SEC

SEC Amendments to Regulation SBSR

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Posted by Annette L. Nazareth, Davis Polk & Wardwell LLP, on Thursday, August 25, 2016

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SEC Regulation SBSR

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In a nod to delays in registration of Swaps Data Repositories (SDRs), the SEC has granted a temporary exemption from the core SDR Rules 13n-1 to 13n-12 until the earlier of when the first SDR is granted registeration by the SEC or June 30, 2016. This temporary exemption is designed to "help facilitate the potential submission of any SDR applications." The new compliance date for backloading will be 6 months after the first SDR is registered and no later than December 18, 2016. Full PDF https://lnkd.in/eDjsDVu.

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The Big Questions About Regulatory Reform

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The recent publication by the Volcker Alliance of a series of papers on reforming the financial regulatory structure makes interesting reading. You may or may not agree with their conclusions, but I, for one, can’t help but think that there are some important questions about structural reform lurking just under the surface, that were either not asked or were subsumed in these papers. So let’s get them out on the table and see where they lead us.

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The SEC Weighs in on Swaps Reporting – Part 2

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In my last article I reviewed the SEC’s final and proposed rules on transaction reporting by market participants. In this article I will look at the final rule on SDRs, and make some observations on the effectiveness of current and future reporting regimes.

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The SEC Weighs in on Swaps Reporting – Part 1

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If you have read my previous articles on Tabb Forum, you will know that I believe the all-important swaps reporting requirement has been badly mishandled by the regulators worldwide, missing a golden opportunity to shed some light on this otherwise opaque market. In the US, one of the nagging problems has been that the SEC hadn’t put out its reporting rules, so there was no required reporting on one of the riskiest areas of the market – single-name CDSs.

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February Regulatory Update

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For the second year in a row, President Obama is requesting a massive increase in funding for the CFTC. In his 2016 budget blueprint, the president seeks $322 million for the CFTC, a 29% increase from this year’s $250 million. The budget plan must still pass Congress, which will hold hearings soon. I doubt, however, that the entire amount will be approved.

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Weekly Roundup | US & International Regulation | 10 March 2014

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US Regulation

CFTC “On Its Knees”

The CFTC’s perennial underfunding problem just got worse. In a largely symbolic move, yesterday the White House proposed a 2015 budget for the agency of $280m., a shortfall of $35m. from its 2014 number. In contrast, the relatively well-funded SEC benefits from a small increase. DRS: CFTC “On Its Knees”.

 

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Weekly Roundup | US & General Regulation | 9 December 2013

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The CFTC

Big Banks Look to Reverse New CFTC Rules

According to the New York Post, several of the US’s largest banks plan to sue the Commodity Futures Trading Commission (CFTC) over some of the new rules it has been implementing. CFTC Law: Big Banks Look to Reverse New CFTC Rules.

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Weekly Roundup | US Regulation | 3 December 2013

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The CFTC

 Gensler Gives Wall Street Two Months to Meet Overseas Policy

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Am I a US person? The known unknowns of who's who for Dodd-Frank OTC

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Though it seemed for a while that the US/EU’s ‘path forward’ agreement on substituted compliance might have simplified OTC compliance for the markets, when it came to writing the rules the SEC and CFTC have somehow managed to make the definition murkier than ever.   This is fuelling concern on an international level, and bringing huge uncertainty to global markets.  So what do we know, and what do we not know?

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