On November 21, the Financial Industry Regulatory Authority issued Regulatory Notice 17-40, which provides member firms guidance as it relates to compliance with Rule 3310 in light of the Financial Crimes Enforcement Network’s (FinCEN) adoption of Customer Due Diligence Requirements (CDD Rule).
Continue Reading FINRA Releases Guidance In Light of FinCEN Customer Due Diligence Requirements

On October 31, the Commodity Futures Trading Commission’s Division of Market Oversight extended no-action relief for certain swaps executed as part of packaged transactions. Transactions where at least one swap is subject to a trade execution requirement and either (1) at least one individual component is a bond issued and sold in the primary market or (2) all other components are futures contracts, are provided relief from the following requirements:

  • Commodity Exchange Act (CEA) Section 2(h)(8) (providing relief from the requirement that the swap components of the transaction subject to the trade execution requirement be executed on a swap execution facility (SEF) or designated contract market (DCM));
  • CFTC Regulation 37.9 and CEA Section 5(d) (allowing an SEF or DCM to offer any method of execution for swap components); and
  • CFTC Regulation 37.3(a)(2) (permitting SEFs to not offer an order book as a minimum trading functionality for swap components).

Continue Reading CFTC Extends No-Action Relief for Certain Swaps Executed as Part of Packaged Transactions

On October 31, the Commodity Futures Trading Commission’s Division of Market Oversight extended no-action relief to swap execution facilities (SEFs) from the requirement to capture post-execution allocation information in their audit trail data. To rely on the no-action relief, SEFs must (1) have a rule requiring market participations to provide post-execution allocation information upon request

On October 31, the Commodity Futures Trading Commission issued an order to the Chicago Mercantile Exchange (CME) and its clearing members that are registered futures commission merchants with regard to foreign futures contracts currently listed or that will be listed in the future for trading on the Dubai Mercantile Exchange (DME) and cleared by the

The Securities and Exchange Commission has approved the Financial Industry Regulatory Authority rules that (1) consolidate the National Association of Securities Dealers (NASD) and Incorporated New York Stock Exchange registration rules, as well as existing FINRA rules; (2) restructure the representative-level qualification examination requirements; and (3) amend continuing education requirements. The rules will become effective October 1, 2018.
Continue Reading SEC Approves FINRA Registration, Qualification and Continuing Education Rules

The Financial Industry Regulatory Authority, Inc. has released frequently asked questions (FAQs) related to the enhanced confirmation disclosure requirements for certain corporate and agency debt securities transactions pursuant to recently approved amendments to FINRA Rule 2232. The new requirements obligate FINRA members to disclose additional transaction-related information to retail customers for trades in corporate or

On June 21, the Commodity Futures Trading Commission announced that it issued an Order of Registration to the Dubai Mercantile Exchange (DME), a Foreign Board of Trade located in the Dubai International Financial Centre. The Order of Registration allows the DME to provide direct access to its electronic order entry and trade matching system to its members and other participants located in the United States. The DME previously offered direct access to US participants pursuant to CFTC No-Action Letter 07-06, which was automatically withdrawn upon the issuance of the DME’s Order of Registration.
Continue Reading CFTC Issues Order of Registration to Dubai Mercantile Exchange

On April 18, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued No-Action Letter 17-22, which extends relief previously granted under CFTC No-Action Letter 17-05. CFTC No-Action Letter 17-05 allowed certain swap dealers to substitute compliance with the non-centrally cleared OTC derivative margin requirements applicable in the European Union (the

The Chicago Mercantile Exchange, Inc. (CME) has submitted to the Commodity Futures Trading Commission a petition for an order pursuant to Section 4d of the Commodity Exchange Act (CEA) whereby CME and its clearing members that are registered futures commission merchants would be permitted to hold, in accounts segregated in accordance with Section 4d of