Clearing Agencies

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On January 27, Allison Herren Lee, the acting chair of the Securities and Exchange Commission, announced the European Commission’s (EC) adoption of an equivalence decision, stating that the SEC’s regulatory framework applicable to central counterparties (CCPs) that are “covered clearing agencies” under SEC rules is equivalent to relevant European legal and regulatory requirements.
Continue Reading European Commission Adopts Equivalence Decision With Respect to SEC Regulatory Framework for Central Counterparties

Katten hosts a weekly 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate and Financial Weekly Digest. In this week’s edition, Nathaniel Lalone lauds the potential “game-changer” of allowing more clearinghouses to open deposit accounts at the Fed, while Carolyn Jackson notes the successful launch of Securities Financing Transactions Regulation (SFTR) reporting and European Securities and Markets Authority’s (ESMA) updated opinion on the MiFID II “ancillary exemption.” Special guest Chris Collins walks through updated European Commission Brexit notices which, in his view, are useful preparatory checklists for affected firms.
Continue Reading London Weekly Fireside Chat

Katten hosts a weekly, 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. This week, Carolyn Jackson speaks on the obligation of financial counterparties (FCs) to mandatorily report OTC derivatives transactions on behalf of their non-financial counterparties (NFCs)-counterparties commencing June 18, 2020; Nathaniel…

Katten is continuing our weekly, 15-minute fireside chat series, now as a podcast featuring London partners Carolyn Jackson, Nathaniel Lalone and Neil Robson. In this week’s edition, Nathaniel Lalone discusses “the good, the bad, and the ugly” of the European Union’s new FRANDT requirements for clearing firms, and Carolyn Jackson addresses new European…

On March 4, National Futures Association (NFA) published a Notice to Members with information regarding the Coronavirus. In the notice, NFA acknowledged that Members may be concerned about their ability to meet Commodity Futures Trading Commission (CFTC) and NFA regulatory requirements in light of the potential impact of the Coronavirus.
Continue Reading NFA Issues Guidance Regarding Coronavirus

On January 27, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission issued a statement summarizing its observations of cybersecurity and operational resiliency practices of broker-dealers, investment advisers, clearing agencies, national securities exchanges and other SEC registrants (the Observations). In its introduction to the Observations, the OCIE staff notes that cybersecurity is a key priority for OCIE. Therefore, although the OCIE staff acknowledges that there is not a “one-size fits all” approach to addressing cybersecurity, it recommends that SEC registrants assess their cybersecurity practices in light of the Observations.
Continue Reading OCIE Provides Observations on Cybersecurity and Operational Resiliency Best Practices

On September 28, the Securities and Exchange Commission adopted rules enhancing standards for securities clearing agencies deemed systemically important or engaged in certain complex transactions (Covered Clearing Agencies). The SEC also proposed a rule that would subject other types of securities clearing agencies (including SEC-registered central counterparties) to the same standards.
Continue Reading SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies