Dodd-Frank

On May 18, 2015, the CFTC published in the Federal Register its final revised 7-part Interpretation regarding “forward contracts with embedded volumetric optionality.” The final guidance provides useful clarification in determining when a contract with an embedded volumetric option qualifies for the forward contract exclusion from the “swap” and “future delivery” definitions under the Commodity…

On May 7, 2015, the CFTC published in the Federal Register a proposal to eliminate the odd-yet-burdensome Form TO, which for the past two years has been required of derivatives end-users to report certain information to the CFTC regarding their trading in commodity trade options. If the proposal is adopted as final after the close…

A federal district court has handed the Commodity Futures Trading Commission (CFTC) a substantial victory, largely rejecting a legal challenge to the agency’s cross-border interpretive guidance brought by financial trade associations such as SIFMA and ISDA. The court’s Opinion means that, absent a successful appeal, the CFTC’s Guidance and its cross-border application of its Dodd-Frank…

A federal district court has handed the Commodity Futures Trading Commission (CFTC) a substantial victory, largely rejecting a legal challenge to the agency’s cross-border interpretive guidance brought by financial trade associations such as SIFMA and ISDA. The court’s Opinion means that, absent a successful appeal, the CFTC’s Guidance and its cross-border application of its Dodd-Frank…

The U.S. House of Representatives has passed H.R. 4413, a bill that would reauthorize the Commodity Futures Trading Commission (CFTC) and also make some important changes to the Commodity Exchange Act (CEA), including changing the definition of the term “swap” in a way that would benefit certain physical market participants. H.R. 4413, which currently is…

This Summer, the Securities and Exchange Commission (SEC) adopted long-awaited rules on cross-border security-based swap activities.  The SEC’s rules provide:  1) an explanation of when a cross-border transaction must be counted towards the requirement to register as a security-based swap dealer (SBSD) or major security-based swap participant (MSBSP), including transactions guaranteed by a US person…

The Securities and Exchange Commission (“SEC”) has proposed to extend temporary Rule 206(3)-3T under the Investment Advisers Act of 1940 (the “Advisers Act”) from December 31, 2014 until December 31, 2016. Rule 206(3)-3T establishes an alternative means for registered investment advisers that are also registered as broker-dealers (“Dual Registrants”) to meet the requirements of Section…

During an otherwise quiet Summer at the Commodity Futures Trading Commission (CFTC), agency staff hosted a public Roundtable where commercial end-users and other market participants could comment on the CFTC’s re-proposed rules to implement the position limits and aggregation provisions of the Dodd-Frank Act.  The common theme from end-users was that the CFTC’s proposals would…