Final Rule

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

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

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 RegisterRulePress Release.

Fed Rule on Risk-Management Standards for FMUs

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

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.

CFTC Final Rule on Review of Swaps for Mandatory Clearing

On July 19, pursuant to Sections 723(a)(3) and 745(b) of the Dodd-Frank Act, the CFTC adopted Regulation 39.5 establishing procedures for: (i) determining the eligibility of a derivatives clearing organization (DCO) to clear swaps; (ii) the submission of swaps by a DCO to the CFTC for a mandatory clearing determination; (iii) CFTC-initiated review of swaps; and (iv) staying a clearing requirement while the clearing of a swap is reviewed. The final rule will be effective 60 days after publication in the Federal Register. CFTC Fact Sheet. CFTC Final Rule.

Final Rule to Establish a Risk-Based Capital Floor

On June 14, the Fed, FDIC and OCC, consistent with Section 171 of the Dodd-Frank Act, adopted a final rule establishing a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The final rule will be effective 30 days after publication in the Federal Register. FDIC Release.

Fed Final Rule Implementing Volcker Rule

On February 9, the Fed approved a final rule, as required by the Dodd-Frank Act, implementing the conformance period during which banking entities and nonbank financial companies supervised by the Fed must bring their activities and investments into compliance with the Volcker Rule. The final rule will become effective on April 1. Fed Release. Final Rule.

FDIC Rule on Assessments, Dividends, Assessment Base, and Large Bank Pricing

On February 7, the FDIC approved a final rule on assessments, dividends, assessment base, and large bank pricing. The rule implements changes to the deposit insurance assessment system, as required by the Dodd-Frank Act, and revises the assessment system applicable to large banks to eliminate reliance on debt issuer ratings and make it more forward looking. FDIC Release.