News & Analysis as of

Commodities Exchange Act

The World In U.S. Courts - Fall 2017

FSIA Does Not Exempt US Bank from Subpoena for Production of Records of Accounts Maintained by Central Bank of Nigeria - The World in U.S. Courts: Fall 2017 - Foreign Sovereign Immunity Act (FSIA)/Political Question Doctrine....more

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 Fines Cargill $10 Million For Misreporting Swap Trades

by Shearman & Sterling LLP on

On November 6, 2017, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a settled enforcement action against Cargill, Inc. (“Cargill”), an agriculture commodities trader, for allegedly misrepresenting the mid-market...more

Blockchain Week in Review – October #8

by Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Initial Coin Offerings: Key Considerations You Absolutely, Positively Need to Know About Before Launching an ICO

by K&L Gates LLP on

Initial Coin Offerings (ICOs) have rapidly emerged as the hottest trend in FinTech financing, albeit one that is not without controversy. Put simply, an ICO is a method of fundraising somewhat akin to an initial public...more

Orrick's Financial Industry Week In Review

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues

On October 13, 2017, the U.S. Commodity Futures Trading Commission (“CFTC“) announced determinations by the CFTC and the European Commission (“EC“) on comparability and equivalence of margin requirements for uncleared swaps....more

What’s the current landscape for CFTC cryptocurrency regulation?

by Thompson Coburn LLP on

As cryptocurrencies such as Bitcoin enter the mainstream, entrepreneurs are exploring business models that may depend on compliance with regulatory constraints. This short article summarizes the cryptocurrency regulatory...more

SEC Enforcement Action Involving Initial Coin Offering Muddies Jurisdictional Waters

by Reed Smith on

Digital assets, popularly referred to as “cryptocurrencies,” “coins,” and “tokens,” continue to provoke regulatory attention and create discord among regulators. Recent actions by the U.S. Commodity Futures Trading Commission...more

CFTC Case Updates: Settlement Highlights Agency’s New Premium on Cooperation; 7th Circuit Upholds Criminal Spoofing Conviction

On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more

National Futures Association Simplifies Section 4s Submission and Review Process for Swap Dealer Registration

by Allen & Overy LLP on

On July 24, 2017, the National Futures Association (“NFA”) adopted measures to streamline the process for registration of swap dealers pursuant to Section 4s of the Commodity Exchange Act. Previously, entities seeking to...more

US Commodity Futures Trading Commission Staff Extends Time-Limited No-Action Relief on the Applicability of Transaction-Level...

by Shearman & Sterling LLP on

The U.S. Commodity Futures Trading Commission’s (CFTC) Divisions of Swap Dealer and Intermediary Oversight (DSIO), Clearing and Risk, and Market Oversight issued a time-limited no-action letter providing relief to certain...more

Southern District Decision Dismisses Commodity Exchange Act Claims Based on Morrison

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging, among other claims, that a large number of entities and individuals in the market for producing, refining and...more

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

An Overview of the CFTC’s Modernized Recordkeeping Requirements

by Reed Smith on

On May 23, 2017, the U.S. Commodity Futures Trading Commission unanimously approved a revamped CFTC Rule 1.31, which specifies the form and manner that records must be kept by commodities market participants, and a slight...more

7th Circuit Discusses Equitable Tolling

Seeking regulatory relief from even an exotic statute like the the Commodity Exchange Act requires adherence to the relevant provisions of the law. Failure to comply with, for example, a provision governing timely pursuing a...more

CFTC Amends Recordkeeping Requirements

by K&L Gates LLP on

On May 23, 2017, the Commodity Futures Trading Commission (“CFTC” or “Commission”) adopted amendments to its general regulations regarding the retention and production of regulatory records, which are set forth in CFTC...more

CFTC Modernizes Record-Keeping Rule

On May 30, 2017, the Commodity Futures Trading Commission (CFTC or Commission) published final rule changes that substantially revise Rule 1.31 (Revised Rule) to modernize record-keeping obligations for any person required by...more

CFTC Amends Whistleblower Rules to Strengthen Anti-Retaliation Protections and Encourage Whistleblower Tips

On May 22, 2017, the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) adopted several additions to its whistleblower rules. Among other things, the amendments expand the Commission’s power to pursue...more

CFTC Increases Anti-Retaliation Protections for Whistleblowers

by WilmerHale on

On May 22, 2017, the Commodity Futures Trading Commission (CFTC or Commission) amended its whistleblower rules to enhance protections for whistleblowers against retaliation and assert its own authority to bring enforcement...more

CFTC Revises Record Keeping Requirements

The CFTC has issued final amendments to Regulation 1.31 which sets forth the form and manner in which all regulatory records must be kept by records entities. “Records entities” are persons required to keep records pursuant...more

The World In U.S. Courts - Spring 2017

Cases discussed in this issue - Alien Tort Statute (ATS)/Torture Victims Protection Act (TVPA)/Political Question Doctrine/Foreign Sovereign Immunity Act (FSIA)/Act of State Doctrine - Court of Appeals Considers US...more

CFTC Revises Whistleblower Rule to Enhance Anti-Retaliation Protection

The CFTC has adopted final amendments to its whistleblower rules that will, among other things, strengthen the CFTC’s anti-retaliation protections for whistleblowers and enhance the process for reviewing whistleblower claims....more

"Southern District Decision Highlights Challenges for Private Litigants Pursuing Manipulation Claims Under the CEA"

The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging that Total, S.A., Total Gas & Power North America, Inc., and Total Gas & Power Limited (collectively, “Total”)...more

The World in US Courts: Orrick's Quarterly Review of Decisions Applying US Law to Global Business and Cross-Border Activities

Alien Tort Statute (ATS)/Political Question Doctrine/Foreign Sovereign Immunity Act (FSIA)/ Act of State Doctrine - District Court Dismisses ATS Claim Where Alleged Conduct in US was not Directly Linked to Injuries...more

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Cybersecurity

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