News & Analysis as of

Swap Clearing

Orrick - Structured Finance Group

CFTC Unanimously Approves a Proposal to Amend the Clearing Requirement to Help End-Users

On August 23, 2018, the Commodity Futures Trading Commission (“CFTC“) unanimously proposed a rule that “exempt[s] from the clearing requirement swaps entered into by bank holding companies and savings and loan holding...more

Eversheds Sutherland (US) LLP

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

Shearman & Sterling LLP

Delay to EU Clearing Obligation for Certain Financial Institutions Recommended

by Shearman & Sterling LLP on

The European Securities and Markets Authority published a Report recommending that the clearing obligation for financial institutions with low trading volumes be delayed until June 21, 2019. The European Market Infrastructure...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

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 38

by Katten Muchin Rosenman LLP on

BROKER-DEALER - FINRA Proposes Rule to Modify Fees and Transaction Credits for the FINRA/NYSE Trade Reporting Facility - On September 28, the Financial Industry Regulatory Authority proposed an amendment to modify...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 23

by Katten Muchin Rosenman LLP on

SEC/CORPORATE - SEC Adopts Amendment to Form 10-K Permitting the Summary of Business and Financial Information - On June 1, the Securities and Exchange Commission adopted an interim final rule (Rule), as mandated...more

Shearman & Sterling LLP

EU Legislation Imposing Clearing Obligation for Credit Default Swaps Published

by Shearman & Sterling LLP on

A Commission Delegated Regulation on central clearing for credit default swaps supplementing the European Markets Infrastructure Regulation was published in the Official Journal of the European Union. Under the Regulation,...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 9

SEC/CORPORATE - SEC Chair Addresses Advisory Committee on Small and Emerging Companies - On February 25, Securities and Exchange Commission Chair Mary Jo White addressed members of the SEC’s Advisory Committee on...more

Morgan Lewis

CFTC Staff Clarifies Registration Relief Available to Non-US Asset Managers

by Morgan Lewis on

No-action relief confirms that non-US asset managers may rely on an exemption from CFTC registration when trading uncleared swaps in the United States for the accounts of their non-US clients, an issue that had been in doubt...more

Nutter McClennen & Fish LLP

Nutter Bank Report - January 2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. Headlines - 1. CFTC Issues Relief from Swap Clearing Requirements to Small Holding Companies 2. Federal...more

Alston & Bird

Financial Services & Products Advisory: CFTC Provides Swap Clearing Relief for Smaller Bank Holding Companies and Savings and Loan...

by Alston & Bird on

On January 8, 2016, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) issued a no-action letter (CFTC Letter 16-01) providing relief from the clearing requirement for some swaps...more

Orrick - Structured Finance Group

U.S. Commodity Futures Trading Commission Division of Clearing and Risk Issues No-Action Relief from Swap Clearing Requirements

On January 8, 2016, the U.S. Commodity Futures Trading Commission’s (the “CFTC”) Division of Clearing and Risk issued no-action relief to certain entities from the swap clearing requirements so long as certain conditions...more

Katten Muchin Rosenman LLP

CFTC Issues No-Action Relief From the Swap Clearing Requirements for Small Bank Holding Companies, Small Savings and Loan Holding...

by Katten Muchin Rosenman LLP on

On January 8, the Division of Clearing and Risk (Division) of the Commodity Futures Trading Commission issued no-action relief from the swap clearing requirements of Section 2(h)(1)(A) of the Commodity Exchange Act to certain...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 2

by Katten Muchin Rosenman LLP on

BROKER-DEALER - 2016 Examination Priorities Announced By SEC - On January 11, the Securities and Exchange Commission released the Office of Compliance Inspections and Examinations’ (OCIE) 2016 examination...more

Goodwin

Financial Services Weekly News - January 2016 #2

by Goodwin on

Regulatory Developments - Client Alert: FINRA Releases 2016 Regulatory and Examination Priorities Letter - Goodwin Procter’s Investment Management practice has issued a client alert on FINRA’s Jan. 5 release of its...more

Morgan Lewis

Current Status of the Clearing Obligation Under EMIR

by Morgan Lewis on

Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

Katten Muchin Rosenman LLP

Congress Provides Swap Clearing and Margin Exemption for Central Treasury Units

by Katten Muchin Rosenman LLP on

Section 705 of the Consolidated Appropriations Act, 2016, that was signed by President Obama on December 18, 2015, amends Section 2(h)(7)(D) of the Commodity Exchange Act and the equivalent provision in the Securities...more

Orrick - Structured Finance Group

ESMA Announces European Swap Clearing to Start in June 2016

In a press release dated December 2, 2015 the European Securities and Markets Authority (ESMA) announced that firms will have to clear certain classes of interest rate swaps starting from June 21, 2016. This marks an...more

Katten Muchin Rosenman LLP

CFTC To Hold an Open Commission Meeting To Consider Final and Proposed Rules

by Katten Muchin Rosenman LLP on

The Commodity Futures Trading Commission announced it will hold an open meeting on Wednesday, December 16 at 10:30 a.m. (ET). The meeting agenda includes a discussion of proposed rules regarding the Division of Clearing and...more

McGuireWoods LLP

Financial Entity Update: CFTC’s Proposed Margin Rules for Uncleared Swaps – America’s Next Top Model

by McGuireWoods LLP on

Our first installment on the CFTC’s proposed margin rules (Margin Rules) for uncleared swaps addressed the importance of the “financial end user” definition and making certain notional calculations. Our second and third...more

Katten Muchin Rosenman LLP

CFTC Extends Relief for Eurex Clearing and US Clearing Members

by Katten Muchin Rosenman LLP on

The Division of Clearing and Risk of the Commodity Futures Trading Commission has further extended temporary no-action relief to Eurex Clearing AG and its clearing members that are US persons, which authorizes US clearing...more

Eversheds Sutherland (US) LLP

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

Katten Muchin Rosenman LLP

Bridging the Week - August 2015 #4

by Katten Muchin Rosenman LLP on

CME Group Files Disciplinary Actions for Trading Ahead of Block Trades and Failure to Supervise an Employee Engaging in Disruptive Trading Activities - In two cases of first impression, CME Group exchanges brought and...more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume X, Issue 32

by Katten Muchin Rosenman LLP on

In this issue: - US Court of Appeals for the District of Columbia Circuit Upholds Decision on Conflict Minerals Rule - CFTC Issues Order of Exemption From Registration as a DCO to ASX Clear (Futures) Pty Limited and...more

Goodwin

Financial Services Weekly News - August 2015 #2

by Goodwin on

Regulatory Developments - SEC Revises 2014 Money Market Fund Reform FAQs: On Aug. 4, the SEC staff issued revised 2014 Money Market Fund Reform Frequently Asked Questions (FAQs), which were originally released...more

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