On October 29, 2020, the Commodity Futures Trading Commission (CFTC) Division of Enforcement (Division) issued a memorandum (Guidance) providing guidance for Division staff to follow when recommending the recognition of an...more
On October 15, 2020, the Commodity Futures Trading Commission (CFTC) voted 3-2 to adopt new rules on speculative position limits (the Final Rule). The Final Rule will become effective 60 days after publication in the Federal...more
On September 17, 2020, the Commodity Futures Trading Commission (CFTC) unanimously approved final rules amending the agency’s swap data reporting and derivatives clearing organization (DCO) registration requirements. The...more
On September 10, 2020, the Commodity Futures Trading Commission (CFTC) published Staff guidance (Guidance) from the director of the Division of Enforcement (Division) that outlines factors the Division will consider when...more
In a memorandum dated May 20, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Enforcement issued guidance outlining factors that CFTC staff will consider when recommending civil monetary penalties (CMPs)...more
On March 17, 2020, in response to the COVID-19 (coronavirus) pandemic, the Commodity Futures Trading Commission (CFTC) Division of Market Oversight (DMO) and Division of Swap Dealer and Intermediary Oversight (DSIO) issued...more
3/22/2020
/ Brokers ,
CFTC ,
Coronavirus/COVID-19 ,
DMO ,
DSIO ,
Futures ,
Market Participants ,
No-Action Relief ,
Popular ,
Relief Measures ,
Swaps
Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more
1/30/2020
/ Acquisitions ,
Administrative Procedure Act ,
Anti-Discrimination Policies ,
Anti-Harassment Policies ,
Anti-Kickback Statute ,
Antitrust Investigations ,
Appeals ,
Arbitration Awards ,
Attorney General ,
Backstop Agreements ,
BEPS ,
BitLicense ,
Blockchain ,
Board of Directors ,
Bonds ,
Capital Markets ,
CFIUS ,
CFTC ,
Chapter 11 ,
Claim Preclusion ,
Class Action ,
Commercial Bankruptcy ,
Common Stock ,
Congressional Investigations & Hearings ,
Congressional Subpoenas ,
Consumer Financial Protection Bureau (CFPB) ,
Cooperation Agreement ,
Copyright ,
Corporate Governance ,
Corporate Restructuring ,
Corporate Social Responsibility ,
Corporate Taxes ,
Corwin Doctrine ,
Covenant Lite Deals ,
Creditors ,
Cross-Border Transactions ,
DACA ,
DE Supreme Court ,
Debt Financing ,
Debtors ,
Department of Justice (DOJ) ,
Dischargeable Debts ,
Disgorgement ,
Disparate Impact ,
Dodd-Frank ,
Down Rounds ,
Drug Pricing ,
EBITDA ,
Employee Retirement Income Security Act (ERISA) ,
Employer Liability Issues ,
Employment Discrimination ,
Enforcement Actions ,
Enforcement of Foreign Judgments ,
Enterprise Act 2002 ,
Environmental Social & Governance (ESG) ,
EU ,
Fair Housing Act (FHA) ,
Federal Trade Commission (FTC) ,
FinTech ,
FIRRMA ,
Foreign Acquisitions ,
Foreign Investment ,
Foreign Issuers ,
FRCP 23 ,
General Data Protection Regulation (GDPR) ,
General Elections ,
GILTI tax ,
High-Yield Markets ,
Hong Kong ,
Hong Kong Stock Exchange ,
Individual Accountability ,
Initial Public Offering (IPO) ,
Intellectual Property Litigation ,
Intercreditor Agreements ,
International Arbitration ,
International Litigation ,
IRS ,
Issue Preclusion ,
Japan ,
Joint Venture ,
Legislative Agendas ,
Life Sciences ,
Listing Rules ,
Litigation Strategies ,
Make-Whole Premium ,
Mergers ,
MFW ,
Multinationals ,
National Security ,
PCAOB ,
Pharmaceutical Industry ,
Political Parties ,
Preferred Shares ,
Private Offerings ,
Privately Held Corporations ,
Proxy Advisory Firms ,
Publicly-Traded Companies ,
Refinancing ,
Regulatory Agenda ,
Reporting Requirements ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Separation of Powers ,
Shareholder Activism ,
Shareholder Proposals ,
Shareholders ,
Split of Authority ,
State Labor Laws ,
Stock Drop Litigation ,
Tax Cuts and Jobs Act ,
Tax Litigation ,
Technology Sector ,
Third-Party Release Agrements ,
Transparency ,
UK ,
UK Brexit ,
Valuation ,
White Collar Crimes
Over the past five years, the Commodity Futures Trading Commission (CFTC) has settled 20 enforcement actions against financial institutions for violations of various Dodd-Frank Act regulatory requirements (i.e., rules other...more
1/23/2020
/ Amended Rules ,
Bipartisan Agreement ,
CFTC ,
Compliance ,
Cross-Border Transactions ,
Dodd-Frank ,
DSIO ,
Enforcement Actions ,
Exemptions ,
Financial Institutions ,
No-Action Letters ,
No-Action Relief ,
Over The Counter Derivatives (OTC) ,
Regulatory Burden ,
Regulatory Requirements ,
Swaps ,
Trump Administration
This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more
10/3/2019
/ Anti-Money Laundering ,
Appeals ,
Blocking Statutes ,
Bribery ,
CFTC ,
China ,
CLOUD Act ,
Communication Restrictions ,
Compliance ,
Conspiracies ,
Cooperation Agreement ,
Crime (Overseas Production Orders) Act 2019 (the COPO Act) ,
Criminal Prosecution ,
Cross-Border Transactions ,
Cryptocurrency ,
Cybersecurity ,
Deferred Prosecution Agreements ,
Denial of Certiorari ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Disclosure ,
Dodd-Frank ,
Economic Sanctions ,
Enforcement Actions ,
EU ,
EURIBOR ,
Exports ,
Extradition ,
Extraterritoriality Rules ,
Financial Conduct Authority (FCA) ,
Financial Records ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Exchanges ,
France ,
Fraud ,
General Data Protection Regulation (GDPR) ,
Government Investigations ,
Hackers ,
Hungary ,
Imports ,
India ,
Indictments ,
Information Sharing ,
Iran Sanctions ,
Israel ,
Lithuania ,
Money Laundering ,
Morrison v National Australia Bank ,
Multinationals ,
Office of Foreign Assets Control (OFAC) ,
Opioid ,
Pharmaceutical Industry ,
Popular ,
Rate-Rigging ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Serious Fraud Office (SFO) ,
Spoofing ,
Subpoenas ,
Swiss Supreme Court ,
Switzerland ,
Tax Crimes ,
Tax Evasion ,
Tax Treaty ,
Turkey ,
UK ,
United States ,
Venezuela ,
Wal-Mart
On July 25, 2019, the Ninth Circuit reinstated the Commodity Futures Trading Commission’s (CFTC) lawsuit in CFTC v. Monex Credit Co.,1 interpreting the CFTC’s Dodd-Frank enforcement authority under Commodity Exchange Act...more
7/31/2019
/ Administrative Authority ,
Appeals ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Derivatives ,
Dodd-Frank ,
Fraud ,
Price Manipulation ,
Reversal ,
Swaps
On April 25, 2019, the Commodity Futures Trading Commission (CFTC or Commission) published for public comment proposed amendments to the rules governing swap data repositories (SDRs) and reporting obligations of swap market...more
On March 6, 2019, the Commodity Futures Trading Commission’s (CFTC or Commission) Division of Enforcement (Division) published an advisory on self-reporting and cooperation for violations of the Commodity Exchange Act (CEA)...more
In 2018, the Commodity Futures Trading Commission (CFTC or Commission) began operating with a full complement of five commissioners for the first time since 2014. Soon thereafter, it held a rare open meeting to propose major...more
1/22/2019
/ CCPs ,
CFTC ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Dodd-Frank ,
Enforcement Actions ,
EU ,
Extraterritoriality Rules ,
Jurisdiction ,
Legislative Agendas ,
Regulatory Agenda ,
Swap Execution Facilities ,
Swaps
Few price manipulation cases brought by the Commodity Futures Trading Commission (CFTC) ever go to trial. The CFTC case filed against the trading firm DRW Investments LLC (and its CEO) was the exception to that rule and would...more
12/15/2018
/ Bench Trial ,
CFTC ,
Commodities Traders ,
Commodity Exchange Act (CEA) ,
Commodity Futures Contracts ,
Dismissals ,
Enforcement Actions ,
Fraud ,
Intent ,
Interest Rate Swaps ,
Market Manipulation ,
Price Manipulation ,
Standard of Review
On November 5, 2018, the Commodity Futures Trading Commission (CFTC) voted 5-0 to approve a final rule amending the swap dealer registration trigger or activity threshold. The amendments — which became effective on November...more
Recent federal court decisions, and a pending appeal in the Ninth Circuit, highlight disagreement among the courts as to the scope of the Commodity Futures Trading Commission’s (CFTC) anti-fraud and anti-manipulation...more
