Effective July 1, 2020, the KRX300 (a Korean Large-Cap Index) Futures Contract will no longer be considered a broad-based security index futures contract and instead will be subject to joint regulation by the CFTC and SEC as...more
The US Commodity Futures Trading Commission recently issued more no-action letters in response to the coronavirus (COVID-19) pandemic, providing relief from capital requirements and fingerprint requirements....more
The Commodity Futures Trading Commission (CFTC) has proposed amendments to Form CPO-PQR, streamlining the form but requiring commodity pool operators (CPOs) to report legal entity identifiers to facilitate the CFTC’s data...more
To help address market participants in the face of the coronavirus (COVID-19) crisis, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions have provided a one-year extension...more
The Commodity Futures Trading Commission and the National Futures Association in recent weeks have issued relief in response to the challenges that many market participants face in light of the coronavirus (COVID-19)...more
Many Commodity Futures Trading Commission registrants and other market participants are responding to the coronavirus (COVID-19) pandemic by implementing business continuity plans that move personnel from their “normal...more
3/23/2020
/ Business Continuity Plans ,
CFTC ,
Coronavirus/COVID-19 ,
DSIO ,
Financial Markets ,
Foreign Exchanges ,
Futures ,
Market Participants ,
No-Action Relief ,
Relief Measures ,
Swaps
After a decade of rulemaking efforts, the Commodity Futures Trading Commission is proposing revisions to its regulations concerning federal speculative position limits to conform to the Wall Street Transparency and...more
The Dodd-Frank Act amended the Commodity Exchange Act (the Act) to create a new regulatory framework for swaps, and added Section 2(i) to require the application of the Dodd-Frank Act swap requirements to activities that...more
2/7/2020
/ CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Cross-Border Transactions ,
Dodd-Frank ,
Financial Services Industry ,
Financial Transactions ,
New Guidance ,
Rulemaking Process ,
Swap Trading ,
Swaps
The LIBOR transition encompasses far-ranging legal issues in the investment management space. Investment managers should consider the various implications and prepare now to mitigate regulatory and litigation risks as well as...more
In late September, the director of the Division of Swap Dealer and Intermediary Oversight (DSIO) of the US Commodity Futures Trading Commission (CFTC), Joshua Sterling, announced a new examination program for commodity pool...more
Relief issued by the US Commodity Futures Trading Commission resolves any doubts that UK firms, as well as their swap counterparties and affiliates, may have had about whether no-action relief would continue to apply to UK...more
Practitioners active in derivative markets regulated by the Commodity Futures Trading Commission (CFTC) are well familiar with the US Court of Appeals for the Eighth Circuit’s proclamation in 1971 that “[t]he methods and...more
The US Securities and Exchange Commission (SEC) voted on December 19, 2018, to propose rules that would require the mandatory use of certain risk mitigation techniques by registered security-based swap dealers and major...more
The National Futures Association (NFA) recently proposed an interpretive notice that would require members that are commodity pool operators (CPOs) to adopt and implement internal controls systems designed to deter fraudulent...more
If proposed amendments to existing cybersecurity interpretive guidance become final, National Futures Association members may need to bring their cybersecurity policies up to date. Changes include a new notification...more
The US Commodity Futures Trading Commission has proposed a rule to streamline its regulation of commodity pool operators and commodity trading advisors, with most proposed amendments codifying, and in some cases broadening,...more
The US Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC)— collectively the Commissions—announced that they had entered into a new Memorandum of Understanding (MOU) to facilitate...more
Registered futures commission merchants, introducing brokers, commodity pool operators, and commodity trading advisors should implement procedures to comply with the new requirements....more
January 2017 -
The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and...more
1/5/2017
/ Block Trades ,
CFTC ,
Chicago Mercantile Exchange (CME) ,
Confidential Information ,
EFRP ,
Illegal Tipping ,
Insider Trading ,
NFA ,
Personal Benefit ,
Private Equity Firms ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swap Execution Facilities ,
Tippees ,
Tippers ,
UK ,
US v Newman ,
US v Salman
The National Futures Association’s (NFA’s) latest proposal would require registered commodity pool operators and commodity trading advisors to provide new information about their financial condition in quarterly reports to...more
The amendments to the CFTC’s registration rules will codify no-action relief that permits non-US asset managers to rely on an exemption from the requirement to register with the CFTC by virtue of trading uncleared swaps in...more
8/4/2016
/ Asset Management ,
Brokers ,
CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
No-Action Relief ,
Non-US Entities ,
Proposed Rules ,
Registration Requirement ,
Uncleared Swaps
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
2/22/2016
/ CFTC ,
Commodity Pool ,
Commodity Trading Advisors (CTAs) ,
CPOs ,
Dodd-Frank ,
Foreign Business Exemption ,
No-Action Relief ,
Non-US Entities ,
Swap Clearing ,
Swaps ,
Uncleared Swaps
Firms must affirm their exemption or exclusion from CPO or CTA registration on the National Futures Association’s Exemption Filing System by February 29....more
If adopted, the proposed requirements would significantly alter funds’ ability to enter into derivatives and other financial transactions, present new operational challenges, expand reporting requirements, and impose new and...more
Asset managers and other traders should expect aggressive anti-spoofing enforcement and consider reviewing their trading practices in light of this most recent development.
On November 3, 2015, a federal jury in...more