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March 10, 2014

Weekly Roundup | US & International Regulation | 10 March 2014

US Regulation

CFTC “On Its Knees”

The CFTC’s perennial underfunding problem just got worse. In a largely symbolic move, yesterday the White House proposed a 2015 budget for the agency of $280m., a shortfall of $35m. from its 2014 number. In contrast, the relatively well-funded SEC benefits from a small increase. DRS: CFTC “On Its Knees”.

 

Help on the Way Over Dodd-Frank IM Segregation

More hard-lifting from ISDA as the association busies itself preparing yet more documentation to assist the industry’s efforts to comply with the Dodd-Frank Act. DRS: Help on the Way Over Dodd-Frank IM Segregation.

 

Goldman Sachs Unit in Singapore Applies for Swap Dealer Status in US

A subsidiary of Goldman Sachs in Singapore has filed documents with the US-based National Futures Association to be recognized as a registered swap dealer, which brings with it an increased level of regulatory scrutiny with the US Commodity Futures Trading Commission. Platts: Goldman Sachs Unit in Singapore Applies for Swap Dealer Status in US.

 

SEC to FRB – Are You Sure About That?

Speaking to the Institute of International Bankers early this week, SEC Commissioner Daniel Gallagher gave an interesting speech criticising the imposition of one-size-fits-all capital requirements on differing market participants. DRS: SEC to FRB – Are You Sure About That?

 

Senate Questions New CFTC Nominees

The three CFTC nominees waiting for approval to join the Commodity Futures Trading Commission are now facing some questions at a Washington approval hearing from the Senate over how much they will be willing to enforce the rules put in place by the Dodd-Frank Act. CFTC Law: Senate Questions New CFTC Nominees.

 

Massad Stresses Process and Co-operation to Senators

Subtle change of direction signalled by CFTC chairman nominee at Senate confirmation hearing. Risk: Massad Stresses Process and Co-operation to Senators.

 

CFTC Chairman Nominee Timothy Massad Likely to Be Approved by Senate

It looks as though CFTC chairman nominee Timothy Massad will be approved by the Senate, after dispelling any doubt about his commitment and experience at a hearing in Washington yesterday. CFTC Law: CFTC Chairman Nominee Timothy Massad Likely to Be Approved by Senate.

 

CFTC Provides Time-Limited No-Action Relief to Certain Affiliated Counterparties

The Commodity Futures Trading Commission’s (Commission) Divisions of Clearing and Risk (DCR) and Market Oversight (DMO) today provided time-limited no-action relief to certain affiliated counterparties. CFTC Press Release: CFTC Provides Time-Limited No-Action Relief to Certain Affiliated Counterparties.

 

 

International Regulation

Building A Culture Of Compliance In Capital Markets

For a number of years, the market has been talking about creating a culture of compliance. Following the credit crisis in 2008, the urgency of being prepared was at the forefront of everyone’s mind, particularly among C-suite executives. Finextra: Building A Culture Of Compliance In Capital Markets.

 

The OTC Forest: Seeing the Wood for the Trees

“When a tree falls in the woods, does it make a noise?” While some may find the question trivial, it has provided much food for thought for philosophers since it was first raised in the early 1700’s. The answer to the question relies on one’s assumptions on whether observation is a necessary condition to knowledge, or even existence, of an event. RegTechFS: The OTC Forest: Seeing the Wood for the Trees.

 

ISDA Stymied Over Derivatives Contracts Rewrite

A global regulatory initiative to rewrite the way derivatives contracts work in a default may be slowed amid concerns that parts of the industry will not sign up to the changes. FT: ISDA Stymied Over Derivatives Contracts Rewrite.

 

New Dates Added to Regulatory Timeline

We have added new dates to our regulatory timeline relating to the EU Benchmark Regulation. 

 


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