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Castellano, Gina - Partner Profile ...elated fraud, and money laundering. She also managed relationships with stakeholders at the SEC and CFTC, as well as federal law enforcement agencies. Gina also served as an acting Deputy Chief of the...
Cotton, Nikita B. - Associate Profile ...atters, including advising clients on novel and complex financial products regulated by the SEC and CFTC. Nikita received her J.D. from the University of Michigan Law School, where she served as the...
Greenberg, Andrew M. - Associate Profile ...ement matters. He advises clients on various matters associated with the Commodity Exchange Act and CFTC regulations, Dodd-Frank implementation, energy and commodity transactions, and enforcement matt...
Grieve, Duncan - Partner Profile ...rity, the UK Serious Fraud Office, the London Metals Exchange, the U.S. Department of Justice, SEC, CFTC and FBI. Acted for general counsel in numerous investigations including into high-profile acco...
Guberman, Phara A. - Partner Profile ...rcement Actions,"New York Law Journal, March 2021 "Musk's Crypto Tweets Likely Didn't Violate SEC, CFTC Rules,"Law360, March 2021 "GameStop Stock Trading Poses 'Manipulation' Challenges for Regulato...
Halper, Jason M. - Partner Experience ...cords violations. A former employee of an international financial institution in connection with a CFTC investigation into alleged manipulation of reference benchmark rates. A global financial insti...
Hawkins, Howard R. - Senior Counsel Profile ...s public corporations. Howard also represents financial institutions and their officers in SEC and CFTC investigations and in connection with criminal cases brought by the U.S. Department of Justice....
Hunter, Marcus - Associate Profile ...nancial institutions on regulatory matters such commodities and derivatives transactions within the CFTC framework, capacity and authority reviews for energy transactions, ISDA security-based swaps pr...
Jeffs, Anthony - Associate Profile ...Utah. While in law school, Anthony also completed externships with the Enforcement Division of the CFTC and the Enforcement Section of the FDIC....
Larson, Christian - Special Counsel Profile ...ce (DOJ), the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), the Federal Reserve, the Office of the Comptroller of the Currency (OCC), FINRA, FinCEN, and...
Malyshev, Peter Y. - Partner Profile ...s, derivatives, and securities products regulated by the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). For over 25 years, Peter has assisted...

CFTC Derivative Rules Again Vex Banks
February 09, 2024
Cadwalader partner Jed Miller spoke with Asset-Backed Alert about how banks are grappling with ways to issue synthetic bonds that transfer risk on some types of consumer loans and mortgages without tr
https://www.cadwalader.com/news/recent-press/cftc-derivative-rules-again-vex-banks
Tales From The Crypto Bill 2: From Fees To State Licensees
June 13, 2022
slation to establish a regulatory framework for digital assets, including the primary role that the CFTC would assert in such regulation. Click to read.
https://www.cadwalader.com/news/recent-press/tales-from-the-crypto-bill-2-from-fees-to-state-licensees
Citigroup Trader Non-Prosecution Pact Signals New CFTC Tactic
June 30, 2017
ver non-prosecution agreements. An excerpt from "Citigroup Trader Non-Prosecution Pact Signals New CFTC Tactic," Bloomberg BNA, June 30, 2017: The use of the non-prosecution agreements signals a "mo
https://www.cadwalader.com/news/recent-press/citigroup-trader-non-prosecution-pact-signals-new-cftc-tactic
Compliance Officers: Uniform CFTC and SEC Rules?
June 02, 2017

https://www.cadwalader.com/news/recent-press/compliance-officers-uniform-cftc-and-sec-rules
CFTC Adopts Uncleared Cross-Border Swap Margin Rule
May 31, 2016

https://www.cadwalader.com/news/recent-press/cftc-adopts-uncleared-cross-border-swap-margin-rule

Cadwalader Enhances Bank Regulatory Team With Former FDIC Leader Andrew Karp
s. In less than two years, the firm has welcomed top UK financial regulatory partner Alix Prentice, CFTC regulatory partner Peter Malyshev, and former FTC lawyer and leading fintech and consumer finan
https://www.cadwalader.com/news/news-release/cadwalader-enhances-bank-regulatory-team-with-former-fdic-leader-andrew-karp
Cadwalader Adds Market-Leading CFTC Regulatory Partner Peter Y. Malyshev
s, derivatives, and securities products regulated by the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC). For over 25 years, Malyshev has assiste
https://www.cadwalader.com/news/news-release/cadwalader-adds-market-leading-cftc-regulatory-partner-peter-y-malyshev
Cadwalader Advises ISDA on Variation Margin Protocol
counterparties. This will allow them to meet the mandates under four different regulatory regimes (CFTC, US prudential regulators, EU, and Japan). The regulations are expected to have an impact on te
https://www.cadwalader.com/news/news-release/cadwalader-advises-isda-on-variation-margin-protocol

Financial Markets Resource Center
finance deal documents. Read on for our guidance. Special Alert: SVB, Signature Bank and the CFTC Many of the transactions involving qualified financial contracts (“QFC”) with Si
https://www.cadwalader.com/resources/financial-markets-resource-center

APGA Gas Supply Conference 2024
the 2024 APGA Gas Supply Conference in Naples, FL. He will participate on the “How CFTC Regulation Impacts Hedgers and Municipalities” panel. See the the full agenda here.
