November 13, 2019

November 13, 2019

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November 12, 2019

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November 11, 2019

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CFTC Approves Proposed Rules Relating to Uncleared Swaps

On October 16, the Commodity Futures Trading Commission (CFTC) unanimously extended the compliance schedule for initial margin requirements for uncleared swaps for entities with average aggregate notional amounts in material swaps exposure of $8 – $50 billion until September 1, 2021. Entities with more than $50 billion of such exposure are still subject to the September 1, 2020 compliance date.

In addition, the CFTC also voted to exclude the European Stability Mechanism from the definition of “financial end user” for purposes of margin requirements for swap dealers and major swap participants. This result is consistent with existing no-action relief.

The CFTC press release, with lists to the relevant Federal Register releases, is available here.

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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
Associate

Timothy Kertland concentrates his practice on transactional, corporate and regulatory aspects of financial services matters. Timothy is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, and commodity trading advisers.

While in law school, Timothy served as an editor of the Virginia Tax Review. As a first-year law student, he represented the University of Virginia School of Law at the National Transactional LawMeets Competition.

312-902-5343