Corporate & Financial Weekly Digest

Latest from Corporate & Financial Weekly Digest

On October 8, the Commodity Futures Trading Commission (CFTC) announced that it will hold an open meeting on October 15. At this meeting, the CFTC will consider the following: Final Rule: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (Phase VI Compliance Date Extension); Final Rule: Exemption from Registration for Certain Foreign Intermediaries; and Final Rule: Position Limits for Derivatives. The meeting will be held virtually in accordance with CFTC’s implementation…
On October 6, the National Futures Association (NFA) issued Notice I-20-37 to announce changes to the no-action relief that had previously been issued relating to fingerprinting requirements for applicants for registration as an associated person (AP) and natural person principals of an applicant or registrant found at NFA Registration Rules 204(a)(2)(A) and 206(a)(1)(A). The NFA’s action follows a decision by the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediate Oversight (Division) that…
On September 24, the UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) updated their respective statements, originally published in March, regarding key workers and working from home during the COVID-19 pandemic. Both the FCA and PRA advised firms to follow government advice on remote working until notified otherwise. In addition, the FCA further updated its statement in respect of work-related travel and the responsibilities of senior managers under the Senior Managers and…
On September 30, the UK Financial Conduct Authority (FCA) published a statement outlining an additional six month extension and amendments to a temporary coronavirus (COVID-19) measure regarding a requirement to notify investors of depreciations in the value of their account. The measure originally issued on March 31 and would have expired on September 30, but for the extension provided by the FCA. Ordinarily, firms providing portfolio management services or holding retail client accounts with positions…
On September 21, the Division of Corporation Finance of the Securities and Exchange Commission issued a new Compliance and Disclosure Interpretation (C&DI) regarding the treatment of benefits provided to executive officers in light of the COVID-19 pandemic and whether such benefits constitute perquisites or personal benefits that must be disclosed in a registrant’s summary compensation table and included when determining the registrant’s three most highly compensated officers (other than the registrant’s principal executive officer and…
On September 11, the Commodity Futures Trading Commission (CFTC) announced that the Division of Swap Dealer and Intermediary Oversight (DSIO) and the Division of Market Oversight (DMO) had issued CFTC Letter No. 20-26, further extending certain elements of the temporary no-action relief issued in response to the COVID-19 pandemic that are set to expire on September 30. The extended relief expires on January 15, 2021. DSIO and DMO initially granted temporary relief on March 17…
On September 15, the staff of the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) and Division of Swap Dealer and Intermediary Oversight (DSIO) issued CFTC Letter No. 20-28, providing supplemental guidance and further no-action relief with respect to the treatment of separate accounts by futures commission merchants (FCMs). Initial guidance and relief was set out in CFTC Letter No. 19-17, which was issued in July 2019. As reported in the July…
The Commodity Futures Trading Commission will hold an open meeting on September 17, from 10:00 a.m. to 3:00 p.m. ET, to consider adopting several final rules, including with respect to: registration with alternative compliance for non-US derivative clearing organizations; amendments to real-time public reporting requirements under the CFTC’s Part 43 rules; amendments to swap data recordkeeping and reporting requirements under the CFTC’s Part 45 rules; and amendments to the CFTC’s regulations relating to certain swap…
On August 20, the Commodity Futures Trading Commission opened registration and released the agenda for LabCFTC’s first Empower Innovation 2020 session, “The Power of Innovation: Where Tech & Crisis Collide.” Empower Innovation 2020 is a three-part virtual series hosted by LabCFTC to facilitate a dialogue on fintech innovation among innovators, regulators, market participants and the public. The agenda includes discussions on technology and innovation during the pandemic as well as its role in rebuilding after…
On August 19, the European Securities and Markets Authority (ESMA) published a letter it sent to the European Commission on its proposed areas of recommendation for the upcoming review of the Alternative Investment Fund Managers Directive (AIFMD). Since AIFMD’s implementation in 2011 and as a result of the COVID-19 pandemic, ESMA and EU financial regulators have identified areas of improvement to AIFMD. The review provides an opportunity for their recommendations to be enacted. The key…