On September 11, the Securities and Exchange Commission announced that it had adopted rules that update and expand the statistical disclosures that bank and savings and loan registrants provide to investors while eliminating duplicative disclosures. The new SEC rules require disclosure about the following: Continue Reading SEC Modernizes Disclosures for Banking Registrants

On September 15, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) and Division of Swap Dealer and Intermediary Oversight (DSIO) issued CFTC Letter No. 20-28, providing supplemental guidance and further no-action relief with respect to the treatment of separate accounts by futures commission merchants (FCMs). Initial guidance and relief was set out in CFTC Letter No. 19-17, which was issued in July 2019. Continue Reading CFTC Staff Issue Supplemental Advisory and Time-Limited No-Action Relief on Treatment of Separate Accounts by FCMs

On September 11, the Commodity Futures Trading Commission (CFTC) announced that the Division of Swap Dealer and Intermediary Oversight (DSIO) and the Division of Market Oversight (DMO) had issued CFTC Letter No. 20-26, further extending certain elements of the temporary no-action relief issued in response to the COVID-19 pandemic that are set to expire on September 30. The extended relief expires on January 15, 2021. Continue Reading CFTC Further Extends Certain No-Action Relief to Market Participants in Response to COVID-19

On September 15, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) granted no-action relief to Tassat Derivatives LLC, a CFTC-registered swap execution facility (SEF), from SEF reinstatement requirements under CFTC Regulation 37.3(d). The no-action relief set out in CFTC Letter No. 20-27 is subject to certain conditions. Continue Reading CFTC Staff Provides No-Action Relief to Registrant from SEF Reinstatement Requirements

In connection with the requirements set forth in Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Section 1071), the Consumer Financial Protection Bureau (CFPB) released on September 15, both a high-level summary (Summary) and a more detailed outline of the proposals it is considering (Outline) to implement Section 1071’s mandate that the CFPB require financial institutions to “compile, maintain, and submit to the [CFPB] certain data on applications for credit for women-owned, minority-owned, and small businesses.” Continue Reading CFPB Publishes Proposals to Implement Small Business Lending Data Collection Rulemaking

On September 11, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing the adoption of its draft report on Digital Finance. Continue Reading ECON Announces Implementation of Draft Report on Digital Finance and FinTech

On September 14, the Financial Action Task Force (FATF) published a report on cryptoassets (which the FATF refers to as virtual assets (VAs)) with its ‘red flag’ indicators of money laundering and terrorist financing (the Report). Continue Reading AML: FATF ‘Red Flags’ associated with Cryptoassets

On September 17, the European Securities and Markets Authority (ESMA) renewed its decision (ESMA70-155-11072) to temporarily require holders of net short positions in shares traded on a European Union- (EU) regulated market to report to the relevant EU financial regulator at a reduced threshold of 0.1 percent net short (instead of the pre-existing threshold of 0.2 percent net short). Continue Reading ESMA Renews 0.1 percent Reporting Requirement of Net Short Positions in EU Issuers