January 18, 2021

Volume XI, Number 18


January 15, 2021

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CFTC MOU for Supervision of Cross-Border Firms & Timing Requirements for Certain SEF Reports

CFTC and Italy’s CONSOB Sign MOU for Supervision of Cross-Border Firms

On November 30, the Commodity Futures Trading Commission (CFTC) and Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) announced the signing of a memorandum of understanding (MOU) regarding cooperation and information exchange in connection with supervising regulated firms that operate in the United States and Italy. The MOU includes a framework for cooperation, contemplates information sharing and provides procedures for examinations.

The press release with a link to the MOU is available here.

CFTC Extends Timing Requirements for Certain SEF Year-End Reports

On November 30, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight extended previously provided no-action relief for swap execution facilities (SEF) from certain timing requirements to file fourth-quarter financial reports and annual compliance reports. The no-action relief extends from 60 days to 90 days the time within which a SEF must file its fourth quarter annual report and a SEF Chief Compliance Officer (CCO) must file the CCO’s annual compliance report.

The no-action relief will now expire on November 30, 2021, unless the CFTC provides a permanent extension or takes other action.

The press release is available here.

CFTC Staff Letter No. 20-41 is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 339



About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm

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.



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...