Final Rule

CFTC Unanimously Approves Final Rule Amending Swap Execution Facility Requirements

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On November 18, the CFTC unanimously approved a final rule amending certain parts of its regulations relating to the execution of “package transactions” on swap execution facilities (SEFs) and the resolution of error trades on SEFs. The final rule amends part 37 of CFTC regulations to allow the swap components of certain categories of package transactions to be executed on SEF but through flexible means of execution rather than through the required methods of execution for “required transactions.” Release.

CFPB Amends Records and Information Disclosure Requirements

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On October 29, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending its disclosure of records and information regulation. The new rule intends to increase protection of confidential information and improve clarity and transparency with agency partners and others. Final Rule.

CFTC Approves Final Swap Dealer Capital Rule

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On July 22, the Commodity Futures Trading Commission (CFTC) approved a final rule regarding new capital and financial reporting requirements for swap dealers and major swap participants that are not subject to supervision by a banking regulator and imposing financial reporting requirements for swap dealers and major swap participants generally. The final rule provides swap dealers and major swap participants three alternative methods to establish and meet minimum capital requirements depending on the characteristics of their business. The final rule also includes: a comprehensive model approval process; accompanying financial reporting, recordkeeping, and notification requirements; and a substituted compliance determination process for those swap dealers that may already be required to maintain capital in accordance with a foreign regulator. Release.

SEC Adopts Final Rule Amending Required Financial Disclosures Regarding Acquisition and Disposal of Businesses

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On May 20, the Securities and Exchange Commission (SEC) adopted a final rule amending the existing rules for registrants that determine whether a subsidiary or an acquired or disposed business is significant and the relevant disclosure requirements for the related financial statements. The changes will become effective on January 1. Rule.

CFTC Approves Final Rule to Amend Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps

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The U.S. Commodity Futures Trading Commission (CFTC) issued a final rule that clarified reporting obligations for completed swap transactions, such as providing additional instruction relating to who must report the various aspects of the transaction. Release.

SEC Adopts Amendment to Form 10-K

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On June 1, 2016, the Securities and Exchange Commission (SEC) approved an interim final rule implementing Section 72001 of the Fixing America’s Surface Transportation (FAST) Act. The rule allows Form 10-K registrants to provide a summary of business and financial information contained in the annual report, provided that each item in the summary includes a cross-reference by hyperlink to the material contained in the Form 10-K to which such item relates.  The rule will become effective once published in the Federal Register.  Rule.  Press Release.

Fed Rule on Risk-Management Standards for FMUs

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On July 30, the Fed approved a final rule, Regulation HH, implementing provisions of sections 805(a) and 806(e) of the Dodd-Frank Act. The final rule establishes risk-management standards related to the payment, clearing, and settlement activities of certain financial market utilities (FMUs) designated as systemically important by the FSOC, and standards for determining when a designated FMU must provide advance notice of proposed changes to its rules, procedures, or operations. The rule will be effective on September 14. Fed Release. Final Rule.

CFTC Final Rule on Non-Narrow-Based Security Index Futures

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On September 26, the CFTC adopted Rule 30.13 establishing a certification procedure for the offer or sale to persons in the U.S. of non-narrow-based security index futures contracts traded on foreign boards of trade. The new certification procedure will replace the existing staff no-action process. The final rule will be effective on October 26. CFTC Final Rule.