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On March 24, the National Futures Association (NFA) issued Notice I-21-13 to advise member firms that the Interpretive Notice entitled, “NFA Compliance Rules 2-9 and 2-36: Members’ Use of Third-Party Service Providers” (Interpretive Notice) will become effective September 30.
Continue Reading NFA Issues Notice Regarding Effective Date of Interpretive Notice on Use of Third-Party Service Providers

On January 19, the Commodity Futures Trading Commission’s Market Participants Division (MPD) and Division of Market Oversight (DMO) issued CFTC Staff Letter No. 21-04 and Letter No. 21-05 (the Staff Letters) to extend, for a limited time, parts of the temporary no-action relief granted in response to the COVID-19 pandemic, which expired on January 15.
Continue Reading CFTC Staff Provides Limited Continuation of Certain No-Action Relief to Market Participants in Response to COVID-19

The Commodity Futures Trading Commission will hold an open meeting on September 17, from 10:00 a.m. to 3:00 p.m. ET, to consider adopting several final rules, including with respect to:

  1. registration with alternative compliance for non-US derivative clearing organizations;
  2. amendments to real-time public reporting requirements under the CFTC’s Part 43 rules;
  3. amendments to swap data recordkeeping and reporting requirements under the CFTC’s Part 45 rules; and
  4. amendments to the CFTC’s regulations relating to certain swap data repository and data reporting requirements.

Continue Reading CFTC to Hold an Open Commission Meeting on September 17

On July 27, the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission a proposed rule change to extend the expiration of the temporary amendments to some timing, method of service and other procedural requirements in SR-FINRA-2020-015, previously discussed in the May 15, 2020 edition of Corporate & Financial Weekly Digest.…

On June 9, at the request of the Futures Industry Association, the International Swaps and Derivatives Association, and the Securities Industry and Financial Markets Association, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) and Division of Market Oversight (DMO) announced that they have extended no-action relief that was set to expire on June 30. 
Continue Reading CFTC Extends No-Action Relief to Registrants In Response to COVID-19 Pandemic

On May 8, the Financial Industry Regulatory Authority (FINRA) filed with the Securities and Exchange Commission proposed amendments to various FINRA Rules to provide FINRA with temporary relief from certain timing, method of service and other procedural requirements during the period in which FINRA’s operations are impacted by the COVID-19 outbreak in order to protect…

On March 24, the Securities and Exchange Commission, on behalf of the staffs of the Division of Corporation Finance, the Division of Investment Management and the Division of Trading and Markets issued an announcement with respect to the authentication document retention requirements of Rule 302(b) of Regulation S-T in light of health, transportation and other logistical issues raised by the spread of COVID-19. Rule 302(b) requires that each signatory manually sign a signature page or other document authenticating his or her signature that appears in typed form within the electronic filing with the SEC.
Continue Reading SEC Staff Issues Statement Regarding Authentication Documentation Retention Requirements in Light of COVID-19 Concerns

On March 20, the European Securities and Markets Authority (ESMA) issued a statement to clarify how credit institutions and investment firms can handle the issue of recording telephone conversations under the revised Markets in Financial Instruments Directive (MiFID II) during the continuing COVID-19 pandemic (the Statement).
Continue Reading ESMA Publishes Statement on MiFID II Telephone Conversation Requirements During the COVID-19 Pandemic