https://www.cadwalader.com/resources/events/apga-gas-supply-conference-2024-
The Market Risk Advisory Committee’s Roundtable
ading and environmental derivatives at the Market Risk Advisory Committee’s roundtable at the CFTC Headquarters in Washington, D.C. The Market Risk Advisory Committee&rsq
https://www.cadwalader.com/resources/events/the-market-risk-advisory-committees-roundtable
CFTC’s Market Risk Advisory Committee Meeting
er Peter Malyshev will speak on the "Climate-Related Market Risk" roundtable at CFTC’s Market Risk Advisory Committee meeting on Monday, July 10th in Washington, D.
https://www.cadwalader.com/resources/events/cftcs-market-risk-advisory-committee-meeting
FIA’s Law & Compliance Division Conference 2023
Execution & Clearing.” The panel will cover recent Commodity Futures Trading Commission (CFTC) and Securities Exchange Commission (SEC) market structure initiatives as they relate to execut
https://www.cadwalader.com/resources/events/fias-law--compliance-division-conference-2023
A Candid Conversation with New CFTC Commissioner Christy Goldsmith Romero
Peter Malyshev will moderate a panel with new CFTC Commissioner Christy Goldsmith Romero. A Candid Conversation with New CFTC Commissioner Christy Goldsmith Romero Monday, July 25
https://www.cadwalader.com/resources/events/a-candid-conversation-with-new-cftc-commissioner-christy-goldsmith-romero
FIA's Law & Compliance Division Conference
ectronic and SEF Trading” featuring panelists from the Commodity Futures Trading Association (CFTC), CME Group, Interactive Brokers, the National Futures Association and Steptoe & Johnson. T
https://www.cadwalader.com/resources/events/fias-law--compliance-division-conference
2016 Regulatory, Enforcement and Compliance Seminar
e than 30 years of experience advising clients on energy regulatory matters related to the FERC and CFTC. Paul J. Pantano, Jr., Head of Cadwalader’s Energy & Commodities Group, and former tr
https://www.cadwalader.com/resources/events/2016_regulatory_enforcement_and_compliance_seminar
Common Trading Practices: Disruptive or Not?
The CFTC has issued guidance and a number of exchanges, including CME and ICE, have issued express rules prohibiting disruptive trading practices. The guidance and the rules provide broad prohibi
https://www.cadwalader.com/resources/events/disruptive_trading_practices_roundtable
The American Law Institute: The Volcker Rule 2015: A Regulatory Update
(SEC), Office of the Comptroller of the Currency (OCC) and Commodity Futures Trading Commission (CFTC) issued a common set of regulations to implement the Volcker Rule. During this time US banks,
https://www.cadwalader.com/resources/events/volcker-rule-2015-a-regulatory-update

It’s The End of LIBOR As We Know It
to certain “best practices”) in July. To help buttress liquidity in SOFR trading, the CFTC’s Market Risk Advisory Committee (“MRAC”) adopted the “SOFR First&
https://www.cadwalader.com/resources/articles/its-the-end-of-libor-as-we-know-it-cwt
CFTC Considers FTX’s Democratized Clearing Proposal
On May 25, 2022, the U.S. Commodity Futures Trading Commission (“CFTC”) conducted a public hearing to consider a request from LedgerX, LLC, d.b.a. FTX US Derivatives (“FTX&
https://www.cadwalader.com/resources/articles/cftc-considers-ftxs-democratized-clearing-proposal
CFTC Considers Greater Regulation of Carbon Offset Markets
On June 2, 2022, the Commodity Futures Trading Commission (“CFTC”) convened for the first time market participants to discuss the state and the challenges of the U.S. voluntary c
https://www.cadwalader.com/resources/articles/cftc-considers-greater-regulation-of-carbon-offset-markets
CFTC’s Swap Reporting Advisory
Accurate and timely reporting of swap data is the cornerstone of swap regulation. The CFTC had promulgated its swap reporting rules in 2012, and were after 2012 among the first rules implementing the
https://www.cadwalader.com/resources/articles/cftcs-swap-reporting-advisory
In Depth: Regulation and Enforcement of the Digital Assets Markets, Part Two – Focus on Enforcement
approach to the digital asset space, with a focus on the assertion of jurisdiction by the CFTC, the SEC, prudential regulators, state executive and legislative branches, and Congressional in
https://www.cadwalader.com/resources/articles/in-depth-regulation-and-enforcement-of-the-digital-assets-markets-part-two--focus-on-enforcement
CFTC’s Enforcement of Fraudulent and Manipulative Pump-and-Dump Scheme in Crypto Commodities
The Commodity Futures Trading Commission (“CFTC”) has two levels of jurisdiction under the Commodity Exchange Act (“CEA”). Continue reading.
