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Tweaking, Residual Interest; CFTC Priorities; Enforcement Highlights; G-IBs; Stress Tests - Bridging the Week: November 3 to 7 and November 10, 2014 [VIDEO]

The 30th Annual Futures Industry Association Futures and Options Expo may have occupied the main stage in Chicago last week, but continued preparation for the rollout of new futures-industry rules—including, principally, important measures involving the protection of customer funds—as well as new proposed tweaks to previously adopted old rules, occupied the day-to-day plate of many remaining back at the office. As a result, futures industry themes dominated the financial industry landscape last week, but large banks were also told they could not get significantly larger, and one Fed governor proposed the implementation of standardized stress tests to help ensure the critical reliability of clearinghouses.

As a result, the following matters are covered in this week’s Bridging the Week:

  • CFTC Proposes a Cornucopia of Measures to Avoid Unintended Consequences (includes My View);

  • Joint Audit Committee Issues Reminders of Residual Interest Requirements in Advance of November 14 Rollout; Clarifies Limitations on Trading While Undermargined;

  • Two New CFTC Commissioners Provide Insight Into Priorities at FIA Expo;

  • Fed Governor Calls for Stress Testing Clearinghouses;

  • Large Banks Impeded From Getting Larger by New Fed Rule;

  • CFTC Reminisces Over 2014 Enforcement Highlights (includes Compliance Weeds):

  • CFTC Grants Relief to G-IB to Execute and Give-Up Trades to Non-Guarantor FCM;

  • Six Industry Organizations Urge FSB to Stop Promoting Potential Suspension of Counterparties’ Early Termination Rights in US Bankruptcy Actions (includes Guest Commentary);

  • SEC Fines 13 Firms for Selling Puerto Rico Junk Bonds to Retail Investors in Less Than Minimum Increments;

  • OTC Derivatives Regulators Self-Assess Progress of Resolving Cross-Border Implementation Issues; and more.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume IV, Number 315
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About this Author

Gary DeWaal, Securities Attorney, Katten Law Firm, New York
Special Counsel

Gary DeWaal focuses his practice on financial services regulatory matters. He counsels clients on the application of evolving regulatory requirements to existing businesses and structuring more effective compliance programs, as well as assists in defending and resolving regulatory disciplinary actions and enforcement matters. Gary also advises buy-side and sell-side clients, as well as trading facilities and clearing houses, on the developing laws and regulations related to cryptocurrencies and digital tokens.

Previously, Gary was a senior...

212-940-6558
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