MSPs

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On May 24, the National Futures Association (NFA) issued Notice to Members 1-21-16, announcing the effective date for NFA Member swap dealer and major swap participant dues increases.

NFA Bylaw 1301 imposes annual dues on NFA Member swap dealers (SD) and major swap participants (MSP). The current annual dues amounts have remained unchanged, except for a reduction in MSP annual dues, since NFA established its swap regulatory program in 2013. Given the expansion of NFA’s swaps regulatory program over the past eight years and to fund its operations and maintain adequate reserves, NFA’s Board of Directors, on May 20, unanimously approved the following increases to these annual dues amounts:
Continue Reading Effective Date for NFA Member Swap Dealer and Major Swap Participant Dues Increases

On December 8, the Commodity Futures Trading Commission (CFTC) unanimously approved two final rules related to margin requirements for uncleared swaps for swap dealers (SD) and major swap participants (MSP).
Continue Reading CFTC Unanimously Approves Final Rules Related to Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants

On November 19, the Commodity Futures Trading Commission’s Division of Market Oversight (DMO) issued a staff letter extending no-action relief to certain CFTC-registered swap dealers (SDs) and major swap participants (MSPs). The no-action relief, which was initially granted in 2013 and subsequently extended several times, was set to expire on December 1.
Continue Reading CFTC Extends Temporary Swap Data Reporting Relief for Certain International Swap Dealers and Major Swap Participants

On February 20, the Commodity Futures Trading Commission (CFTC) unanimously approved two proposed rules to revise its regulations relating to swap data reporting, dissemination and public reporting requirements for market participants.
Continue Reading CFTC Approves Revisions to Swap Data Reporting, Dissemination and Public Reporting Requirements for Market Participants

On February 12, the Commodity Futures Trading Commission announced 2019 Examination Priorities (the “Examination Priorities”) for registrants of the Division of Market Oversight (DMO), Division of Swap Dealer and Intermediary Oversight (DSIO), and Division of Clearing & Risk (DCR). This marks the first time that the agency has published Examination Priorities for its divisions.
Continue Reading CFTC Divisions Announce 2019 Examination Policies

The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission has issued an advisory to remind swap dealers (SDs) and major swap participants (MSPs) of their swap data reporting obligations. The advisory lists examples of reporting issues that appear with some frequency, including readily apparent errors, incomplete reporting, duplicative swap reporting, calculation errors and reporting delays. The advisory also provides examples of reporting practices that SDs and MSPs may want to consider, including the implementation of data gatekeepers, automated review of reported data, erroneous record checks, improved change management practices, prompt data correction and proper supervision of third-party service providers.
Continue Reading CFTC Reminds SDs and MSPs of Swap Reporting Obligations