10/2/2018
/ Administrative Authority ,
Anti-Fraud Provisions ,
Anti-Manipulation Rule ,
Appeals ,
CFTC ,
Commodities ,
Dodd-Frank ,
Enforcement Actions ,
Fraud ,
Rare Earth Metals ,
Split of Authority ,
Swaps ,
Unfair or Deceptive Trade Practices ,
Use in Commerce ,
Virtual Currency
On March 6, 2018, Judge Jack B. Weinstein of the U.S. District Court for the Eastern District of New York ruled that virtual currencies are commodities under the Commodity Exchange Act (CEA) and therefore subject to the...more
3/8/2018
/ Administrative Authority ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Enforcement Actions ,
Fraud ,
Jurisdiction ,
Market Manipulation ,
Preliminary Injunctions ,
Standing ,
Trial Court Orders ,
Virtual Currency
On January 29, 2018, the Commodity Futures Trading Commission (CFTC) announced the filing of eight anti-spoofing enforcement actions: three settlements with financial institutions and five complaints filed in federal district...more
2/6/2018
/ Aiding and Abetting ,
Buyers ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Constitutional Challenges ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Enforcement Actions ,
Extradition ,
Financial Institutions ,
Futures ,
Petition for Writ of Certiorari ,
Sellers ,
Settlement ,
Spoofing ,
Swap Execution Facilities ,
Swaps ,
Vagueness
In 2017, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo made clear he will strive to improve, not abolish, many reforms the CFTC adopted to implement the Dodd-Frank Act’s mandate for new...more
1/31/2018
/ Benchmarks ,
Bitcoin ,
CCPs ,
CFTC ,
Commodities ,
Derivatives ,
Dodd-Frank ,
EU ,
Federal Reserve ,
Financial Markets ,
Interest Rates ,
Libor ,
Popular ,
Swaps ,
Trump Administration ,
UK ,
UK Brexit ,
Virtual Currency
On October 17, 2017, the Commodity Futures Trading Commission’s (CFTC) newly formed financial technology (fintech) innovation group, LabCFTC, released its first fintech primer, “A CFTC Primer on Virtual Currencies” (VC...more
11/15/2017
/ Bitcoin ,
Blockchain ,
CFTC ,
Commodities ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Instruments ,
Financial Markets ,
FinTech ,
Initial Coin Offering (ICOs) ,
LabCFTC ,
Regulatory Oversight ,
Swaps ,
Token Sales ,
Unregistered Securities ,
Virtual Currency
Upon discovering a potential violation, a company is often faced with the dilemma of whether to self-report the incident to its regulator or attempt to deal with the incident through exclusively internal means. On September...more
On August 7, 2017, the Commodity Futures Trading Commission (CFTC or Commission) announced a settlement for a civil penalty of $600,000 with the Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) for alleged spoofing violations, with...more
8/16/2017
/ Appeals ,
CFTC ,
Civil Monetary Penalty ,
Commodities Traders ,
Commodity Exchange Act (CEA) ,
Constitutional Challenges ,
Criminal Prosecution ,
Enforcement Actions ,
Japan ,
Settlement Agreements ,
Spoofing ,
Vagueness
On July 10, 2017, the Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC or Commission) announced the launch of a comprehensive review of the swap data reporting regulations1 adopted by the...more
The U.S. District Court in the Southern District of New York recently dismissed a class action lawsuit alleging, among other claims, that a large number of entities and individuals in the market for producing, refining and...more
7/7/2017
/ Antitrust Violations ,
CFTC ,
Class Action ,
CME NYMEX ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Extraterritoriality Rules ,
International Litigation ,
Market Manipulation ,
Morrison v National Australia Bank ,
Oil & Gas ,
Price Manipulation ,
SCOTUS ,
Securities Violations ,
Sherman Act
On May 3, 2017, the Commodity Futures Trading Commission (CFTC) voted to seek public input on simplifying and modernizing the agency’s rules (Project KISS, 82 Fed. Reg. 21494 (May 9, 2017)). CFTC Acting Chairman J....more