https://www.cadwalader.com/resources/articles/cftcs-enforcement-of-fraudulent-and-manipulative-pump-and-dump-scheme-in-crypto-commodities
CFTC Penalizes an Inadvertent Commodity Trading Advisor
Once in a while, a Commodity Futures Trading Commission (“CFTC”) enforcement action confirms market participants’ worst fears that the CFTC is prepared to, and is able to, find viola
https://www.cadwalader.com/resources/articles/cftc-penalizes-an-inadvertent-commodity-trading-advisor
CFTC Finalizes Rule Regarding LIBOR Transition Clearing Requirement Determination for Certain Interest Rate Swaps
On August 12, the Commodity Futures Trading Commission (“CFTC”) issued a final rule amending its Regulation 50.4(a) clearing requirements for swaps. The latest in a se
https://www.cadwalader.com/resources/articles/cftc-finalizes-rule-regarding-libor-transition-clearing-requirement-determination-for-certain-interest-rate-swaps
Unpredictable Future of Political Prediction Markets
On August 4, the U.S. Commodity Futures Trading Commission (“CFTC”) had withdrawn its no-action letter (i.e., permission to operate) with respect to PredictIt, an online predicti
https://www.cadwalader.com/resources/articles/unpredictable-future-of-political-prediction-markets
DOJ, SEC and CFTC Announce Parallel Criminal and Civil Charges Against Sam Bankman-Fried, FTX Trading and Alameda Research
e Commission (the “SEC”), and the U.S. Commodity Futures Trading Commission (the “CFTC”) announced parallel criminal and civil actions (here, here and here) agai
https://www.cadwalader.com/resources/articles/doj-sec-and-cftc-announce-parallel-criminal-and-civil-charges-against-sam-bankman-fried-ftx-trading-and-alameda-research
New Bipartisan Bill Takes Aim at Digital Asset Money Laundering and Terrorism Finance
nbsp;Lummis/Gillibrand, and does not address the Commodity Futures Trading Commission (“CFTC”)/Securities and Exchange Commission (“SEC”) jurisdictional reach over digita
https://www.cadwalader.com/resources/articles/new-bipartisan-bill-takes-aim-at-digital-asset-money-laundering-and-terrorism-finance
Latest CFTC Action on LIBOR Transition
t regulatory action for 2022, on December 23, the U.S. Commodity Futures Trading Commission (“CFTC”) published its staff no-action letter No. 22-21 (“NAL”) allowing c
https://www.cadwalader.com/resources/articles/latest-cftc-action-on-libor-transition
Regulation: Oversight for Carbon Offset Market
ratic senators have written a comment letter to the Commodity Futures Trading Commission (CFTC) asking for improved regulation of the market for carbon offsets in response to the CFTC’
https://www.cadwalader.com/resources/articles/regulation-oversight-for-carbon-offset-market
CFTC Chair Confirms CFTC's Planned Involvement in Policing the U.S. Carbon Markets
On January 23, the Chairman of the Commodity Futures Trading Commission (“CFTC”), Rostin Behnam, announced in his keynote speech at the Commodity Markets Council’s annual c
https://www.cadwalader.com/resources/articles/cftc-chair-confirms-cftcs-planned-involvement-in-policing-the-us-carbon-markets
InDepth: CFTC’s Regulatory Priorities for 2023
and mortality, it is certain that during 2023 the U.S. Commodity Futures Trading Commission (“CFTC”) will promulgate new rules, issue interpretation and guidance, issue no-action letters,
https://www.cadwalader.com/resources/articles/indepth-cftcs-regulatory-priorities-for-2023
CFTC Enforcement − Aiding and Abetting Liability
is testing and providing valuable guidance on various Commodity Futures Trading Commission (“CFTC”) enforcement theories under the Commodity Exchange Act (“CEA”). One such cau
https://www.cadwalader.com/resources/articles/cftc-enforcement--aiding-and-abetting-liability
SVB and Signature Bank Resolution – CFTC-Related Implications
Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be affected by recent SVB and Signature Bank failu
https://www.cadwalader.com/resources/articles/svb-and-signature-bank-resolution--cftc-related-implications
Current State of Crypto Regulation in New York
thorities, the U.S. Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and Department of Justice (DOJ). Of course, the actions also come on the heels of the well-pu
https://www.cadwalader.com/resources/articles/current-state-of-crypto-regulation-in-new-york
CFTC Charges Binance and its Founder with Multiple CEA Violations
On March 27, the Commodity Futures Trading Commission (“CFTC”), the U.S. derivatives regulator, charged three Binance entities (collectively “Binance”) and its founde
https://www.cadwalader.com/resources/articles/cftc-charges-binance-and-its-founder-with-multiple-cea-violations
Bank of England and CFTC Announce Agreement on CCP Supervision
e an assessment of the level of risk to UK financial stability that incoming CCPs supervised by the CFTC pose and has determined that it can defer to the CFTC as the home supervisory authority. Conti
