Geoffrey Goldman at A&O Shearman

LIBOR Transition: Fannie Mae and Freddie Mac to Stop Accepting LIBOR, Begin Accepting SOFR

The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) announced on Wednesday, February 5th, that they will stop accepting LIBOR-indexed adjustable-rate mortgages...more

2/12/2020 / Adjustable-Rate Mortgage , Alternative Reference Rates Committee (ARRC) , Fannie Mae , Financial Institutions , Financial Services Industry , Freddie Mac , Libor , Mortgage Lenders , Secured Overnight Funding Rate (SOFR) , Transitional Arrangements

SEC Finalizes Capital, Margin and Segregation Requirements

As a further step towards the implementation of its security-based swap regime, the Securities and Exchange Commission (SEC) has adopted a number of long-awaited capital, margin and segregation requirements for security-based...more

11/14/2019 / Broker-Dealer , Capital Requirements , CFTC , Dodd-Frank , Final Rules , Margin Requirements , MSBSPs , Securities and Exchange Commission (SEC) , Security-Based Swaps , Segregation Requirements , Swap Dealers

SEC Proposes Modifications to Cross-Border Application of Security-Based Swaps Regime

The Securities and Exchange Commission (SEC) continues to take steps toward implementation of its security-based swap (SBS) dealer registration framework. A particular area of concern for market participants has been how the...more

9/4/2019 / CFTC , Cross-Border Transactions , Disqualification , Financial Regulatory Agencies , Financial Regulatory Reform , Foreign Financial Accounts , Market Participants , Registration Requirement , Regulatory Agenda , Rulemaking Process , Rules of Practice , Securities and Exchange Commission (SEC) , Securities Exchange Act , Security-Based Swaps , Swap Dealers , Threshold Requirements

CFTC Proposes Amendments to DCO Core Principle Regulations

The Commodity Futures Trading Commission (CFTC) has proposed a series of changes to its general regulations governing derivatives clearing organizations (DCOs). The CFTC has stated that the proposed amendments are intended to...more

7/3/2019 / CFTC , Commodity Exchange Act (CEA) , Derivatives , Derivatives Clearing Organizations , Major Swap Participants , Proposed Amendments , Public Comment , Risk Management , Risk Mitigation , Swaps

CFTC Proposes Updated Swap Data Reporting Regulations

The Commodity Futures Trading Commission (CFTC) has proposed the first installment of a series of amendments to its rules relating to swap data repositories (SDRs) and reporting of swap data. The proposed amendments, which...more

6/14/2019 / Central Counterparties , CFTC , Chief Compliance Officers , Comment Period , Major Swap Participants , Proposed Amendments , Rulemaking Process , Swap Data Repositories , Swap Dealers , Swaps

Federal Reserve Proposes Broadened Application of FDICIA Netting Provisions

On May 2, 2019, the Board of Governors of the Federal Reserve System Board proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991...more

5/16/2019 / Banking Sector , Board of Governors , Comment Period , Derivatives , Federal Reserve , Financial Institutions , Foreign Banks , Statutory Interpretation , Swap Dealers

ISDA Proposes Amendments to the 2014 ISDA Credit Derivatives Definitions Relating to Narrowly Tailored Credit Events

On March 6, 2019, the International Swaps and Derivatives Association (ISDA) published proposed amendments to the 2014 ISDA Credit Derivatives Definitions relating to so-called narrowly tailored credit events (NTCEs). ISDA...more

4/11/2019 / CFTC , Commercial Bankruptcy , Credit Default Swaps , Failure To Pay , Financial Conduct Authority (FCA) , Financial Markets , ISDA , Market Manipulation , Proposed Amendments , Rule 10b-5

CFTC Divisions Outline Examination Priorities for 2019

On February 12, 2019, the Commodity Futures Trading Commission (CFTC) published the 2019 examination priorities for its Division of Market Oversight (DMO), Division of Swap Dealer & Intermediary Oversight (DSIO) and Division...more

2/21/2019 / CFTC , Designated Contract Markets (DCMs) , DMO , DSIO , Examination Priorities , Futures Commission Merchants (FCMs) , SEFs , Swap Dealers

CFTC Considers Revamp of SEF Regulatory Framework

Toward the end of 2018, the Commodity Futures Trading Commission (CFTC) proposed significant revisions to the framework governing swap trading through swap execution facilities (SEFs) and designated contract markets (DCMs)....more

2/6/2019 / CFTC , Comment Period , Commodity Exchange Act (CEA) , Designated Contract Markets (DCMs) , Dodd-Frank , Mandatory Clearing Requirements , Market Participants , Proposed Amendments , Registration Requirement , Regulatory Agenda , Regulatory Oversight , SEFs , Swap Clearing , Swaps