On February 17, 2016, FDIC and the SEC jointly proposed a rule to supplement the statutory provisions of Title II of the Dodd-Frank Act that govern the orderly liquidation of a "covered broker or dealer".
The Rule Proposal includes a new rule, Rule 18f-4, which is an exemptive rule that would allow funds to enter into certain derivatives and financial commitment transactions notwithstanding the asset coverage restrictions of Section 18.
In No-Action letter 14-1441 ("Letter 14-144"), the Division of Clearing and Risk of the US Commodity Futures Trading Commission (the "Division") amended and restated No-Action letter 13-222 ("Letter 13-22") in order to remove or amend several of the restrictive conditions ..
The US Securities and Exchange Commission has adopted final rules regarding the cross-border application of certain security-based swap provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
By Letter No. 14-57 dated April 11, 2014 (Letter), the US Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) staff granted no-action relief to a manager (Manager) ..
Keywords: CFTC, cross-border transaction level requirements, non-U.S. swap dealers, SDs
On January 3, 2014, the U.S. Commodity Futures Trading Commission (CFTC) invited public comment on a Staff Advisory1 issued on November 14, 2013, and the CFTC staff simultaneously extended the expiry date of time-limited no-action relief from the effect of the Staff Advisory granted to non-U.S. swap dealers (SDs) transacting, aided by U.S. personnel, with non-U.S. persons (other than guaranteed affiliates or
On December 4, 2013, the International Swaps and Derivatives Association, the Securities Industry and Financial Markets Association and the Institute of International Bankers sued the CFTC for defects in the CFTC’s "Interpretive Guidance and Policy Statement Regarding Compliance with Certain "Regulations" (the "ET Guidance").
The US Commodity Futures Trading Commission recently approved the issuance of an interpretive guidance and policy statement regarding the crossborder application of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The next milestone date in the Commodity Futures Trading Commission’s ("CFTC’s") phase-in of mandatory clearing occurs on June 10, 2013, when so-called "Category 2 entities" must begin clearing swaps subject to the mandate.
The US Commodity Futures Trading Commission issued a release containing a final exemptive order and proposing for public comment additional cross-border guidance regarding the cross-border regulation of swaps.