https://www.cadwalader.com/resources/articles/bank-of-england-and-cftc-announce-agreement-on-ccp-supervision
Enhancing Disclosure Requirements for Derivatives
ed enforcement actions in April 2023 indicate that the Commodity Futures Trading Commission (“CFTC”) is expecting increased swaps disclosure by swap dealers under the Dodd-Frank Act of 201
https://www.cadwalader.com/resources/articles/enhancing-disclosure-requirements-for-derivatives
CFTC Issues Advisory on Prime Brokerage Arrangements on SEFs and DCO Registration Requirements
On May 17, the staff of Commodity Futures Trading Commission (“CFTC”) Division of Clearing and Risk (“DCR”) issued an advisory (“Advisory”) that encourage
https://www.cadwalader.com/resources/articles/cftc-issues-advisory-on-prime-brokerage-arrangements-on-sefs-and-dco-registration-requirements
Risks Associated with Clearing Digital Assets
vision of Clearing and Risk (“DCR”) of the Commodity Futures Trading Commission (“CFTC”) issued an advisory (“05/30/23 DCO Advisory”) relating to register
https://www.cadwalader.com/resources/articles/risks-associated-with-clearing-digital-assets
CFTC Urges Potential Whistleblowers to Report Carbon Credit Misconduct
he Whistleblower Office of the Division of Enforcement of the Commodity Futures Trading Commission (CFTC) issued an alert on June 20, 2023 advising the public on how to identify and rep
https://www.cadwalader.com/resources/articles/cftc-urges-potential-whistleblowers-to-report-carbon-credit-misconduct
CFTC Enforcement Focus on DeFi
The CFTC has announced three enforcement actions this month that further cement the CFTC’s jurisdiction over the decentralized finance space (“DeFi”). Back in 2022, the CFT
https://www.cadwalader.com/resources/articles/cftc-enforcement-focus-on-defi
CFTC Further Expands the Definition of CTA
On August 29, 2023, the U.S. District Court for the Western District of Texas entered a consent order ("Order") and imposed sanctions on Barelt Media and its owner Ryan Masten for operating an unregis
https://www.cadwalader.com/resources/articles/cftc-further-expands-the-definition-of-cta
Fight Over Political Event Futures Contracts Remains Contentious
On September 22, the U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) issued an order disapproving the listing and trading of congressional
https://www.cadwalader.com/resources/articles/fight-over-political-event-futures-contracts-remains-contentious
CFTC Extends OCR Final Rule Relief
On September 22, 2023, the Commodity Futures Trading Commission’s (the “CFTC” or the “Commission") Division of Market Oversight extended its no-action position regard
https://www.cadwalader.com/resources/articles/cftc-extends-ocr-final-rule-relief

Scott Cammarn Discusses the Passage of the Final Volcker Rule in an Interview with Bloomberg
he Federal Reserve Board ("FRB"), FDIC, Officer of the Comptroller of the Currency ("OCC"), SEC and CFTC (the "Agencies") issued final rules implementing Section 619 of the Dodd-Frank Act, commonly kn
https://www.cadwalader.com/players/brightcove/2938780207001

Proposed Regulations Issued With Respect to FBAR Filing Requirements
change Commission (the “SEC”) or the Commodities Futures Trading Commission (the “CFTC”). An entity registered with and examined by the SEC that provides services to an
https://www.cadwalader.com/resources/clients-friends-memos/proposed-regulations-issued-with-respect-to-fbar-filing-requirements
An Analysis of the Dodd-Frank Act's Volcker Rule
security or financial instrument that the appropriate Federal banking agencies, the [SEC] and the [CFTC] may, by rule ... determine. As indicated above, “proprietary trading” requires th
https://www.cadwalader.com/resources/clients-friends-memos/an-analysis-of-the-dodd-frank-acts-volcker-rule
DOL Provides Important ERISA Guidance Regarding Cleared Swaps
y with its agreement. Additionally, the DOL noted that Commodity Futures Trading Commission (“CFTC”) rules require clearing members to collect margin from customers, and that a plan custom
https://www.cadwalader.com/resources/clients-friends-memos/OL-provides-important-ERISA-guidanc
Prudential Regulators Release Final Margin Rules for Swaps
arty would be eligible for an exemption from mandatory clearing under the Commodity Exchange Act or CFTC rules (or under comparable Securities Exchange Act and SEC requirements).7 The result app
https://www.cadwalader.com/resources/clients-friends-memos/prudential-regulators-release-final-margin-rules-for-swaps
New MiFID I Consultation Paper Creates Further Challenges for Commodity Market Participants
r jurisdiction, under long-standing precedent, the US Commodity Futures Trading Commission’s (CFTC) regulations have explicitly excluded forward contracts from regulation as futures and, more re
https://www.cadwalader.com/resources/clients-friends-memos/new-mifd-consultation-paper-creates-further-challenges-for-commodity-market-participants
CFTC Releases Swap Dealer De Minimis Report
