On November 13, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued CFTC Staff Letter No. 20-36, which extends no-action relief to swap execution facilities (SEFs) from the requirement to capture post-execution allocation information in their audit trail data.
Continue Reading CFTC Extends No-Action Relief to SEFs From Certain Audit Trail Requirements Related to Post-Execution Allocation Information
Stanley V. Polit
CFTC Unanimously Approves Final Rule for Granting Exemptions From DCO Registration
On November 18, the Commodity Futures Trading Commission unanimously approved a final rule (Final Rule) establishing a framework for the CFTC to grant a clearing organization organized outside of the US an exemption from registration as a derivatives clearing organization (DCO) to permit the clearing organization to clear swaps transactions on behalf of certain US persons. Subject to the terms and conditions set out in the Final Rule, the CFTC may grant an exemption from registration if: (1) the CFTC determines that the clearing organization is subject to comparable, comprehensive supervision and regulation by its home country authorities; and (2) the clearing organization agrees that its clearing services on behalf of US persons will be limited to:
Continue Reading CFTC Unanimously Approves Final Rule for Granting Exemptions From DCO Registration
CFTC Unanimously Approves Final Rule Amending SEF Requirements
On November 18, the Commodity Futures Trading Commission (CFTC) unanimously approved a final rule (Final Rule) amending CFTC regulations relating to the execution of “package transactions” on swap execution facilities (SEFs) and the resolution of error trades on SEFs.
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CFTC Unanimously Approves Amendments to Form CPO-PQR
On October 6, the Commodity Futures Trading Commission (CFTC) unanimously approved a final rule adopting amendments to Form CPO-PQR for commodity pool operators (CPOs). These rule changes were originally proposed in April and were the subject of a Katten client advisory, available here.
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CFTC and the Office of Financial Research Sign Memorandum of Understanding to Allow Information Sharing
On October 6, the Commodity Futures Trading Commission (CFTC) announced a Memorandum of Understanding (MOU) with the Office of Financial Research (OFR) that permits the CFTC to share with OFR information and data reported on Form CPO-PQR. OFR intends to use this data to carry out its statutory responsibilities and functions, which include conducting financial stability-related research and collecting data on behalf of the Financial Stability Oversight Council.
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NFA Issues Notice on Effective Dates of Amendments to Code of Arbitration and Member Arbitration Rules
On October 6, the National Futures Association (NFA) issued Notice I-20-36 to announce the effective dates of several amendments to the NFA’s Code of Arbitration and Member Arbitration Rules.
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NFA Issues Notice on Expiration of Temporary Relief from Fingerprinting Requirements
On October 6, the National Futures Association (NFA) issued Notice I-20-37 to announce changes to the no-action relief that had previously been issued relating to fingerprinting requirements for applicants for registration as an associated person (AP) and natural person principals of an applicant or registrant found at NFA Registration Rules 204(a)(2)(A) and 206(a)(1)(A).
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CFTC Announces Open Commission Meeting to Consider Final Rules on Margin Requirements for Uncleared Swaps, Registration Exemptions for Foreign Intermediaries and Derivative Position Limits
On October 8, the Commodity Futures Trading Commission (CFTC) announced that it will hold an open meeting on October 15.
Continue Reading CFTC Announces Open Commission Meeting to Consider Final Rules on Margin Requirements for Uncleared Swaps, Registration Exemptions for Foreign Intermediaries and Derivative Position Limits
CFTC Announces Technology Advisory Committee Meeting
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…
CFTC Announces Market Risk Advisory Committee Meeting
On July 6, the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC) announced that it will hold a public meeting on July 21.
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