On December 18, the Division of Swap Dealer and Intermediary Oversight (DSIO), the Division of Market Oversight (DMO) and the Division of Clearing and Risk (DCR) each issued a no-action letter providing relief to market participants in preparation for the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (collectively with LIBOR, IBORs). The letters identify the terms and conditions pursuant to which counterparties may be eligible for relief in connection with amending swaps to replace provisions referencing discontinued IBORs with alternative benchmarks. Continue Reading CFTC Grants Market Participants LIBOR-Transition Relief
At the Commodity Futures Trading Commission open meeting on December 18, the CFTC approved one final and two proposed rules as follows: Continue Reading CFTC Approves Final and Proposed Rules for DCOs, Swap Dealers, Major Swap Participants and Other Market Participants
On December 18, National Futures Association (NFA) announced that its recent amendments to NFA Compliance Rule 2-34 and two interpretive notices relating to performance reporting and disclosures by commodity pool operators and commodity trading advisors will take effect on February 1, 2020.
More information about the amendments is available in the September 6 edition of the Corporate & Financial Weekly Digest.
On December 13, the UK Financial Conduct Authority (FCA) updated its webpage for the Senior Managers and Certification Regime (SM&CR) for solo-regulated firms. In particular, the FCA added two new sections to the landing page: “Ongoing requirements for firms;” and “Other considerations.” Continue Reading FCA Updates SM&CR Webpage
On November 25, the Securities and Exchange Commission’s Division of Trading and Markets issued guidance intended to facilitate certain substituted compliance applications submitted by non-US security-based swap dealers and/or major security-based swap participants (Guidance). Continue Reading SEC Issues Guidance on Substituted Compliance Applications by Non-US Security-Based Swap Dealers and Major Security-Based Swap Participants
At the US Commodity Futures Trading Commission open meeting on December 10, the CFTC approved one final and two proposed rules as follows: Continue Reading CFTC Approves Final and Proposed Rules on Rulemaking, Capital Requirements for Swap Participants and Inter-Affiliate Swaps
The Commodity Futures Trading Commission will hold an open meeting on December 18 at 9:00 a.m. EST to consider the following topics: Continue Reading CFTC to Hold an Open Commission Meeting on December 18
On December 9, the Senior Managers and Certification Regime (SM&CR) was extended to around 47,000 UK-based financial services firms. Continue Reading FCA Publishes SM&CR Materials
On December 6, the European Banking Authority (EBA) published its action plan on “Sustainable Finance” (the Action Plan), available here.