CFTC Staff’s Preliminary Report on whether to modify the swap dealer de minimis threshold highlights the difficulty in identifying swap dealing activity and problems with swap data reporting Wh
https://www.cadwalader.com/resources/clients-friends-memos/cftc-releases-swap-dealer-de-minimis-report
Obama Administration’s Financial Regulatory Reform Proposal Introduced
consult with the Federal Reserve, including the Secretary of Treasury, and the heads of the SEC and CFTC. Expand regulation of securitization, over-the-counter derivatives, and investment advisors to
https://www.cadwalader.com/resources/clients-friends-memos/obama-administrations-financial-regulatory-reform-proposal-introduced
Regulation of Systemically Significant NonBanks Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
he heads of the Federal Reserve, OCC, Bureau of Consumer Financial Protection (“BCFP”), CFTC, SEC, FDIC, Federal Housing Finance Agency (“FHFA”), and National Credit Union Admi
https://www.cadwalader.com/resources/clients-friends-memos/regulation-of-systemically-significant-nonbanks-under-the-dodd-frank-wall-street-reform-and-consumer-protection-act
The Volcker Rule’s Impact on Banking Entities’ Ownership and Sponsorship of Structured Finance and Securitization Transactions
ool status under Section 4.7 of the regulations of the Commodity Futures Trading Commission (“CFTC”) or that could qualify as an exempt pool and the participation units of which have not b
https://www.cadwalader.com/resources/clients-friends-memos/the-volcker-rules-impact-on-banking-entities-ownership-and-sponsorship-of-structured-finance-and-securitization-transactions
CFTC Extends No-Action Relief for Swaps Executed as Part of Certain Package Transactions
n of Market Oversight (“DMO”) for the U.S. Commodity Futures Trading Commission (“CFTC”) issued an additional extension of no-action relief for swaps executed as part of &ldquo
https://www.cadwalader.com/resources/clients-friends-memos/cftc-extends-no-action-relief-for-swaps-executed-as-part-of-certain-package-transactions
The Dodd-Frank Act May Require Registration as a "Commodity Pool Operator" and a "Commodity Trading Advisor" for Entities Associated with Securitization Transactions
Upon effectiveness of the U.S. Commodity Futures Trading Commission (“CFTC”) final rules defining “swaps” under the Dodd-Frank Act, entities associated with securitization tran
https://www.cadwalader.com/resources/clients-friends-memos/the-dodd-frank-act-may-require-registration-as-a-commodity-pool-operator-and-a-commodity-trading-advisor-for-entities-associated-with-securit
The Dodd-Frank Whistleblower Provisions: Considerations for Effectively Preparing for and Responding to Whistleblowers
modity Exchange Act (the “CEA”) to the Commodity Futures Trading Commission (the “CFTC”).2 While the Sarbanes-Oxley Act (“SOX”) encouraged up-the-ladder repor
https://www.cadwalader.com/resources/clients-friends-memos/the-dodd-frank-whistleblower-provisions-considerations-for-effectively-preparing-for-and-responding-to-whistleblowers
Obama Proposal for Regulatory Reform as It Relates to OTC Derivatives Markets
nt to the OTC derivatives market. First, fragmentation of the federal regulatory system (SEC, CFTC and banking regulators) has created gaps and weakness in the nation’s oversight of financ
https://www.cadwalader.com/resources/clients-friends-memos/obama-proposal-for-regulatory-reform-as-it-relates-to-otc-derivatives-markets
CFTC Issues No-Action Relief for Amended Legacy Swaps between SDs and SPVs
iary Oversight (the “Division”) of the Commodity Futures Trading Commission (the “CFTC”) issued no-action relief regarding compliance with certain of its swap regulations, incl
https://www.cadwalader.com/resources/clients-friends-memos/cftc-issues-no-action-relief-for-amended-legacy-swaps-between-sds-and-spvs
The Obama Administration’s Financial Regulatory Reform Proposal
hat are depository institutions, SEC-registered broker-dealers, SEC-registered investment advisers, CFTC-registered futures commission merchants or state-licensed insurance companies. The Federal Res
https://www.cadwalader.com/resources/clients-friends-memos/the-obama-administrations-financial-regulatory-reform-proposal
CFTC, Prudential Regulators Propose Margin Rules for Non-Cleared Swaps
On April 12, 2011, the Commodity Futures Trading Commission (“CFTC”) voted 4-1 to issue proposed rules establishing minimum initial and variation margin requirements for non-cleared swaps
https://www.cadwalader.com/resources/clients-friends-memos/cftc-prudential-regulators-propose-margin-rules-for-non-cleared-swaps
Over-the-Counter Derivatives Markets Act of 2009
ii) require the registration with potentially both the Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) of both dealers in, and
https://www.cadwalader.com/resources/clients-friends-memos/over-the-counter-derivatives-markets-act-of-2009
