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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.…
On January 8, the Commodity Futures Trading Commission Division of Market Oversight issued a no-action letter (the Letter) supplementing the relief provided in CFTC Letter 17-27. CFTC Letter 17-27 generally permitted swap execution facilities (SEFs) and designated contract markets (DCMs) to correct clerical or operational errors discovered after a swap has been cleared.…
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…
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 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…
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 Proposed Rule: Settlements in Administrative and Civil Proceedings Final Rule: Amendments to Part 13 of the Commission’s Regulations (Public Rulemaking…