Lillian A. Cardona (US)

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As a result of the United States Congress not adopting an appropriations bill or a continuing resolution to fund specific government departments, agencies or functions, certain federal agencies are currently subject to a partial government shutdown. Below is an overview of how the partial federal government shutdown is affecting financial or other major regulatory agencies: Securities and Exchange Commission (“SEC”) The SEC is operating on a limited staff who are available to respond to emergency…
  On November 13, 2018, the CFTC published its Final Rule (Final Rule) setting its de minimis exception threshold to swap dealer registration and regulation requirements at an aggregate gross notional amount (“AGNA”) threshold of $8 billion in swap dealing activity. Under the de minimis exception as originally adopted, a person would not be deemed to be a swap dealer (and thus subject to registration and regulation as such) unless its swap dealing activity…
On November 8, 2018, the Securities and Exchange Commission (“SEC”) announced that it settled charges against Zachary Coburn, founder of EtherDelta, a digital token trading platform, for operating an unregistered national securities exchange. This is the SEC’s first enforcement action based on findings that a digital token trading platform operated as an unregistered national securities exchange.…
On November 8, 2018, the Securities and Exchange Commission (“SEC”) announced that it settled charges against Zachary Coburn, founder of EtherDelta, a digital token trading platform, for operating an unregistered national securities exchange. This is the SEC’s first enforcement action based on findings that a digital token trading platform operated as an unregistered national securities exchange. The SEC’s Order (“Order”) finds that during an 18-month period, EtherDelta’s users executed more than 3.6 million orders for…
On October 16, 2018, Commissioner Brian Quintenz of the Commodity Futures Trading Commission (“CFTC”) shared his views on smart contract regulation by the CFTC. In his speech at the 38th Annual GITEX Technology Week Conference, in discussing a hypothetical where code in a smart contract was specifically designed to enable a type of activity regulated by the CFTC, and no effort was made to preclude its availability to U.S. persons, Quintenz, suggested that the CFTC…
On October 9, 2018, the Commodity Futures Trading Commission (“CFTC”) proposed changes to the registration and compliance obligations for commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) consistent with relief currently provided by various staff letters and advisories. Comments are due sixty (60) days after the proposed rule is published in the Federal Register. Some key aspects of the proposal include an exemption for multi-jurisdictional CPOs and family offices as well as an exclusion…
On October 2, 2018, Commodity Futures Trading Commission (“CFTC”) Chairman J. Christopher Giancarlo spoke before the Economic Club of Minnesota, giving a detailed overview of the CFTC’s enforcement program for fiscal year 2017 (Oct. 2017 – Sept. 2018), entitling his remarks “Regulatory Enforcement & Healthy Markets: Perfect Together!” The CFTC’s enforcement program filed 83 actions and imposed a total of $900 million in civil monetary penalties during this past fiscal year. Among the…
On October 1, 2018, the Commodity Futures Trading Commission’s (“CFTC”) Chairman, J. Christopher Giancarlo released a White Paper entitled, “Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to Comparable Non-U.S. Regulation” (“Cross-Border White Paper 2.0”). Chairman Giancarlo intends to direct the CFTC staff to put forth new rule proposals, which if adopted, would put in place an alternative cross-border framework that would replace the cross-border guidance issued by the CFTC in…
On August 8, 2018, the U.S. Commodity Futures Trading Commission (CFTC) announced a notice of proposed rulemaking, which if adopted as proposed, would set out the policies and procedures for clearing organizations located outside of the United States to follow if they want to obtain an exemption from registration as a derivatives clearing organization (DCO). Comments on the proposal must be received on or before October 12, 2018. Under the Commodity Exchange Act, a clearing…