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CFTC

New Swap Rules Put Compliance Burden on Dealers

Alix Stuart April 03, 2012

Swaps dealers finally have a clear sense of their new compliance duties—and should prepare themselves accordingly. The new rules require them to measure market, credit, liquidity, and foreign exchange risks daily, and that could have a broad effect on the swaps market. "Corporate treasurers are not paying any attention, but they may find themselves scrambling to comply," says Andrea Kramer, a partner at law firm McDermott, Will & Emery.

CFTC Issues External Business Conduct Standards for Swap Dealers

Jaclyn Jaeger March 20, 2012

The Commodity Futures Trading Commission has adopted final business conduct standards for how derivatives traders report the details of their over-the-counter swap transactions. Critics say some terms are still vague. "Until all the open questions get sorted out, it's going to be difficult to feel comfortable that you're in full compliance," says Guy Dempsey of the law firm Katten Muchin Rosenman.

Volcker Rule Carries Lots of Unintended Consequences, Warn Critics

Reese Darragh January 31, 2012

As federal regulators slouch toward adopting the "Volcker Rule," designed to restrict proprietary trading by banks, critics are warning about its unintended consequences. "The problem is regulators are focusing too hard to remove any aspects of proprietary trading from the market," leading to rules that are overly broad, says Bob Colby, a partner at law firm Davis Polk.

Schapiro Addresses Flash Crash Prevention Plans

Arielle Bikard May 06, 2011

On the one-year anniversary of the infamous May 6, 2010, stock market flash-crash, Chairman Mary Schapiro outlined what the SEC and other agencies have done to address market vulnerabilities, and affirmed that "further examination is not only desirable, but required."

SEC, CFTC to Host Roundtable on Derivatives Rule

Arielle Bikard April 12, 2011

The SEC and Commodity Futures Trading Commission will hold a joint public roundtable next month to debate the schedule for when they will adopt final rules under the Dodd-Frank Act to regulate the derivatives market. The rules focus on registration of dealers and participants and new disclosure requirements.

Debate On Derivatives Regulation Heats Up

Melissa Aguilar February 14, 2011

Business groups are demanding an exemption for some from planned rules governing the over-the-counter derivatives market. They want non-financial companies that use derivatives to hedge risks to be able to avoid any new capital or margin requirements that are written into the rules.

SEC Dodd-Frank Derivatives, ABS Rulemaking Underway

Melissa Aguilar October 18, 2010

The Securities and Exchange Commission has begun a wave of Dodd-Frank Act-mandated rulemaking aimed at closing the regulatory gaps in the over-the-counter derivatives market and giving investors better information about the loans backing asset-backed securities.The reform law requires the Commission to issue a slew of rules to bring the complex...

Flash Crash Report Out, Regs, Recommendations Ahead

Melissa Aguilar October 06, 2010

Nearly five months after the so-called "flash crash," the mystery of the cause of the May 6 market plunge and rapid rebound has apparently been solved, but the reforms to prevent it from happening again are just getting under way.The official cause: A single $4.1 billion trade by a mutual...

The SEC's Busy Dodd-Frank Rulemaking Schedule

Melissa Aguilar September 21, 2010

Those involved in any facet of corporate compliance, governance, and/or financial reporting now have a roadmap of sorts for what they can expect to fill up their calendar—and to submit comments on—in the coming months.The Securities and Exchange Commission has laid out a schedule of how it plans to tackle...

SEC, CFTC Slate Talks on Security-Based Swap Matters

Melissa Aguilar September 08, 2010

The Securities and Exchange Commission and Commodity Futures Trading Commission are seeking more public input as they work to craft new rules to regulate the over-the-counter derivatives market as part of their work to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.The two agencies announced...

Flash Crash Report Out, Meeting Set

Melissa Aguilar May 19, 2010

As promised, the staffs of the Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a report detailing the preliminary findings of their review of the May 6 flash crash.The 151-page report says there's currently no evidence that the events, when the markets suddenly plunged more than...

SEC CFTC Form Joint Advisory Committee

Melissa Aguilar May 12, 2010

As part of a series of steps to harmonize their regulatory approaches, the Securities and Exchange Commission and Commodity Futures Trading Commission have formed a joint advisory committee comprised of market practitioners, former regulators, and academics to address emerging regulatory issues.The establishment of the Joint CFTC-SEC Advisory Committee on Emerging...

SEC-CFTC Report, Recommendations Arrive

Melissa Aguilar October 16, 2009

It's here: the joint report by the Securities and Exchange Commission and the Commodity Futures Trading Commission recommending ways to harmonize regulation of futures and securitiesThe 96-page report comes in response to a June white paper issued by the White House calling for the agencies to recommend legislative and regulatory...

SEC-CFTC Harmonization Report Coming Oct. 15

Melissa Aguilar October 01, 2009

Stay tuned: An expected report recommending ways to harmonize regulation of futures and securities is due out shortly, according to the chairmen of the Securities and Exchange Commission and the Commodity Futures Trading Commission.In a press release issued on Sept. 30—the deadline given by the White House in its June...

Schapiro Says Stronger Regs Needed for OTC Derivatives

Melissa Aguilar September 23, 2009

While the Treasury's proposed legislation to regulate over-the-counter derivatives is "an important step forward," the chairman of the Securities and Exchange Commission called for Congress to strengthen the plan to avoid regulatory gaps and eliminate regulatory arbitrage opportunities.In Sept. 22 testimony before the House Committee on Agriculture, SEC Chairman Mary...

SEC, CFTC Joint Meetings on Regulation Harmonization

Melissa Aguilar August 20, 2009

Those who can't get enough of the ongoing haggling about how to bring over-the-counter derivatives under the regulatory umbrella are in luck: The Securities and Exchange Commission and the Commodity Futures Trading Commission announced two joint meetings next month to seek input from the public on the "harmonization of market...

SEC's Aguilar on 404, IFRS Proxy Access, More

Melissa Aguilar June 04, 2009

Smaller companies should prepare to become "more familiar" with the auditor attestation requirement under Section 404(b) of the Sarbanes-Oxley Act, an SEC commissioner told a group of compliance officers gathered in Washington D.C.The SEC's cost-benefit study on Section 404 is "close to final" and the anecdotal evidence is that "the...

CFTC Establishes Risk Management Advisory Committee

Melissa Aguilar April 10, 2009

The heightened regulatory focus on risk continues: The Commodity Futures Trading Commission has establish a new Risk Management Advisory Committee to conduct public meetings and make reports and recommendations on risk-management issues involving or relevant to participants in the markets it regulates.The CFTC will use the committee’s reports and recommendations...

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