Ashley Heintz on CFTC

No Fair Notice, but a Fair Outcome: Fifth Circuit Rules Against CFTC for "Rulemaking by Enforcement"

On January 9, 2024, the U.S. Court of Appeals for the Fifth Circuit reversed a 2022 jury verdict for the Commodity Futures Trading Commission ("CFTC") against EOX Holdings LLC and a former broker, Andrew Gizienski, holding...more

1/26/2024 / Brokers , CFTC , Enforcement Actions , Fair-Notice Standard , Investment , Investment Management , Jury Verdicts , Statutory Interpretation , Statutory Violations , Trading Policies

The CFTC Proposes Rules to Protect Clearing Member Funds Held by DCOs

In Short - The Situation: In a December 13, 2023, Open Meeting, the Commodity Futures Trading Commission proposed amendments to the Commission's regulations concerning clearing member funds held by a derivatives clearing...more

12/29/2023 / CFTC , Clearing Members , Derivatives Clearing Organizations , Financial Markets , Futures Commission Merchants (FCMs) , Proposed Amendments , Proposed Rules , Proprietary Funds , Regulatory Agenda , Regulatory Reform

Wait, There's More: The CFTC Proposes Additional Swap Reporting and Recordkeeping Amendments

The Commodity Futures Trading Commission ("CFTC") has proposed swap reporting and recordkeeping amendments that would: designate a unique product identifier ("UPI") and product classification system ("PCS") for the "other...more

12/28/2023 / CFTC , Financial Markets , Financial Services Industry , NPRM , Swap Data Repositories , Swaps

Minor Revolution at the CFTC: New Enforcement Guidance Will Sharpen Settlement Terms

The Background: The CFTC Division of Enforcement ("Enforcement") recently issued an advisory on new enforcement policies that increase the agency's focus on corporate accountability through increasing civil penalties,...more

10/31/2023 / CFTC , CFTC Enforcement Manual , Civil Monetary Penalty , Enforcement Guidance , False Statements , Securities and Exchange Commission (SEC) , Settlement Agreements , Settlement Negotiations

SEC Rebuked for Failing to Explain Why It Declined to Regulate a Financial Product

The SEC's loss highlights a bigger problem with legislation that calls for sharing jurisdiction with the CFTC over financial products....more

8/11/2023 / CFTC , Cryptocurrency , Digital Assets , Financial Products , Jurisdiction , Securities and Exchange Commission (SEC) , Securities Exchange Act , Stablecoins

CFTC Staff Advisory Warns That SEF Prime Brokerage Arrangements Might Require DCO Registration

This advisory is the latest Commodity Futures Trading Commission ("Commission" or "CFTC") staff action conveying a Commission or staff view that CFTC registrants conducting business in nontraditional ways may need to register...more

6/13/2023 / CFTC , Commodities , Derivatives Clearing Organizations , Investment Adviser , SEFs , Swaps

CFTC Goes Beyond the Law to Pursue Nonexistent "Markets"

In Short - The Situation: The Commodity Futures Trading Commission ("CFTC") staff have issued—and the Commission is now enforcing—a new interpretation of "swap execution facility" that expands the Commodity Exchange Act's...more

4/20/2023 / CFTC , Commodities , Swap Execution Facilities , Swaps

Ashley Heintz

Jones Day

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