News & Analysis as of

Commodities Futures Trading Commission De Minimus Quantity Exemption

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 -
A&O Shearman

CFTC Staff Issues Three Letters Providing LIBOR Transition Relief to Market Participants

A&O Shearman on

The Commodity Futures Trading Commission (CFTC) has issued three no-action letters providing relief for swap transactions (and amendments to swap transactions) in connection with the expected market transition from using the...more

Foley Hoag LLP

CFTC 4.13(a)(3) Annual Affirmations Due March 1, 2019

Foley Hoag LLP on

As a reminder, fund managers relying on the exemption from registration with the U.S. Commodity Futures Trading Commission (the “CFTC”) set forth in Rule 4.13(a)(3), commonly referred to as the “de minimis exemption,” must...more

Eversheds Sutherland (US) LLP

CFTC permanently fixes the swap dealing de minimis exemption threshold at $8 billion

On November 5, 2018, the Commodity Futures Trading Commission (CFTC) unanimously adopted a final rule to set a permanent $8 billion swap dealing activity threshold for purposes of the swap dealer de minimis exemption (Final...more

Hogan Lovells

U.S. federal regulators propose making permanent threshold for swap dealer registration potentially benefitting energy companies...

Hogan Lovells on

Pursuant to regulations promulgated under the Dodd-Frank Act, entities that make a market in swaps, hold themselves out as dealers in swaps or regularly enter into swaps for their own accounts are required to register as swap...more

A&O Shearman

Commodity Futures Trading Commission Proposes to Maintain $8 Billion Swap Dealer De Minimis Threshold and Approves Proposed...

A&O Shearman on

At the Commodity Futures Trading Commission's open meeting on June 4, 2018, the CFTC voted to propose rules that would permanently maintain the swap dealer de minimis registration threshold at $8 billion. The Commission voted...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Topics on Broker/Dealer, CFTC and EU/Brexit Developments

BROKER-DEALER - FINRA Proposes Rule Change Regarding ATS Reporting of Transactions to TRACE - The Financial Industry Regulatory Authority recently filed a proposed rule change with the Securities and Exchange Commission...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

Orrick, Herrington & Sutcliffe LLP

Derivatives In Review - October 2016

CFTC Delays Reduction in Swap Dealer De Minimis Exception Threshold - On October 13, 2016, the Commodity Futures Trading Commission approved an Order delaying for one year the reduction of the threshold for determining...more

Stinson - Corporate & Securities Law Blog

CFTC Extends Swap Dealer De Minimis Phase-In Period

As has been rumored in recent weeks, the CFTC has adopted an order establishing December 31, 2018 as the swap dealer registration de minimis threshold phase-in termination date. With this approval, the de minimis threshold...more

Stinson - Corporate & Securities Law Blog

CFTC Chief Supports Extension of Swap Dealer De Minimis Exemption

Under current CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the CFTC as swap dealers during the phase-in period...more

Orrick, Herrington & Sutcliffe LLP

Derivatives in Review - December 2015

Prudential Regulators Approve Final Uncleared Margin Rules - In October, the prudential regulators approved a final version of the September 2014 re-proposed rule generally imposing initial and variation margin...more

Eversheds Sutherland (US) LLP

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

Katten Muchin Rosenman LLP

CFTC Releases Preliminary Report on the Swap Dealer De Minimis Exception

On November 18, staff from the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight and Office of the Chief Economist issued a preliminary report regarding the swap dealer de minimis...more

Stinson - Corporate & Securities Law Blog

CFTC Report Indicates CFTC Botched Swap Dealer De Minimis Exemption

CFTC staff issued a preliminary report regarding the swap dealer de minimis exception. Under CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are...more

Broker-Dealer Compliance + Regulation

CFTC Requires Introducing Brokers, Commodity Pool Operators, and Most Commodity Trading Advisors That Use Swaps to Become Members...

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

Katten Muchin Rosenman LLP

CFTC Proposes to Amend De Minimis Threshold for Swaps with Utility Providers

The Commodity Futures Trading Commission has proposed to amend the “special entity” de minimis exception from swap dealer designation to exclude certain swaps with public utility providers. The proposed regulations are...more

Foley Hoag LLP

CFTC 4.13(a)(3) Annual Affirmations Due March 3, 2014

Foley Hoag LLP on

As a reminder, fund managers relying on the exemption from registration with the US Commodity Futures Trading Commission (the “CFTC”) set forth in Rule 4.13(a)(3), commonly referred to as the “de minimis exemption,” must...more

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