMA) issued final draft regulatory technical standards (RTS) with respect to the central clearing of four classes of interest rate swaps (IRS). The RTS follows...more

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