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🧱 Market Reform

CFTC Alert! CFTC Extends Public Comment Period on proposal to address the treatment of separate accounts of a single beneficial owner by futures commission merchants (FCMs) that are clearing members of derivatives clearing organizations.

Source: Federal Register CFTC is extending through June 30, 2023 the deadline for the public comment period on a proposal to address the treatment of separate accounts of a single beneficial owner by futures commission merchants (FCMs) that are clearing members of derivatives clearing organizations, consistent with the no-action position

Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions.

Could cause issues if an entity were using overvalued property as collateral in swap transactions to facilitate naked shorting... https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20230608a2.pdf * The Board, CFPB, FDIC, NCUA, and OCC (together, the agencies) are issuing proposed guidance that would highlight risks associated with deficient residential

CFTC Alert! CFTC today approved: Final Rule: Governance Requirements for Derivatives Clearing Organizations (DCO), DCO Recovery and Orderly Wind-down Plans, amendments to Large Trader Reporting Requirements, and to solicit public comment on European

The Commodity Futures Trading Commission at its open meeting today approved the following: Final Rule: Governance Requirements for Derivatives Clearing Organizations: * CFTC unanimously approved a final rule that adopts amendments to its rules to require derivatives clearing organizations (DCOs) to establish and consult with one or more risk management committees

Gary Gensler: "In the Dodd-Frank Act of 2010, Congress directed federal agencies, including the SEC, “to remove any reference to or requirement of reliance on credit ratings”

from our rules and to substitute an appropriate standard for credit-worthiness This final rule fulfills Congress’s wishes" Source: https://www.sec.gov/news/statement/gensler-statement-credit-ratings-060723 Today, the Commission is considering adopting a set of final rules to remove references to credit ratings from Rules 101 and 102 of

SEC Chair Gary Gensler: "Congress mandated that the Commission shall put forward rules reasonably designed to prevent such fraudulent, deceptive, or manipulative practices in these markets. Through today’s adoption, we will fulfill this mandate."

source: https://www.sec.gov/news/statement/gensler-statement-security-based-swaps-060723 Today, the Commission is considering adopting two final rules related to the security-based swaps markets. I am pleased to support these rules because they will enhance the integrity of the security-based swaps markets. The 2008 financial crisis had many chapters, but a

SEC Alert! SEC Adopts Amendments to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M

Final Rule (120 pages): https://www.sec.gov/rules/final/2023/34-97657.pdf Fact Sheet: Press Release: The Securities and Exchange Commission today adopted rule changes to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M, a set of

SEC Alert! SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over Chief Compliance Officers.

Final Rule (136 pages): https://www.sec.gov/rules/final/2023/34-97656.pdf Overview of Security-Based Swaps Security-Based Swaps Generally: * Although the definition of security-based swap is detailed and comprehensive, at its most basic level, a security-based swap is an agreement, contract, or transaction in which two parties agree to