On September 29, the U.S. Commodity Futures Trading Commission announced that it would issue an award of approximately $290,000 to whistleblowers for providing valuable information about violations of the Commodity Exchange Act. The award is provided if reporting leads to an enforcement action that results in more than $1 million in monetary sanctions. Press Release.
Commodity Futures Trading Commission (CFTC)
CFTC Extends No-Action Relief on the Applicability of Transaction-Level Requirements for Non-U.S. Swap Dealers
On August 13, 2015, CFTC Division of Swap Dealer and Intermediary Oversight, Clearing and Risk, and Market Oversight extended a time-limited no-action relief to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the United States for certain transaction-level requirements under the Commodity Exchange Act. Subject to certain limitations, the relief has now been extended until the earlier of September 30, 2016 or the effective date of any CFTC action with respect to applicability of the transaction-level requirements in certain situations specified in the no-action letter. Press Release. No Action Letter.
CFTC Issues Its First Ever Order of Exemption from Registration as a Derivatives Clearing Organization
On August 18, CFTC issued an order of exemption from registration as a derivative clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX). The order is the first of its kind issued by CFTC based on its authority under Section 5b(h) of the Commodity Exchange Act. The provision permits CFTC to exempt a clearing organization from DCO registration if it determines that such organization is subject to comparable and comprehensive supervision by appropriate government authorities in the organization’s home country. Press Release.
CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps
On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating to swap data reporting in connection with cleared swaps. The amendments are aimed at providing additional clarity to swap counterparties and registered entities regarding their reporting obligations and improving efficiency of data collection and maintenance associated with the reporting. The comment period for the proposed amendments will be 60 days after publication in the Federal Register. Press Release. Rule.