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On November 9, 2020, we released our deck “Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency and a Republican Senate.  We see most of the action coming from the…
Continue Reading Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus

The CFTC last week formally withdrew its controversial Proposed Regulation Automated Trading (Proposed Reg AT) and—consistent with Chairman Tarbert’s principles-based approach to regulation—proposed in its place new electronic trading risk principles (the Risk Principles) for designated contract markets (DCMs).  The CFTC’s new approach is likely to be welcomed by…
Continue Reading CFTC Withdraws Reg AT Proposal; Proposes Principles-Based Electronic Trading Risk Framework for DCMs

The Securities and Exchange Commission acted on the first of its proposals to substantially revamp the regulations concerning equity market data by issuing an order directing the national securities exchanges and the Financial Industry Regulatory Authority to propose a new National Market System equity market data plan. The new plan,…
Continue Reading SEC Issues Order Requiring Changes to NMS Plan Governance

The SEC recently proposed amendments to the current market data infrastructure to expand the content required to be published on the consolidated tape and decentralize the collection, consolidation, and dissemination of market data through the introduction of proposed competing consolidators and self-aggregators.

Please see our client memorandum for more details.…
Continue Reading SEC Proposes Changes to Market Data Infrastructure

The CFTC unanimously approved final interpretive guidance describing what constitutes “actual delivery” of a virtual currency for purposes of the actual delivery exception from the provisions of the Commodity Exchange Act that prohibit any leveraged, margined, or financed transaction in a commodity with a retail customer, unless the transaction is…
Continue Reading CFTC Adopts Final Interpretation on the Actual Delivery Exception for Leveraged Retail Virtual Currency Transactions

The CFTC today joined other U.S. financial regulators in providing COVID-19 related relief from certain regulatory requirements. This relief is designed to help CFTC-registered swap dealers, futures commission merchants (FCMs), introducing brokers, swap execution facilities (SEFs), designated contract markets (DCMs) and other market participants…
Continue Reading CFTC Issues COVID-19 Related Relief for Futures and Swap Market Participants

On December 18, 2019, the CFTC proposed rules that would modify and codify the cross-border application of certain of its Title VII swap rules to both U.S. and non-U.S. registered swap dealers and major swap participants.  Among other changes, these proposed rules would revise (1) which cross-border swaps must be…
Continue Reading Visual Memo: CFTC Proposes Amendments to Cross-Border Rules

In a step forward for the digital transformation of banking and partnerships between banks and FinTechs, the FDIC released proposed changes to its brokered deposit regulations in late December 2019. The proposed changes are designed to update the regulatory framework as much as possible within the constraints of the existing…
Continue Reading Encouraging Innovation: Brokered Deposits—What Fintechs Need to Know to Partner with Banks under the FDIC’s Proposed Regulations

On December 10, 2019, the CFTC reopened the comment period for the proposed capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to the capital rules of a prudential regulator (together, Covered Swap Entities).  These rules are the last…
Continue Reading The Last Piece of the Puzzle: CFTC Reopens Comment Period for Capital Requirements and Proposes Amendments to Inter-Affiliate Swap Clearing Exemption

As we enter the new year, we have updated our roster of federal financial regulatory leadership, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper look on an agency-by-agency basis, including select senior…
Continue Reading Roster of Financial Regulatory Leadership