CFTC

It’s Time to Rebuild the Role of Bank Legal Departments

+0
1 View

In an article in the ABA’s Business Law Today, partner Meg Tahyar expresses concern about a recent trend in which the role of banks’ legal staffs has been constrained and reduced as separate risk and compliance functions have grown in prominence. She says this is the opposite of the trend in other large, complex organizations, which increasingly use their general counsel and legal departments as trusted advisers and strategists.

Share
Category

Another week, another regulator falls in line

+0
1 View

The latest IM deadline passed at the start of this month without fanfare, and larger firms were able to breathe their fourth sigh of relief. A year from now, the challenge will not be as “easy”.

Share
Category

A Practical Guide to Executing Trades on US-Japanese Recognized Venues

+0
1 View

In July 2019, the Commodity Futures Trading Commission (CFTC) and the Japanese Financial Services Agency (JFSA) announced they had reached agreement on the mutual recognition of certain derivatives trading venues in the US and Japan, helping to improve efficiency in cross-border trading between participants in those countries.

Share
Category

A Practical Guide to Executing Trades on US-Singapore Recognized Venues

+0
1 View

In March 2019, the Commodity Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) announced they had reached agreement on the mutual recognition of certain derivatives trading venues in the US and Singapore, helping to improve efficiency in cross-border trading between participants in those countries.

Share
Category

Status of Financial Regulatory Leadership Changes

+0
1 View

As we look forward to fall, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, 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 staff.  We intend to continue to update this resourc

Share
Category

The Volcker strip – making banking less regulated again

+0
1 View

US regulators have disclosed the much awaited revision of the Volcker Rule that had been taken on by the Trump administration. Wall Street has undoubtedly received a huge win, but who is likely to bear the losses?

Share
Category

HKMA latest IM domino to fall

+0
1 View

Earlier today, the Hong Kong Monetary Authority announced their intention to adopt the BCBS/IOSCO’s revised implementation schedule.

Their updated deadlines are as
follows:

Share
Category

Singapore and Korea join rush to delay IM

+0
1 View

The Korean Regulator, FSS, is the latest regulator to announce that they will adopt the BCBS/IOSCO guidelines for mitigating risk for non-cleared OTC contracts.

Share
Category

IM Phase 5 to bifurcate

+0
1 View

Confirming recent market rumours, BCBS\IOSCO have today announced their recommendation to stagger IM Phase 5 implementation over a two year period. An adjusted Phase 5 will apply to firms with an AANA equal to or greater than USD\EUR 50bn and less than 750bn.

Share
Category

Phase 5 mitigation mitigated

+0
1 View

Trailing in the wake of their northern neighbours, the CFTC have today issued a Staff Advisory confirming that there is no requirement for covered swap entities (CSEs) to put IM documentation and custody arrangements in place before the $50m threshold is reached.  As the conclusion to the Advisory notes:

Share
Category