As the Commodity Futures Trading Commission continues its ongoing initiative to simplify and modernize its rules, ABA last week wrote to the CFTC to highlight how a relatively inflexible definition of “eligible contract participant” under CFTC regulations has constrained banks from helping borrows mitigate risk by participating in swaps transactions.
As part of its ongoing response to President Trump’s executive order outlining core principles for financial regulation, the Treasury Department issued an extensive report today outlining recommended regulatory changes to maintain the vibrancy of U.S. capital markets.
ABA staff recently met with officials at the Treasury Department, which is in the process of issuing recommendations related to capital markets regulatory reform in response to President Trump’s executive order on core principles for financial regulation.
As the ABA Securities Association and other trade groups have urged, the Federal Reserve and the OCC today issued guidance on how examiners will review compliance with the requirement for when swap dealers and major swap participants must exchange variation margin for swaps not cleared through a central counterparty.
With a March 1 compliance deadline looming for when swap dealers and major swap participants must exchange variation margin for swaps not cleared through a central counterparty, the ABA Securities Association and several other trade groups have urged regulators to provide a transition period to facilitate compliance.
The House yesterday voted 239-182 to pass the Commodity End-User Relief Act that would reauthorize the Commodity Futures Trading Commission.
The Commodity Futures Trading Commission today issued an order delaying the termination date of the phase-in period of the swap dealer de minimis threshold until Dec. 31, 2018.
The OCC today proposed a rule that would establish restrictions on qualified financial contracts — such as derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing agreements — of national banks and federal thrifts that are subsidiaries of U.S. and foreign-based global systemically important banks.
The federal banking agencies are issuing a final rule affirming that swaps and security-based swaps that are not cleared through a central counterparty and are entered into for hedging purposes by banks with less than $10 billion in assets and commercial end users are not subject to requirements to exchange initial margin and variation margin with prudentially-regulated swap dealers and major swap participants.
ABA and the ABA Securities Association today wrote to U.S. regulators urging them to re-align their timeline for implementing the uncleared swaps margin rules with the European Union.