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Posted Date: Friday, July 24, 2020
It took 10 years and one day, but the Commodity Futures Trading Commission (CFTC) has completed the rulemaking required of the agency by the Dodd-Frank Act.
A day after the 10th anniversary of the signing of the act into law, the CFTC finalized its rule regarding new capital and financial reporting requirements for swap dealers and major swap participants.
Read on for details of the rule and reaction from the CFTC commissioners on completing their statutory mission. Read on »
Posted Date: Tuesday, November 8, 2016
The New York-based company Forcerank, LLC recently agreed to pay a $50,000 penalty after the Securities and Exchange Commission found that its mobile phone app violated certain aspects of the Dodd-Frank Act.
Described as “fantasy sports for stocks,” the SEC said the app was in conflict with the Securities Act and the Securities Exchange Act.
Read on to learn more about how the company’s app violated Dodd-Frank. Read on »
Posted Date: Friday, August 12, 2016
A report from the Office of the Comptroller of the Currency shows that institutions under its supervision brought in less trading revenue than a year ago and overall credit risk from derivatives and trades increased from the fourth quarter of 2015. Read on for details from the report. Read on »
Posted Date: Tuesday, July 19, 2016
As unlikely as it might seem, 18 years after the repeal of the Glass-Steagall Act of 1933, the next president of the United States may make its reinstatement part of the financial services priorities for the next administration. The Republican Party announced it added the reinstatement of Glass-Steagall to its platform at the urging of presumptive nominee Donald Trump. Could the bill, which separates commercial banks from their investment banking business, be reinstated as soon as 2017? Read on for the details. Read on »
Posted Date: Friday, July 15, 2016
Banking entities have one year to conform with Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule, after the Federal Reserve Board issued the last of three annual extensions to compliance. Read on for the details to be sure your institution will be ready to comply. Read on »
Posted Date: Tuesday, July 12, 2016
New legislation from Democratic senators Elizabeth Warren and Mark Warner and Rep. Elijah Cummings would add oversight and regulations to the derivatives market. The trio said the Dodd-Frank Act’s work to strengthen oversight of the market needed help in part because of “Republican obstruction in Congress and weak rules from the Commodity Futures Trading Commission.” Read on for details of the proposal. Read on »
Posted Date: Friday, June 17, 2016
To provide clarity to swap counterparties and registered entities regarding their reporting obligations for cleared swap transactions, the Commodity Futures Trading Commission approved a final rule June 14 that amends existing swaps reporting regulations. The rule amends the definition of original swap and clearing swap, among other things. Read on to find out more about the rule CFTC Chairman Timothy Massad says will “significantly enhance data quality and reduce reporting costs.” Read on »
Posted Date: Friday, June 10, 2016
The Commodity Futures Trading Commission issued a supplement to its December 2013 position limits proposal, which is now available for public comment. The supplement will modify the procedures proposed for persons seeking exemptions from speculative position limits for non-enumerated bona fide hedging. Read on to learn more about what CFTC Commissioner J. Christopher Giancarlo believes is a “positive step forward” to devising a final rule. Read on »
Posted Date: Tuesday, April 19, 2016
Title VII of the Dodd-Frank Act authorizes the Securities and Exchange Commission to implement a framework for regulating the over-the-counter security-based swap markets. Now, the commission has announced the adoption of final rules that will implement a comprehensive set of business conduct standards and chief compliance officer requirements for security-based swap dealers and major security-based swap participants. Read on to learn more. Read on »
Posted Date: Tuesday, March 29, 2016
The Commodity Futures Trading Commission approved a final rule March 16 that eliminates reporting and recordkeeping requirements for trade option counterparties that are neither swap dealers nor major swap participants. Commodity options fall under the Dodd-Frank Act’s definition of “swap” added to the Commodity Exchange Act. Options that qualify for the trade option exemption are exempt from most requirements applicable to swaps under the Dodd-Frank Act. Read on to learn more. Read on »
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