On November 4, the Securities and Exchange Commission extended temporary no-action relief to firms that are regulated in the United States in connection with their efforts to comply with the research provisions of the European Union’s Markets in Financial Instruments Directive II (MiFID II). Under the extension, the SEC staff will not recommend enforcement action

On October 16, the Commodity Futures Trading Commission (CFTC) unanimously extended the compliance schedule for initial margin requirements for uncleared swaps for entities with average aggregate notional amounts in material swaps exposure of $8 – $50 billion until September 1, 2021. Entities with more than $50 billion of such exposure are still subject to the

On August 26, the Commodity Futures Trading Commission published a request for nominations (including self-nominations) for associate members of the Energy and Environmental Markets Advisory Committee (EEMAC). The EEMAC is an advisory committee that conducts public meetings and submits recommendations to the CFTC regarding energy and environmental markets and regulation. The CFTC also invited public

On July 22, the Commodity Futures Trading Commission, in conjunction with the Financial Crimes Enforcement Network (FinCEN), issued interpretative guidance to introducing brokers in commodities (IBs) that do not introduce customers to a futures commission merchant (FCM) that carries their customers’ accounts.
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On June 18, the Securities and Exchange Commission requested public comment on ways to simply harmonize and improve the private securities offering exemptions from registration under the Securities Act of 1933. In its concept release, the SEC indicated that it “believe[s] our capital markets would benefit from a comprehensive review of the design and scope of our framework for offerings that are exempt from registration” in order to develop a “framework to promote capital formation and expand investment opportunities.”

The concept release identifies a number of topics to be addressed, including evaluating the overall framework and coverage of the private securities offering exemptions, adjusting the limitations on who should be permitted to invest in particular exempt offerings and in what amounts, facilitating issuer transition from one offering to another, expanding the role of pooled investment vehicles, including increasing the exposure of retail investors to early-stage companies through pooled investment funds, and updating secondary trading rules with respect to securities that were offered in an exempt offering.


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On November 2, the Securities and Exchange Commission adopted amendments to Rule 606 of Regulation NMS in order to require broker-dealers to provide certain individualized disclosures to customers with respect to the firm’s handling and execution of orders. This disclosure would only be required upon the request of a customer in connection with certain orders