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🧱 Market Reform

CFTC Director of Enforcement Ian McGinley on Phantom Cattle Scheme: “There’s a saying about people who pretend to be something they’re not: they’re ‘all hat and no cattle.’"

“Easterday cheated his best customer by lying about non-existent cattle, lied to an exchange, and broke exchange rules." Link to order: https://www.cftc.gov/media/8681/enfcodyeasterday060523/download A consent order was entered against Easterday Ranches on December 17, 2021. [See CFTC Press Release Nos. 8425-21, 8471-21] Highlights:
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CFTC Alert! OPEN for comment Risk Management Program Regulations for Swap Dealers, Major Swap Participants, & Futures Commission Merchants.

CFTC Alert! OPEN for comment Risk Management Program Regulations for Swap Dealers, Major Swap Participants, & Futures Commission Merchants. While it requires compliance with all capital & margin requirements, it doesn't explicitly require policies and procedures to safeguard counterparty collateral. Wut mean? * These rules are about how certain
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FINRA can kick alert! Notice of Designation of a Longer Period for FINRA to determine whether to approve or disapprove proposed Rules 6151 (Disclosure of Order Routing Information for NMS Securities) and 6470

* The proposed rule change was published for notice and comment in the Federal Register on December 6, 2022.7 June 4, 2023 is 180 days from that date, and August 3, 2023 is 240 days from that date. * FINRA finds it appropriate to designate a longer period within which to
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SEC Alert! Statement Second Commission Statement Relating to Certain Administrative Adjudications.

An update on how certain databases were not configured to restrict access by staff from our Division of Enforcement to memoranda drafted by staff from the Adjudication Group. Source: https://www.sec.gov/news/statement/second-commission-statement-relating-certain-administrative-adjudications * Exhibit 1 – Case-Specific Memoranda Accessed by Enforcement Staff Relating to C… * Exhibit 2 – Case-Specific
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Commodity Futures Trading Commission (CFTC) seeks public comment on the Risk Management Program Requirements for Swap Dealers and Futures Commission Merchants.

Regulation 23.600 does not explicitly require an SD’s RMP to include written policies and procedures to safeguard counterparty collateral. https://www.cftc.gov/media/8671/federalregister06012023/download From a Press Release: The Commodity Futures Trading Commission today published an advanced notice of proposed rulemaking (ANPRM) seeking public comment
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Do you have concerns about how Mortgage Originators and Secondary Market Issuers determine a mortgage's collateral value?

How they can use automated valuation models (AVMs) to manipulate & overestimate property value, rife with conflict of interest opportunities creating securitization risk? COMMENT Six federal regulatory agencies request PUBLIC COMMENT on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In
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