Last week, the CFTC’s Division of Swap Dealer and Intermediary Oversight (“DSIO”) issued time limited no-action relief to a regional commercial bank holding company and its insured depository institution (“IDI”) subsidiaries from having to count certain loan-related swaps toward its swap dealer de minimis threshold.  Currently,
Continue Reading CFTC Staff Provides Time Limited De Minimis Relief to a Regional BHC and its IDI Subsidiaries

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.

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Continue Reading Public Memorandum: CFTC Proposes Maintaining Swap Dealer De Minimis Registration Threshold at $8 Billion with Expanded Exceptions

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:

  1. swap execution on swap execution facilities (“SEFs”);
  2. trade


Continue Reading CFTC Chairman Giancarlo’s White Paper on Swap Regulation Reform Envisions Near-Term Changes and Longer-Term Enhancements

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
Continue Reading Key Takeaways from CFTC Enforcement Director’s Speech and Q&A on Self-Reporting

Regulatory Considerations for Integrating a Brokerage Firm into a Corporate Group

The recent Davis Polk and Oliver Wyman webcast discussion on the regulatory issues faced when integrating a broker-dealer, is now available On Demand for your convenience.

The webcast reviews our memoon common regulation-driven integration considerations.

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Continue Reading Webcast: So, Now You Own a Broker-Dealer!

In a closely watched case, the Seventh Circuit last week affirmed the felony conviction of Michael Coscia, a New Jersey high frequency trader, rejecting his arguments that the anti-spoofing provision in the Commodity Exchange Act under which he was charged is unconstitutionally vague and that the evidence in the
Continue Reading Spoofing Rule Governing Commodities Trading Survives Constitutional Vagueness Challenge in the Seventh Circuit

A recent decision by the D.C. Circuit Court of Appeals effectively raises the standard for SEC review and approval of rule change filings submitted by national securities exchanges, FINRA, and registered clearing agencies.  This decision could materially slow down a process that is a critical path for most self-regulatory organization
Continue Reading D.C. Circuit Raises the Bar on SEC Review of SRO Rule Filings – May Further Slow Pace of Agency Actions

On November 15, 2016, the SEC approved a plan to create a consolidated audit trail (the “CAT”) that will contain a record of order events for most equity and listed options transactions in the United States. When implemented, the CAT will dramatically enhance the ability of the SEC and the
Continue Reading SEC Approves Consolidated Audit Trail Plan