On October 31, the Division of Swap Dealer and Intermediary Oversight (Division) of the Commodity Futures Trading Commission (CFTC) issued a staff interpretation regarding the notification of the right to segregation of...more
On October 1, the European Securities and Markets Authority (ESMA) issued final draft regulatory technical standards (RTS) with respect to the central clearing of four classes of interest rate swaps (IRS). The RTS follows...more
On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more
9/25/2014
/ Banks ,
Basel Committee on Banking Supervision (BCBS) ,
CFTC ,
Dodd-Frank ,
Federal Reserve ,
IOSCO ,
Major Swap Participants ,
Margin Requirements ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
Swap Dealers ,
Swap Market ,
Swaps
On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master...more
The Commodity Futures Trading Commission (CFTC) will host a public roundtable on June 19, 2014, to discuss questions related to a proposed rulemaking to establish speculative position limits for 28 exempt and agricultural...more
On June 5, the National Futures Association (NFA) announced the issuance of revised Forms CPO-PQR and CTA-PR. The NFA is the self-regulatory organization to which the Commodity Futures Trading Commission (CFTC) has delegated...more
As noted in a previous Sutherland Legal Alert, the American Bankruptcy Institute has formed a Commission to Study the Reform of Chapter 11 (the Commission). To further its goal of proposing changes to modernize the Bankruptcy...more
On May 12, 2014, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a staff letter (the Staff Letter) that provides a streamlined approach for commodity pool...more
On February 14, 2014, the European Securities and Markets Authority (ESMA) requested that the European Commission (EC) clarify the definition of “derivative” or “derivative contract,” and particularly the definition of...more
Last month, the Commodity Futures Trading Commission (CFTC) issued a request for public comment on its swap data recordkeeping and reporting requirements under Part 45 of its regulations. The CFTC adopted Part 45 in 2012...more
Last week, the Commodity Futures Trading Commission (CFTC) certified two additional available to trade determinations (MAT determinations). The latest MAT determinations cover additional interest rate swaps (IRS) and, for the...more
On January 23, 2014, the National Futures Association (NFA) issued a Request for Comments from commodity pool operators (CPOs) and commodity trading advisors (CTAs) as to whether the NFA should adopt rules to: (1) ensure that...more
On Thursday, January 23, 2014, the Commodity Futures Trading Commission (CFTC) certified a second available to trade determination (the Second MAT Determination) in response to an application submitted by trueEX, LLC. ...more
There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more
Pursuant to Commodity Futures Trading Commission (CFTC) regulations, persons claiming an exemption or exclusion from registration as a commodity pool operator (CPO) or a commodity trading advisor (CTA), under CFTC Regulations...more
As market participants are aware, certain swaps that are subject to mandatory clearing must be executed on a registered swap execution facility (SEF) or a designated contract market (DCM) (i.e., an exchange) once a swap is...more
On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission and the Commodity Futures...more
1/13/2014
/ Bank Holding Company Act ,
Banks ,
CFTC ,
Collateralized Debt Obligations ,
Compliance ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
OCC ,
Proprietary Trading ,
Trust Preferred Securities ,
Volcker Rule
On December 10, 2013, five federal agencies, including the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the...more
The “safe harbor” provisions of the Bankruptcy Code protect firms that trade derivatives, and other participants in financial and commodity markets, from the rigidity that bankruptcy law imposes on most parties. Since their...more
Last month, the U.S. Commodity Futures Trading Commission (CFTC) issued final interpretive guidance with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank...more
On the brink of the compliance date for arguably one of the most burdensome requirements that end-users face under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Commodity Futures Trading...more
Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act (Dodd-Frank), the Commodity Futures Trading Commission (CFTC) has adopted a number of final regulations that require swap dealers (SDs)...more
On January 4, 2013, the U.S. District Court for the Northern District of Illinois issued an opinion that strikes a significant blow against the rights of futures customers that might otherwise enjoy the Bankruptcy Code’s safe...more
There were a number of significant changes to the regulatory regime for commodity pool operators (CPOs) and commodity trading advisors (CTAs) in 2012. As a result of these changes, various types of collective investment...more
Today, Wednesday, January 2, 2013, the Commodity Futures Trading Commission (CFTC) announced that final rules pertaining to: (1) real-time reporting of swap transaction data; and (2) swap dealer registration requirements,...more