The New Scheme for the Regulation of Swaps, with Appendices on Retroactivity, Special Entities and Tax, Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
ves Legislation will give primary authority to the Commodity Futures Trading Commission (the “CFTC”) and the Securities Exchange Commission (the “SEC” and, together with the CF
https://www.cadwalader.com/resources/clients-friends-memos/the-new-scheme-for-the-regulation-of-swaps-with-appendices-on-retroactivity-special-entities-and-tax-under-the-dodd-frank-wall-street-reform-
SEC Adopts Significant Amendments to Private Placement Rules: JOBS Act Rules Eliminate Ban on General Solicitation and Dodd-Frank Mandate Disqualifies Bad Actors
p; Relating to the Commodity Exchange Act, Commodity Futures Trading Commission (“CFTC”) Rules and NFA Rules Managers of “commodity pools” that are offered pursu
https://www.cadwalader.com/resources/clients-friends-memos/sec-adopts-significant-amendments-to-private-placement-rules
The Dodd-Frank Act’s Impact on Affiliate Transactions
is extremely broad and includes many transactions not ordinarily regarded as swaps. While the CFTC is to issue a regulation that will further interpret the term swap as used in Title VII the CFT
https://www.cadwalader.com/resources/clients-friends-memos/the-dodd-frank-acts-impact-on-affiliate-transactions
SEC Adopts Dodd-Frank Act Investment Adviser Rules and Delays Implementation of Some Deadlines
d-Frank Act described above, on June 16, 2011, the Commodity Futures Trading Commission (the “CFTC”) issued a proposed order granting temporary relief from certain provisions of Title VII
https://www.cadwalader.com/resources/clients-friends-memos/sec-adopts-dodd-frank-act-investment-adviser-rules-and-delays-implementation-of-some-deadlines
The Lincoln Amendment: Banks, Swap Dealers, National Treatment and the Future of the Amendment
this memorandum generally to refer to both “swap dealers” (who will be regulated by the CFTC) and “security-based swap dealers” (who will be regulated by the SEC). For further
https://www.cadwalader.com/resources/clients-friends-memos/the-lincoln-amendment_banks_swap-dealers_national-treatment-and-the-future-of-the-amendment
Some Concerns with the Derivatives Legislation
cues. It has been rumored that the Office of Thrift Supervision would be eliminated; that the CFTC would be merged into the SEC; that the SEC would be reduced in stature; that the FDIC would be
https://www.cadwalader.com/resources/clients-friends-memos/some-concerns-with-the-derivatives-legislation
Draft U.S. Law Seeks to Regulate Credit Default Swaps
h a central clearinghouse registered with the U.S. Commodity Futures Trading Commission (the “CFTC”) or through certain other regulated clearing organizations, with the potential for exemp
https://www.cadwalader.com/resources/clients-friends-memos/draft-us-law-seeks-to-regulate-credit-default-swaps
SEC SBSD Recordkeeping and Reporting Proposal
ive,7 and thus there is a potential benefit to commenting on the bank SBSD rule set.8 Comparison to CFTC Requirements for Swap Dealers. Comparison to CFTC Requirements for Swap Dealers The SEC d
https://www.cadwalader.com/resources/clients-friends-memos/sec-sbsd-recordkeeping-and-reporting-proposal
SEC Proposal Would Require Business Continuity and Transition Plans for Investment Advisers
try Regulatory Authority (“FINRA”),[2] the Commodity Futures Trading Commission (“CFTC”),[3] and the National Futures Association (“NFA”),[4] would require that suc
https://www.cadwalader.com/resources/clients-friends-memos/sec-proposal-would-require-business-continuity-and-transition-plans-for-investment-advisers
The Trump Administration: Change By Appointment
ties markets encompasses securities, including security options, security futures (jointly with the CFTC), and security-based swaps. The SEA provides for the Commission to be led by up to five Commis
https://www.cadwalader.com/resources/clients-friends-memos/the-trump-administration-change-by-appointment
The Trump Administration: Potential Levers of Regulatory Change Affecting the Commodities Markets
ommittee on Agriculture urged the Chairman of the U.S. Commodity Futures Trading Commission (“CFTC”) to “refrain from pushing through controversial regulations at the end of your ten
https://www.cadwalader.com/resources/clients-friends-memos/the-trump-administration-potential-levers-of-regulatory-change-affecting-the-commodities-markets
The Trump Administration: President Trump Issues Executive Actions on Dodd-Frank and the DOL Fiduciary Rule
s of the FSOC member agencies (i.e., the Federal Reserve, the FDIC, the OCC, the CFPB, the SEC, the CFTC, the NCUA, and the FHFA) to issue a report within 120 days, and periodically thereafter, addres
https://www.cadwalader.com/resources/clients-friends-memos/the-trump-administration-president-trump-issues-executive-actions-on-dodd-frank-and-the-dol-fiduciary-rule
Choose One: Best Interest or Full Service
