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By a vote of 3-2, on July 23, the Commodity Futures Trading Commission adopted its Final Cross-Border Swaps Rulemaking (Final Cross-Border Rule), which codifies several parts of the CFTC’s existing interpretive guidance and policy statement on the subject. Among other things, the Final Cross-Border Rule establishes key definitions, some of which are revised definitions of existing terms used in the interpretive guidance (e.g., the definition of “U.S. Person”) and others which are new. The rule also addresses which cross-border swaps must be considered for the purposes of the swap dealer registration threshold.…
Continue Reading CFTC Adopts Final Cross-Border Swap Rulemaking; Staff Issues No-Action Relief for ANE Transactions

On July 22, the Commodity Futures Trading Commission adopted rules (Final Rules) that set minimum financial capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to prudential regulation (each, a “Covered Swap Entity” or CSE). The capital requirements were originally proposed in 2016, as explained in more detail here.

The core financial require…
Continue Reading CFTC Adopts Final Capital Requirements for Swap Dealers

At an open meeting on July 22, the Commodity Futures Trading Commission heard presentations on three proposals for changes to the margin requirements for uncleared swaps. The proposed changes, which originate from recommendations made by the Margin Subcommittee of the CFTC Global Markets Advisory Committee (GMAC), are as follows:…
Continue Reading CFTC Proposes Margin Requirements for Uncleared Swaps

On July 17, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) announced that it has extended the time period for the no-action relief provided in CFTC Staff Letter No. 20-16 to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card.…
Continue Reading CFTC Extends Relief on Fingerprinting Due to COVID-19

On July 23, the Commodity Futures Trading Commission held an open meeting at which it approved an Amendment Order that (1) exempted 16 additional multilateral trading facilities (MTFs) and organized trading facilities (OTFs) authorized within the European Union (EU) from the requirement to register as swap execution facilities (SEFs); and (2) clarified the application of the existing order to UK based MTFs and OTFs during the UK’s Brexit transition period.…
Continue Reading CFTC Approves Exempt SEF Amendment Order for Certain EU MTFs and OTFs

On June 29, the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) announced that it will hold a public meeting on July 16. At this meeting, the TAC will hear presentations from the TAC subcommittees on Automated and Modern Trading Markets, Distributed Ledger Technology and Market Infrastructure, Virtual Currencies and Cybersecurity.

The meeting will…

On July 8, the Commodity Futures Trading Commission (CFTC) announced that its 2020-2024 Strategic Plan (Strategic Plan) is now final. The Strategic Plan was unanimously approved by the CFTC in May and was subject to a 30-day comment period that ended in June. The Strategic Plan focuses on the following five strategic goals, each with clearly defined objectives:…
Continue Reading CFTC Announces Finalization of 2020-2024 Strategic Plan

On July 8, the National Futures Association (NFA) issued Notice I-20-27 to remind member firms that the compliance date for NFA’s Swaps Proficiency Requirements (Requirements) is January 31, 2021 (Compliance Date). NFA Members with associated persons (AP) required to satisfy the Requirements must ensure that covered individuals are in compliance by the Compliance Date. Individuals who do not satisfy the Requirements by the Compliance Date will be unable to engage in swaps activities until they have done so.…
Continue Reading NFA Issues Notice to Members Regarding Compliance Date for Swaps Proficiency Requirement