Dodd-Frank.com

CFTC Proposes Margin Rules for Uncleared Swaps

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Following bank regulators’ re-proposal of margin requirements for uncleared swaps by bank swap dealers (bank SDs) and bank major swap participants (bank MSPs), the CFTC has re-proposed its own very similar requirements for uncleared swaps by non-bank SDs and non-bank MSPs, referred to as “covered swap entities” or “CSEs”. The... Read More

Topics: Derivatives, Energy

CFTC Proposes Rule to Exclude Municipal Utilities from $25 Million De Minimis Swap Dealer Threshold

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Today the CFTC published its proposed rule that would exclude most swaps used by municipal utilities for hedging purposes from counting against the $25 million swap dealer de minimis threshold that currently applies to swaps with “special entities” (including municipal utilities, federal power marketing agencies, and other governmental organizations and... Read More

Topics: Derivatives, Energy

Unregistered Finder Settles with the SEC, Agrees to Pay Millions

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The SEC recently settled an enforcement action against an individual alleged to have sold millions of dollars in securities on behalf of oil and gas companies without being associated with a registered broker dealer, as required by Section 15(a) of the Securities Exchange Act of 1934. Under the terms of... Read More

Topics: Broker-Dealer, Consumer Protection, Energy, Private Equity, Public Companies and Securities

Auditors of Futures Commission Merchants: Know the Audit Rules or You Will Be Fined

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A recent $100,000 settlement between the Commodity Futures Trading Commission (CFTC) and an accounting firm highlights — for accounting firms auditing Futures Commission Merchants (FCM) — the importance of closely following audit rules or risk being fined. See United States Commodity Futures Trading Commission v. Tunney & Associates, P.C. & Michael Tunney... Read More

Topics: Energy

CFTC Schedules Conference on Regulatory Treatment of Forward Contracts with Embedded Volumetric Optionality

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The CFTC will hold a public conference on Thursday April 3, 2014, to discuss end-user issues with the Dodd-Frank Act, including the appropriate regulatory treatment of forward contracts with embedded volumetric optionality. Identifying such contracts has generated considerable confusion and numerous requests from the energy industry for the CFTC to... Read More

Topics: Energy

CFTC & FERC Take Steps to Implement Information Sharing MOU

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Today the CFTC and FERC announced the initial transmission of market data under the recently adopted CFTC-FERC Memorandum of Understanding (MOU) for use in analyzing market activities and protecting market integrity. The two agencies also announced the creation of a staff-level Interagency Surveillance and Data Analytics Working Group to coordinate... Read More

Topics: Derivatives, Energy