Meghan E. King

Ms. King is an associate in Davis Polk's Financial Institutions Group and the trading and markets practice. [Full Bio]

Latest Articles

After a several-year pause, the CFTC is again re-assessing its approach to cross-border regulation of swap activities. The CFTC’s current approach is embodied in various rulemakings, guidance, orders, and agreements with non-U.S. regulators that have been adopted, issued, and entered into since 2013. The CFTC has, over the past several years, periodically sought to adjust or re-evaluate its approach to cross-border swaps regulation, including in a 2016 Proposed Cross-Border Rule. CFTC Chairman Giancarlo has…
The CFTC unanimously approved Final Rule amendments on August 21, 2018 to the regulations governing chief compliance officer (“CCO”) duties and annual compliance reporting requirements for FCMs, swap dealers and MSPs (“Registrants”). These amendments are the first substantive rule amendments to be adopted under Chairman Giancarlo’s Project KISS—an agency-wide effort to simplify and modernize CFTC rules, regulations and practices to make them more efficient and less onerous for regulated entities. As amended, the Final Rule:…
Our public memorandum here describes the notice of proposed rulemaking published by the CFTC on June 12, 2018 that would make permanent the $8 billion temporary swap dealer de minimis registration threshold currently in effect and would make other changes to the de minimis exception. View as a PDF
CFTC Chairman J. Christopher Giancarlo and CFTC Chief Economist Bruce Tuckman released a White Paper on April 26, 2018 that reflects the authors’ personal views on the need for swaps regulatory reforms in the United States in five key areas: swap execution on swap execution facilities (“SEFs”); trade reporting; central counterparty clearing; swap dealer capital; and end user exception to clearing and margining for uncleared swaps. The White Paper contains a mix of specific reform…
In the first major trading and markets initiative under SEC Chairman Jay Clayton, on March 14, 2018, the SEC proposed to establish a transaction fee pilot program to study the effects of maker-taker fee structures. A pilot study was initially recommended by the SEC’s Equity Market Structure Advisory Committee in 2016, and the Treasury Department also expressed support for such an initiative in last year’s report on capital markets regulation (see our previous blog post
In a move that took some by surprise, SEC Chairman Jay Clayton on Tuesday rejected requests from the SROs to delay the implementation of the Consolidated Audit Trail (“CAT”), despite the SROs’ cybersecurity concerns and indications that the CAT is not yet operationally ready.  Thus, the first phase of CAT reporting technically went into effect on Wednesday. The exemptive request submitted by the SROs sought a one-year delay of the first phase of data reporting…
CFTC Chairman Giancarlo testified this morning that he intends to delay for an additional year a decision on whether to modify the currently effective swap dealer de minimis registration threshold of $8 billion notional of dealing swaps.[1] This request follows on the heels of a recommendation by the U.S. Treasury, in its report on capital markets, to maintain the de minimis threshold at the $8 billion level and require that any future changes be subject…
In the wake of a highly-publicized cybersecurity breach involving the SEC’s EDGAR system, SEC Chairman Jay Clayton has been in the hot seat at recent congressional hearings, fielding pointed questions as to whether the SEC should delay implementation of the Consolidated Audit Trail (“CAT”).  The SEC has not announced a delay, although Clayton indicated he may be willing to modify its implementation. On September 26 and October 4, Clayton testified before the Senate Banking Committee…
There has been significant attention to the first major policy speech by the CFTC’s newly-minted Enforcement Division Director, James McDonald on September 25, 2017.  Mr. McDonald’s speech outlined the Enforcement Division’s updated approach to self-reporting and cooperation, as described in an enforcement advisory update issued to coincide with his speech (the “September Advisory”).  We highlight below a few noteworthy points from the speech and the Q&A that followed and provide our initial thoughts on key…
In the August 25th episode of the CFTC podcast, CFTC Talks, the new Director of the CFTC’s Enforcement Division, James McDonald, discussed his priorities for the Division (transcript here), including providing incentives for entities to self-report non-compliance issues to the CFTC. McDonald stressed that as part of the CFTC’s effort to increase compliance, the Enforcement Division will strive to “figure out ways where our enforcement actions can be designed to have the…