On January 10, Commodity Futures Trading Commission Commissioner Dawn D. Stump, the sponsor of the CFTC’s Global Markets Advisory Committee (GMAC), announced the members of the newly-established Subcommittee on Margin Requirements for Non-Cleared Swaps (the Margin Subcommittee).
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CFTC
NFA’s Swaps Proficiency Requirements Become Effective on January 31
Posted in CFTC, Dodd-Frank Developments
On January 7, the National Futures Association (NFA) issued Notice to Members 1-20-01, announcing that a webpage devoted to Swaps Proficiency Requirements will become accessible on January 31, 2020.
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CFTC Issues No-Action Letter Supplementing Relief to SEFs and DCMs
By Gregory A. Uffner & Kevin M. Foley on
Posted in CFTC
On January 8, the Commodity Futures Trading Commission Division of Market Oversight issued a no-action letter (the Letter) supplementing the relief provided in CFTC Letter 17-27. CFTC Letter 17-27 generally permitted swap execution facilities (SEFs) and designated contract markets (DCMs) to correct clerical or operational errors discovered after a swap has been cleared.
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CFTC Grants Market Participants LIBOR-Transition Relief
By Kevin M. Foley & Laura N. Krcmaric on
Posted in CFTC, Derivatives
On December 18, the Division of Swap Dealer and Intermediary Oversight (DSIO), the Division of Market Oversight (DMO) and the Division of Clearing and Risk (DCR) each issued a no-action letter providing relief to market participants in preparation for the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (collectively with LIBOR, IBORs). The letters identify the terms and conditions pursuant to which counterparties may be eligible for relief in connection with amending swaps to replace provisions referencing discontinued IBORs with alternative benchmarks.…
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CFTC Approves Final and Proposed Rules for DCOs, Swap Dealers, Major Swap Participants and Other Market Participants
By Kevin M. Foley & Laura N. Krcmaric on
Posted in CFTC, Derivatives
At the Commodity Futures Trading Commission open meeting on December 18, the CFTC approved one final and two proposed rules as follows:…
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NFA Announces Effective Date for Amendments to CTA Performance Reporting and Disclosures Requirements
By Kevin M. Foley & Laura N. Krcmaric on
Posted in CFTC
On December 18, National Futures Association (NFA) announced that its recent amendments to NFA Compliance Rule 2-34 and two interpretive notices relating to performance reporting and disclosures by commodity pool operators and commodity trading advisors will take effect on February 1, 2020.
More information about the amendments is available in the September 6 edition of…
CFTC Approves Final and Proposed Rules on Rulemaking, Capital Requirements for Swap Participants and Inter-Affiliate Swaps
By Christian B. Hennion & Jack A. West on
Posted in CFTC
At the US Commodity Futures Trading Commission open meeting on December 10, the CFTC approved one final and two proposed rules as follows:…
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CFTC to Hold an Open Commission Meeting on December 18
By Kevin M. Foley & Jack A. West on
Posted in CFTC
The Commodity Futures Trading Commission will hold an open meeting on December 18 at 9:00 a.m. EST to consider the following topics: …
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NFA Proposes Amendments to Several NFA Rules and Interpretative Notices to Apply to Cleared Swaps
By Christian B. Hennion & Jack A. West on
Posted in CFTC, Derivatives
On December 3, the National Futures Association (NFA) proposed amendments to various NFA Compliance Rules and Interpretive Notices related to discretionary customer accounts, customer information, risk disclosures and bunched orders to apply to cleared swaps, in addition to other minor amendments. Most notably, NFA proposal would amend the following:…
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CFTC Issues Guidance on Chief Compliance Officer Annual Report Preparation
By Kevin M. Foley & Jack A. West on
Posted in CFTC, Derivatives
On December 4, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) issued an advisory addressing the preparation of the Chief Compliance Officer (CCO) Annual Report for futures commission merchants, swap dealers and major swap participants. The CFTC advisory discusses a number of common deficiencies that the staff has identified in its review of the 2019 CCO Annual Reports and provides additional guidance to Registrants regarding the requirements of the CCO Annual Report in light of the deficiencies found.…
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