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December 2, 2013

Weekly Roundup | US Regulation | 3 December 2013

The CFTC

 Gensler Gives Wall Street Two Months to Meet Overseas Policy

The top U.S. derivatives regulator gave Wall Street two months to abide by a new policy imposing Dodd-Frank Act rules on banks when they arrange trades domestically and then book them overseas. Business Week:  Gensler Gives Wall Street Two Months to Meet Overseas Policy.

Wall Street May Take Derivatives Regulator to Court

Wall Street banks reeling from a flurry of activity by departing U.S. Commodity Futures Trading Commission Chairman Gary Gensler are considering taking the agency to court. Bloomberg: Wall Street May Take Derivatives Regulator to Court.

 CFTC Needs Nominee to Battle Wall Street Lobbying, Democrats Say

President Barack Obama must name a Commodity Futures Trading Commission member with the experience needed to ward off Wall Street lobbying over the Volcker rule and speculation limits, nine Democratic senators said. Bloomberg:  CFTC Needs Nominee to Battle Wall Street Lobbying, Democrats Say.

EU and Wall Street in Unlikely Tag Team

While it was always a fair bet that major banks would be vociferous in their objections to the CFTC’s closing of a putative cross-border regulation loophole, it is (at least recently) unusual to see the EU join the critical chorus. Regulatory Reform blog: EU and Wall Street in Unlikely Tag Team .

2013 Dodd-Frank Agreement for Non-US Swap Transactions Published by ISDA

ISDA published the 2013 Dodd-Frank agreement for non-US swap transactions, which is designed to facilitate compliance with the CFTC's cross-border guidance on the application of Dodd-Frank swaps rules to certain swaps with an indirect connection to the US. Practical Law: 2013 Dodd-Frank Agreement for Non-US Swap Transactions Published by ISDA.

ISDA Assists with Cross-Border Compliance

On July 26, 2013, the Commodity Futures Trading Commission (“CFTC”) published its “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations” (“Interpretive Guidance”).  The Interpretive Guidance details the circumstances in which CFTC will assert jurisdiction over swap transactions that occur outside of the United States. Regulatory Reform: ISDA Assists with Cross-Border Compliance.

Footnote 513 – CFTC Decisiveness Delayed

In a statement that will come as no surprise to even lightly-seasoned CFTC watchers, the agency yesterday issued a time-limited no-action letter with reference to” “non-U.S. SD compliance with Transaction-Level Requirements in certain situations”.

Other US Regulation

VIEWPOINT: Is the SEC’s New Enforcement Zeal for Real?

Mary Jo White, the chairman of the Securities and Exchange Commission, has been on a charm offensive of late, hoping to prove that her agency is no longer the lap dog of Wall Street. Securities Technology Monitor: Is the SEC’s New Enforcement Zeal for Real?

What do Obama Care and Dodd-Frank have in Common?

Allan D Grody looks at why dysfunctional technology is not the only similarity between two behemoths of reform. FOW: What do Obama Care and Dodd-Frank have in Common?

You Break It, You Own It

America should give global banking rules—and Europe’s dilatory regulators—one last chance. SOME wounds go on hurting for years after they were inflicted. For bank regulators, the trauma of the collapse little more than five years ago of Lehman Brothers is as raw as if it had just happened. The Economist: You Break It, You Own It.

Basel III Liquidity Coverage Ratio Standards: The Fed Raises the Bar

The U.S. Federal Reserve (FED) is proposing a rule to raise the requirements, but narrow the time-frame, for the completion of the new Basel III liquidity coverage ratio (LCR) requirements. RegTechFS: Basel III Liquidity Coverage Ratio Standards: The Fed Raises the Bar.

New U.S. Derivative Rules Leave Asia Markets Vulnerable

Several Asian and U.S. banks are working around new U.S. regulations on derivatives trading aimed at preventing a repeat of the 2008 financial crisis – moves that are legal but leave markets in the region exposed to a risky liquidity shortage, traders and bankers say. Reuters Canada: New U.S. Derivative Rules Leave Asia Markets Vulnerable.



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