The Commodity Futures Trading Commission (CFTC) will hold an open meeting on January 30, from 9:00 a.m. to 12:30 p.m. ET, to discuss a proposed rule regarding position limits for derivatives. The meeting will resume at 1:30 p.m. to consider another proposed rule on amendments to codify current no-action relief regarding swap execution facility (SEF) and real-time reporting requirements.
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On December 18, the Securities and Exchange Commission adopted some amendments to its rules concerning the cross-border application of certain security-based swap requirements under the Securities Exchange Act of 1934 and issued a statement that it will be allowing some time-limited relief for reporting parties when security-based swap reporting goes into effect.
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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.
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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). 
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On December 3, the National Futures Association (NFA) proposed amendments to various NFA Compliance Rules and Interpretive Notices related to discretionary customer accounts, customer information, risk disclosures and bunched orders to apply to cleared swaps, in addition to other minor amendments. Most notably, NFA proposal would amend the following:
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On December 4, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) issued an advisory addressing the preparation of the Chief Compliance Officer (CCO) Annual Report for futures commission merchants, swap dealers and major swap participants. The CFTC advisory discusses a number of common deficiencies that the staff has identified in its review of the 2019 CCO Annual Reports and provides additional guidance to Registrants regarding the requirements of the CCO Annual Report in light of the deficiencies found.
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The Commodity Futures Trading Commission (CFTC) will hold an open meeting on December 10 at 9:00 a.m. Eastern to cover the following topics:

  • Proposed Rule: Capital Requirements for Swap Dealers and Major Swap Participants – Reopening the Comment Period and Requesting Additional Comment
  • Proposed Rule: Amendments to the Swap Clearing Requirement Exemption for Inter-Affiliate Swaps

On December 2, the Commodity Futures Trading Commission’s (CFTC) Market Risk Advisory Committee (MRAC) announced that it will hold a public meeting at the CFTC headquarters in Washington, DC on December 11 at 9:30 a.m. Eastern. At the meeting, MRAC will receive status reports from its Climate-Related Market Risk, Central Counterparty Risk and Governance, Market