News & Analysis as of

Commodities

CFTC Proposes Interpretation of “Actual Delivery” for Virtual Currencies

by Latham & Watkins LLP on

The proposed interpretation would further clarify the CFTC’s jurisdiction over virtual currency platforms that facilitate retail commodity transactions. On December 15, 2017, the US Commodity Futures Trading Commission...more

At The Well Weekly – Oil And Gas Update For Week Ending 1/5/2018 – Ohio Supreme Court Rejects Implied Covenant Of Further...

by Cozen O'Connor on

As we open 2018, oil prices slipped a bit after hitting a three-year high at the end of the year while natural gas spot prices got a jolt from extreme weather conditions in the northeast. In Appalachia, the Ohio Supreme...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

HM Treasury Amends the Regulated Activities Order to Account for the MiFID II Ancillary Exemption for Commodity Traders

by Reed Smith on

HM Treasury has published a statutory instrument revising the Regulated Activities Order to clarify what will happen in the event that a commodity derivatives trading firm cannot perform the necessary calculations to...more

The European Supervisory Authorities (ESAs) publish final draft technical standards amending margin requirements for...

by Dechert LLP on

The ESAs published their co-authored draft Regulatory Technical Standards (RTS) on the 19 December 2017, amending the framework of the European Market Infrastructure Regulation (EMIR) in relation to physically settled foreign...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

Corporate and Financial Weekly Digest, Featuring Topics on Derivatives; CFTC; UK and EU Developments

by Katten Muchin Rosenman LLP on

CFTC - CFTC Approves Exemption From SEF Registration Requirements for Multilateral Trading Facilities and Organized Trading Facilities Authorized Within the EU - On December 8, in response to a request by the European...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Generic drugmaking giant Teva Pharmaceuticals will cut 25% of its workforce (around 14,000 jobs) and shutter manufacturing and R&D facilities in an effort to “simplify its structure and reduce its debt”....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

CFTC-Regulated Markets May Give Bitcoin The Stability It Needs

by Ifrah PLLC on

The unregulated nature of virtual currencies like Bitcoin plays a big role in their appeal. However, wild swings in prices in addition to the perception that these markets are subject to manipulation, make it difficult—if not...more

The Delta Report: Regulators begin Volcker Rule review, signaling potential for needed clarifications

by White & Case LLP on

Broadly, the Volcker Rule prevents insured depository institutions, their parent holding companies and foreign banks that have US subsidiary banks or US banking offices, as well as the affiliates or subsidiaries of any of the...more

The Delta Report: MiFID II/MiFIR – Outlook into 2018

by White & Case LLP on

Commodity Position Limits (Article 57 of MiFID II/RTS 21) - 28 September 2017 – ESMA and the national competent authorities ("NCAs") published an updated work plan for the opinions on pre-trade transparency waivers and...more

At The Well Weekly – Oil And Gas Update For Week Ending 11/17/2017 – WV/China MOU For Natural Gas Development Investments Makes...

by Cozen O'Connor on

Spot prices in Appalachia increased since our last report based largely on cold temperature forecasts while the rig count and oil prices maintained their positions. In Appalachia, West Virginia reports that it reached a...more

Corporate and Financial Weekly Digest, Featuring Topics on Broker/Dealer, Derivatives, CFTC and UK/EU Developments

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Releases New Targeted Exam Letter Regarding Order Routing Conflicts - On November 10, the Financial Industry Regulatory Authority released the contents of a new Order Routing Conflicts targeted...more

FTC Advisory Opinion Says Hospital’s Proposed Prescription Program for Affiliated Entity Employees is Exempt from Robinson-Patman...

by Foley & Lardner LLP on

On November 7, 2017, the Federal Trade Commission (FTC) released an advisory opinion confirming that a non-profit hospital in New York may sell discounted prescription drugs to the employees of an affiliated medical practice...more

House Bill and Senate Republicans' Bill: Impact on Hedge and Commodity Fund Investors and Managers

by Katten Muchin Rosenman LLP on

The "official" House tax reform bill was released by the House Ways and Means Committee on November 9. For the most part, the provisions summarized in Katten's advisory, "Tax Reform: Hedge Funds/Commodity Funds/Fund...more

Watching The Broncos and Commodity Prices: Not For The Faint Of Heart

by Fox Rothschild LLP on

If you watched the Broncos play the Patriots on Sunday, chances are you still do not want to talk about it. Chances are also that you are devastated by the fact that they are 3-6 right now, but you are nonetheless looking...more

Frequently Asked Questions on Virtual Currency and CFTC Jurisdiction

On October 17, 2017, the Commodity Futures Trading Commission’s (CFTC) newly formed financial technology (fintech) innovation group, LabCFTC, released its first fintech primer, “A CFTC Primer on Virtual Currencies” (VC...more

South Africa is open for business…but is anyone buying?

by Hogan Lovells on

If you read any good South African business or financial news publication, I would wager that you will stumble upon an article which reads something like – "local and foreign investors hoarding cash in their banks...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Samsung, beset by top-level resignations and a mess of bribery allegations reaching the former South Korean President and the crown prince of the family’s chaebol, has announced a new slate of execs “In an effort to bring...more

How commodities haulers can keep on truckin’ through the agricultural downturn

by Hellmuth & Johnson PLLC on

With three straight years of depressed economic conditions in the agricultural marketplace, many farmers are really feeling the strain. When farmers feel the strain for long periods of time, eventually their service providers...more

Treasury Report Addresses Regulatory Approaches Affecting Investment Companies and Their Advisers

by Pepper Hamilton LLP on

As required by President Trump’s Executive Order 13772, the U.S. Department of the Treasury issued a report, “A Financial System That Creates Economic Opportunities, Asset Management and Insurance,” addressing the regulatory...more

Market Participants, Beware: New CFTC Authority to Police Underlying Commodity Markets Sounds Alarms Beyond Digital Currency...

by Kobre & Kim on

Last month, the U.S. Commodity Futures Trading Commission (CFTC) filed its first ever anti-fraud action targeting bitcoin trading. In CFTC v. Gelfman, the CFTC charged a company and its founder with fraudulently soliciting...more

CFTC Staff Aligns with SEC Position on Initial Coin Offerings: Tokens May be Commodities

by Dechert LLP on

The U.S. Commodity Futures Trading Commission’s (CFTC) LabCFTC office on October 17, 2017 issued A CFTC Primer on Virtual Currencies (Primer) indicating, among other things, that certain initial coin offerings (ICOs) within...more

Trump Administration Lifts U.S. Sanctions on Sudan; Important Limitations Remain

Based on certain State Department findings, effective October 12, 2017, long-standing U.S. sanctions on the Republic of Sudan administered by OFAC under the Sudan Sanctions Regulations will be terminated, and U.S. persons...more

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Cybersecurity

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