Gregory A. Uffner

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On October 23, Chairman Jay Clayton of the Securities and Exchange Commission and Chairman Heath P. Tarbert of the Commodity Futures Trading Commission issued a joint letter creating a one-year pilot program to formalize the practices between the Chairmen relating to CFTC orders that implicate the “bad actor” disqualification provisions of Regulations A and D under the Securities Act of 1933 (the SEC Disqualification Rules). Under the SEC Disqualification Rules, individuals or firms are disqualified from relying on certain exemptions from registration for securities offerings if certain triggering events occur, such as certain securities law violations or final orders issued by the CFTC in connection with certain enforcement proceedings.…
Continue Reading SEC and CFTC Chairman Issue Joint Letter Regarding CFTC Orders Implicating Regulations A and D

On October 27, the Chairman of the Commodity Futures Trading Commission issued a public directive to clarify the CFTC’s use of staff letters and guidance. In his remarks, Chairman Tarbert highlighted the purpose and binding nature of no-action letters, interpretive letters, staff guidance (including advisories and FAQs) and exemptive letters. Specifically:…
Continue Reading CFTC Chairman Tarbert Issues Statement on the Use of Staff Letters and Guidance

On October 29, the Commodity Futures Trading Commission announced that the Division of Enforcement (Division) issued new guidance for its staff related to the recognition of a registrant’s self-reporting, cooperation or remediation in CFTC enforcement orders. The Division has not changed its existing process of how the enforcement staff will consider reductions in penalties in…

The Commodity Futures Trading Commission will hold an open meeting on Monday, November 2, from 10:00 a.m. to 12:30 p.m. ET, to consider amendments to Part 50 clearing requirement exemptions for central banks, sovereigns, international financial institutions, bank holding companies and community development financial institutions.

The meeting is open to the public via streaming or…

On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter (No-Action Letter 20-23) providing additional relief to swap dealers (SDs) and other market participants related to the industry-wide initiative to transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to swaps that reference alternative benchmarks.…
Continue Reading CFTC No-Action Letter 20-23: CFTC Provides Additional Relief to Market Participants Transitioning from LIBOR

On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) issued a no-action letter (No-Action Letter 20-24) providing time-limited relief from the trade execution requirement for certain swaps.…
Continue Reading CFTC No-Action Letter 20-24: CFTC Provides Relief from the Trade Execution Requirement

On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) issued a no-action letter (No-Action Letter 20-25) relating to the swap clearing requirement promulgated pursuant to section 2(h)(1)(A) of the Commodity Exchange Act (CEA) and codified in Part 50 of the CFTC’s regulations (Clearing Requirement).…
Continue Reading CFTC No-Action Letter 20-25: CFTC Provides Time-Limited Relief from the Swap Clearing Requirement