News & Analysis as of

Commodities Futures Trading Commission

The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from... more +
The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from fraud, abuse, and systemic risk associated with derivatives subject to the Commodities Exchange Act. In 2010, as a result of the Frank-Dodd Wall Street Reform and Consumer Protection, the Commission’s role was expanded to include drafting rules for regulating the swaps marketplace. less -

Virtual Currency -- NFA Reporting Requirements and CFTC Proposed Interpretation of “Actual Delivery”

by K&L Gates LLP on

National Futures Association(NFA) is requiring that member commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) immediately notify NFA if they operate a pool or manage an account that engages in a...more

Commodity Futures Trading Commission Discusses Approach to Virtual Currency Futures Markets

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission has released a backgrounder on the federal oversight of virtual currencies and its approach to regulating the virtual currency derivatives markets. Because virtual currencies have been...more

Corporate and Financial Weekly Digest, Featuring Topics on Broker-Dealer, Derivatives, CFTC and UK/Brexit/EU DevelopmentsCorporate...

BROKER-DEALER - FINRA Releases 2018 Regulatory and Examination Priority Letter - On January 8, the Financial Industry Regulatory Authority (FINRA) released its annual Regulatory and Examination Priority Letter detailing...more

Regulators Continue to Scrutinize Initial Coin Offerings

by Carlton Fields on

As reported in the most recent issue of Expect Focus, the SEC issued an investigative report in July cautioning market participants that distributed ledger (blockchain) technology-based offers and sales of digital "tokens" or...more

Blockchain, Virtual Currencies and the Regulators

by Dorsey & Whitney LLP on

The public interest in anything relating to virtual currencies, blockchain technology or bitcoin is not just very high bit reaching near hysteria. For example, the Long Island Iced Tea Corporation saw its share price jump as...more

Chairman Giancarlo Statement on Virtual Currencies

On January 4, 2018, the Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, issued a statement on virtual currencies. “The CFTC’s Market Risk Advisory Committee (MRAC), sponsored by CFTC...more

Financial Derivatives Intermediaries Who Trade Virtual Currencies Face the NFA’s Enhanced Reporting Requirements

Derivatives regulators continue to take actions that pull virtual currencies – also known as digital currency or cryptocurrency, the best known of which is bitcoin – into their regulatory schemes....more

New Year Brings Flurry of Regulatory Statements and Warnings Directed at Cryptocurrencies and ICOs

by Goodwin on

On the same day that a meteorological blizzard slammed the Eastern Seaboard, U.S. financial regulators unleashed their own flurry of statements and warnings surrounding initial coin offerings (ICOs) and cryptocurrencies....more

Federal Court Finds “Oral Downloads” to SEC Waived Attorney Work Product Protection

by Dechert LLP on

U.S. Magistrate Judge Jonathan Goodman, in the Southern District of Florida, ruled last month that outside counsel’s “oral downloads” of internal investigation findings to the Staff of the Securities and Exchange Commission...more

WSGR Fintech Update - January 2018

SEC Chair Speaks About ICOs and Virtual Currencies - In a statement released on December 11, 2017, Jay Clayton, Chair of the U.S. Securities and Exchange Commission (SEC), offered his views about initial coin offerings...more

CFTC Issues Proposed Interpretation on Retail Virtual Currency Transactions

by Reed Smith on

“Virtual currencies,” such as bitcoin and ether, qualify as “commodities” under the Commodity Exchange Act (“CEA”). The extent that such products are subject to regulation by the U.S. Commodity Futures Trading Commission...more

CFTC Issues Proposed Interpretation of ‘Actual Delivery’ in Virtual Currency Retail Commodity Transactions

On December 15, 2017, the Commodity Futures Trading Commission (CFTC or Commission) released its proposed interpretation of the term “actual delivery” with respect to virtual currency retail commodity transactions. A retail...more

Orrick's Financial Industry Week In Review

CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions - On December 15, 2017, the Commodity Futures Trading Commission ("CFTC") announced a Proposed Interpretation concerning its...more

Back to the Future: Where Bitcoin Derivatives Are Going, We Don’t Need Roads

by Locke Lord LLP on

For the typical investor, cryptocurrency investment has, since its genesis in the open market, been made largely through direct purchase of the particular currencies via digital wallets or through exchanges such as CoinBase....more

The Future of Bitcoin is Here (Literally): Crypto Derivatives Have Gone Mainstream!

by Goodwin on

Major derivatives market operators CBOE Holdings and CME Group have jumped into the digital currency fray within the last two weeks by launching cash-settled bitcoin futures contracts. The exchanges recently cleared de facto...more

Bitcoin Futures Trading Commences; Implications for Funds and Registered CPOs and CTAs

by Dechert LLP on

The Chicago Mercantile Exchange (CME) and the CBOE Futures Exchange (CFE) on December 1, 2017 self-certified contracts for bitcoin futures products with the U.S. Commodity Futures Trading Commission (CFTC). Additionally, on...more

Are Bitcoin Futures Foreshadowing Faster Mainstream Adoption?

Bitcoin futures surged as much as 26 percent in their December 10 debut on Cboe Global Markets, creating traffic on Cboe’s website that was so heavy it caused temporary outages. About twenty trading firms actively...more

CFTC Approves Exemption from SEF Registration Requirement for Multilateral Trading Facilities and Organized Trading Facilities...

On December 8, 2017, the Commodity Futures Trading Commission (“CFTC“) announced the issuance of an order exempting certain multilateral trading facilities and organized trading facilities authorized within the European Union...more

CFTC Staff Issues Interpretive Guidance Clarifying Commodity Trading Advisor Registration Requirements Resulting from the European...

On December 11, 2017, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight issued interpretative guidance providing that a futures commission merchant (“FCM“), swap dealer (“SD“), or...more

CFTC and European Commission Implement Common Approach on Certain Derivatives Trading Venues

Both U.S. and European Union (EU) law require that certain swaps and derivatives trades take place only on approved trading platforms. On October 13, 2017, Commodity Futures Trading Commission (CFTC or Commission) Chairman J....more

Bitcoin: Where Speculation (Likely) Meets Securities Regulation

by Murtha Cullina on

Recently, Bitcoin and other crypto-currencies have been widely reported in national mainstream news, with stories describing rapidly higher prices and interest, especially among retail investors. As a result, regulated...more

Orrick's Financial Industry Week In Review

FRB Requests Public Comment on Proposal to Amend Regulation A - On December 4, 2017, the Federal Reserve Board ("FRB") requested public comment on a proposal to amend Regulation A to make certain technical adjustments,...more

CFTC Staff Grants Time-Limited Extension of Swap Data Reporting Relief for Certain Swap Dealers and Major Swap Participants...

On November 30, 2017, the U.S. Commodity Futures Trading Commission‘s (“CFTC“) Division of Market Oversight announced in a no-action letter that it had extended relief it provided certain CFTC-registered swap dealers (“SD“)...more

Implementing Decision Adopted Regarding US Trading Venues Under MiFIR

On December 5, 2017, an Implementing Decision was adopted by the European Commission which recognized certain US trading venues under MiFIR. The Implementing Decision outlined that the European Commission considers US...more

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate; Broker-Dealer; Derivatives; CFTC; UK, EU and Brexit...

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Requests Further Comments on the Effectiveness and Efficiency of Its Payments for Market Making Rule - On November 28, as part a retrospective rule review, the Financial Industry Regulatory...more

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Cybersecurity

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