ural person, and would thus include family trusts and offices. 12 This language is lifted from the CFTC and SEC swap guidance, which provides an exemption for consumer contracts relating to personal,
https://www.cadwalader.com/resources/clients-friends-memos/choose-one-best-interest-or-full-service
Volcker 3.0: The Agencies Propose Relief for Securitizations and Foreign Funds and New Exemptions from the Volcker Rule’s Covered Fund Restrictions
2 C.F.R. Part 44 (OCC), 12 C.F.R. Part 351 (FDIC), 17 C.F.R. Part 255 (SEC), and 17 C.F.R. Part 75 (CFTC). For convenience, in this Memorandum we will refer to the version of the existing Volcke
https://www.cadwalader.com/resources/clients-friends-memos/volcker-30--the-agencies-propose-relief-for-securitizations-and-foreign-funds-and-new-exemptions-from-the-volcker-rules-covered-fund-restrict
Volcker 3.0: The Agencies Relax the Volcker Rule Requirements for Securitizations and Foreign Funds and Grant New Exemptions from the Covered Fund Restrictions
2 C.F.R. Part 44 (OCC), 12 C.F.R. Part 351 (FDIC), 17 C.F.R. Part 255 (SEC), and 17 C.F.R. Part 75 (CFTC). For convenience, in this Memorandum we will refer to the version of the existing Volcke
https://www.cadwalader.com/resources/clients-friends-memos/volcker-30--the-agencies-relax-the-volcker-rule-requirements-for-securitizations-and-foreign-funds-and-grant-new-exemptions-from-the-covered-
Kirschner Decision—Implications for CLOs and Syndicated Loans
2 C.F.R. Part 44 (OCC), 12 C.F.R. Part 351 (FDIC), 17 C.F.R. Part 255 (SEC), and 17 C.F.R. Part 75 (CFTC). For convenience, in this Memorandum, we will refer to the version of the existing Volcker Rul
https://www.cadwalader.com/resources/clients-friends-memos/kirschner-decisionimplications-for-clos-and-syndicated-loans
Investors and Regulators Turning up the Heat on Climate-Change Disclosures: Attempting to Make Sense of the State of Play in the US, EU, and UK
mittee of the Market Risk Advisory Committee of the US Commodity Futures Trading Commission (“CFTC”) issued a report, entitled “Managing Climate Risk in the US Financial System&rdquo
https://www.cadwalader.com/resources/clients-friends-memos/investors-and-regulators-turning-up-the-heat-on-climate-change-disclosures--attempting-to-make-sense-of-the-state-of-play-in-the-us-eu-and-uk
ESG Enforcement Watch: SEC Files Fraud Complaint against Brazilian Miner, Vale, over False Safety Claims prior to Environmental Disaster
o Financial Stability (October 21, 2021), https://home.treasury.gov/news/press-releases/jy0426. 22 CFTC, Managing Climate Risk In the U.S. Financial System (Sept. 2020), https://www.cftc.gov/sites/de
https://www.cadwalader.com/resources/clients-friends-memos/esg-enforcement-watch--sec-files-fraud-complaint-against-brazilian-miner-vale-over-false-safety-claims-prior-to-environmental-disaster
Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges
ized exchange. U.S. financial regulators, such as the Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) struggle with conceptual
https://www.cadwalader.com/resources/clients-friends-memos/expanding-regulatory-reach-over-intermediaries-that-may-constitute-regulated-exchanges
CFTC Issues Notice of Proposed Rulemaking in Connection with Risk Management Program Regulations for SDs, MSPs and FCMs
The Commodity Futures Trading Commission (the “Commission” or the ”CFTC”), on May 31, 2023 published an Advance Notice of Proposed Rulemaking (“ANPRM”)1, seeking pu
https://www.cadwalader.com/resources/clients-friends-memos/cftc-issues-notice-of-proposed-rulemaking-in-connection-with-risk-management-program-regulations-for-sds-msps-and-fcms
CFTCs Increased Reach over Environmental Commodities
During 2023 the Commodity Futures Trading Commission (CFTC) engaged in several regulatory actions aimed at further clarifying its jurisdictional reach over environmental commodity markets generally an
https://www.cadwalader.com/resources/clients-friends-memos/cftcs-increased-reach-over-environmental-commodities
Changes to the Regulation of Banks, Thrifts, and Holding Companies Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
he heads of the Federal Reserve, OCC, Bureau of Consumer Financial Protection (“BCFP”), CFTC, SEC, FDIC, Federal Housing Finance Agency (“FHFA”), and National Credit Union Admi
https://www.cadwalader.com/resources/clients-friends-memos/changes-to-the-regulation-of-banks-thrifts-and-holding-companies-under-the-dodd-frank-wall-street-reform-and-consumer-protection-act
The Volcker Rule’s Significant Impact on a Foreign Banking Organization’s Proprietary Trading Activities
by: an SEC-registered dealer or municipal securities dealer; a government securities dealer; a CFTC-registered swap dealer; a SEC-registered security-based swap dealer; or a person engaged outs
https://www.cadwalader.com/resources/clients-friends-memos/the-volcker-rules-significant-impact-on-a-foreign-banking-organizations-proprietary-trading-activities
