News & Analysis as of

Swap Dealers

Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own... more +
Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules.  less -
Shearman & Sterling LLP

US Federal Reserve Proposes Broadened Application of US Netting Provisions

by Shearman & Sterling LLP on

The Board of Governors of the Federal Reserve System has proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991. The proposed...more

Shearman & Sterling LLP

Federal Reserve Proposes Broadened Application of FDICIA Netting Provisions

by Shearman & Sterling LLP on

On May 2, 2019, the Board of Governors of the Federal Reserve System Board proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on a FINRA Warning on Imposter Websites and Proposed Rules Changes on...

BROKER-DEALER - SEC Extends Compliance Date for Regulation NMS Changes - The Securities and Exchange Commission has extended the compliance dates for amendments to Rule 606 of Regulation National Market System (NMS)...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Proposes Sweeping Swap Reporting Amendments Aimed at Improving Data Accuracy and Completeness

On April 25, 2019, the Commodity Futures Trading Commission (CFTC or Commission) published for public comment proposed amendments to the rules governing swap data repositories (SDRs) and reporting obligations of swap market...more

Skadden, Arps, Slate, Meagher & Flom LLP

An Update for Financial Institutions on Presidential Candidates Covered Under Federal Pay-to-Play Rules

Financial institutions and their employees may be subject to the following federal pay-to-play rules: SEC Rule 206(4)-5 for investment advisers; CFTC Rule 23.451 for commodities-backed swap dealers; FINRA Rule 2030 for...more

Shearman & Sterling LLP

US Commodity Futures Trading Commission Issues No-Action Letters to Ensure Continued Relief and Substituted Compliance for U.K....

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission has issued two no-action letters to ensure that existing regulatory relief and substituted compliance measures for EU firms will continue to apply to U.K. firms following the U.K.’s...more

Jones Day

CFTC Clears Decks for "No Deal" Brexit

by Jones Day on

The Commodity Futures Trading Commission ("CFTC") extends no-action and exemptive relief from the European Union to the United Kingdom. On April 5, 2019, the CFTC's Divisions of Clearing and Risk, Market Oversight and Swap...more

Orrick - Structured Finance Group

CFTC Adopts Final Rule Amending De Minimis Exception to Swap Dealer Definition

On March 25, the CFTC adopted a final rule amending the de minimis exception to the definition of “swap dealer.” Under the final rule, swaps entered into by Insured Depository Institutions (IDIs) in connection with loans to...more

Shearman & Sterling LLP

US Regulators Offer Margin Relief for Legacy Swaps No Deal Brexit Scenario

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission has unanimously approved an interim final rule that will allow swap dealers and major swap participants to, in the event of a no-deal Brexit scenario, transfer legacy swaps entered...more

White & Case LLP

The Delta Report - Derivatives Newsletter - March 2019: CFTC Chairman Authors White Paper on Cross-Border Swaps Regulation Version...

by White & Case LLP on

On October 1, 2018, Chairman J. Christopher Giancarlo of the Commodity Futures Trading Commission ("CFTC") published a white paper entitled "Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on CFTC Rules Changes Regarding Swaps, No-Deal Brexit Preparations and...

BROKER-DEALER - FINRA Proposes Data Service for Corporate Bond New Issues - The Financial Industry Regulatory Authority (FINRA) has filed with the Securities and Exchange Commission a proposed rule change to establish a...more

Katten Muchin Rosenman LLP

Bridging the Week - March 2019 #3

by Katten Muchin Rosenman LLP on

Last week, J. Christopher Giancarlo promised a “workable” revised position limits proposed rule before he leaves as chairman of the Commodity Futures Trading Commission sometime this summer. Separately, the Securities and...more

Eversheds Sutherland (US) LLP

NFA proposes proficiency requirements for Swap APs

On March 5, 2019, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission (CFTC or Commission) proposed amendments to NFA Bylaw 301 and NFA Compliance Rule 2-24 and the proposed...more

WilmerHale

CFTC Announces Examination Priorities for 2019

by WilmerHale on

On February 12, 2019, the Commodity Futures Trading Commission (CFTC or Commission) published for the first time its examination priorities for the coming year. The release of the priorities will provide legal and compliance...more

WilmerHale

10-in-10 Hot Topics in Energy: What Can Energy Companies Expect From the CFTC in 2019?

by WilmerHale on

What can energy companies expect from CFTC enforcement in 2019? The Commodity Futures Trading Commission (CFTC) engaged in robust enforcement in 2018 - filing 83 enforcement actions in fiscal year 2018, obtaining $947...more

Shearman & Sterling LLP

CFTC Divisions Outline Examination Priorities for 2019

by Shearman & Sterling LLP on

On February 12, 2019, the Commodity Futures Trading Commission (CFTC) published the 2019 examination priorities for its Division of Market Oversight (DMO), Division of Swap Dealer & Intermediary Oversight (DSIO) and Division...more

Orrick - Structured Finance Group

CFTC Approves a Final Rule to Amend Uncleared Swap Margin Requirements

On November 19, the Commodity Futures Trading Commission (“CFTC”) announced that it approved a final rule to amend its uncleared swap margin requirements to better align with certain rules adopted by the Board of Governors of...more

White & Case LLP

CFTC Chairman Authors White Paper on Cross Border Swaps Regulation Version 2.0

by White & Case LLP on

CFTC Chairman publishes white paper outlining principles and recommendations to improve the CFTC’s existing cross-border regulatory framework....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

Skadden, Arps, Slate, Meagher & Flom LLP

CFTC Adopts Permanent $8 Billion Threshold for Swap Dealer De Minimis Exception

On November 5, 2018, the Commodity Futures Trading Commission (CFTC) voted 5-0 to approve a final rule amending the swap dealer registration trigger or activity threshold. The amendments — which became effective on November...more

Katten Muchin Rosenman LLP

Bridging the Week - November 2018 #2

by Katten Muchin Rosenman LLP on

A swap dealer was fined US $12 million by the Commodity Futures Trading Commission for a host of purported noncompliance issues. It was also sanctioned for allegedly not disclosing in two annual chief compliance officer...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent SEC No-Action, Re-Proposal for Security-Based Swaps Focus on Comparability With Other US Regulators

In recent days, the Securities and Exchange Commission (SEC) announced a no-action position on enforcing its 2016 Business Conduct Standards against security-based swap dealers (SBSDs) and major security-based swap...more

Orrick - Structured Finance Group

SEC Issues Statement on Certain Provisions of Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based...

On October 31, the Securities Exchange Commission (“SEC“) issued a statement setting forth its position, for a limited time, that certain actions with respect to specific provisions of its Business Conduct Standards for...more

Cadwalader, Wickersham & Taft LLP

Definitely Maybe? The SEC Returns to Security-Based Swap Dealer Regulation

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was signed into law eight years ago. ...more

Orrick - Structured Finance Group

DSIO Issues Time-Limited, Conditional No-Action Relief for Excluding Certain Loan-Related Swaps from Counting toward the Swap...

On August 28, 2018, the Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission (“DSIO“) announced “conditional, time-limited no-action relief to a banking entity for not counting...more

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