The Consumer Financial Protection Bureau: The New, Powerful Regulator of Financial Products and Services
;SEC”) or state securities commissions or by the Commodity Futures Trading Commission (“CFTC”); tax preparers, lawyers, or persons regulated by state insurance regulators or engaged
https://www.cadwalader.com/resources/clients-friends-memos/the-consumer-financial-protection-bureau-the-new-powerful-regulator-of-financial-products-and-services
Regulation of End Users of Swaps Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
products (and certain securities) regulated by the Commodity Futures Trading Commission (the “CFTC”; and together with the SEC, the “Commissions”).1 The memorandum focuses on
https://www.cadwalader.com/resources/clients-friends-memos/regulation-of-end-users-of-swaps-under-the-dodd-frank-wall-street-reform-and-consumer-protection-act
The Obama Administration’s Financial Regulatory Reform Proposal and Its Impact on the Securitization Markets
ounterparty credit exposures. Increased transparency of the OTC derivative markets: SEC and CFTC would impose recordkeeping and reporting requirements (including aggregate data on open positio
https://www.cadwalader.com/resources/clients-friends-memos/the-obama-administrations-financial-regulatory-reform-proposal-and-its-impact-on-the-securitization-markets
CFTC / CME Settle Misappropriation Case
On December 2, 2015, the U.S. Commodity Futures Trading Commission (“CFTC” or “Commission”) and the New York Mercantile Exchange (“NYMEX”) simultaneously announced
https://www.cadwalader.com/resources/clients-friends-memos/cftc-cme-settle-misappropriations-case
Unregistered CTA Summit Energy Services: Choose Your Words Wisely
luding statements made on websites) to ensure that the company is not holding itself out -- without CFTC registration -- as a CTA (commodity trading advisor). A number of exclusions and exemptio
https://www.cadwalader.com/resources/clients-friends-memos/unregistered-cta-summit-energy-services-choose-your-words-wisely
CFTC Proposes to Set Position Limits in the Energy Futures Market
The Commodity Futures Trading Commission (the “CFTC” or “Commission”) has published a release containing a proposed rulemaking that would (i) establish federal speculative posi
https://www.cadwalader.com/resources/clients-friends-memos/cftc-proposes-to-set-position-limits-in-the-energy-futures-market
Summary of the Titles of the Dodd-Frank Wall Street Reform and Consumer Protection Act
on”) will give primary authority to the Commodity Futures Trading Commission (the “CFTC”) and the SEC (the SEC, together with the CFTC, the “Commissions”)
https://www.cadwalader.com/resources/clients-friends-memos/summary-of-the-dodd-frank-wall-street-reform-and-consumer-protection-act
The Changing Face of Hedge Fund Regulation
cil in the House bill) consisting of the Treasury Secretary, the respective heads of the SEC, FDIC, CFTC, OCC, Federal Reserve, Federal Housing Finance Agency and (new) Bureau of Consumer Financial Pr
https://www.cadwalader.com/resources/clients-friends-memos/the-changing-face-of-hedge-fund-regulation
Proposed Treasury Regulations Regarding Swaps and Other Notional Principal Contracts
swaps that are carried out subject to the rules of a Commodities Futures Trading Commission (“CFTC”) designated contract market are section 1256 contracts subject to mark‑to‑marke
https://www.cadwalader.com/resources/clients-friends-memos/proposed-treasury-regulations-regarding-swaps-and-other-notional-principal-contracts
A Critical Analysis of the Potential Impact of the Volcker Rule on Municipal Bonds
o as the “Proposal.” While the Commodity Futures Trading Commission (“CFTC”) also is required to issue regulations implementing the Volcker Rule, it has yet to do s
https://www.cadwalader.com/resources/clients-friends-memos/a-critical-analysis-of-the-potential-impact-of-the-volcker-rule-on-municipal-bonds
Hedge Fund Regulation Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
ities and Exchange Commission (“SEC”), the Commodity Futures Trading Commission (“CFTC”), the Board of Governors of the Federal Reserve System (the “Federal Reserve&rdquo
https://www.cadwalader.com/resources/clients-friends-memos/hedge-fund-regulation-under-the-dodd-frank-wall-street-reform-and-consumer-protection-act
The Application of Commodity Pool Rules to Insurance Linked Securities
se of trading in “swaps,” coupled with the Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) recently adopting an exp
https://www.cadwalader.com/resources/clients-friends-memos/the-application-of-commodity-pool-rules-to-insurance-linked-securities
ESMA Authorises Trade Repositories
nd rules which are stricter than those required by the Commodity Futures Trading Commission (“CFTC”). ESMA will consider these internal policies, procedures and rules when assessing
https://www.cadwalader.com/resources/clients-friends-memos/esma-authorises-trade-repositories
Quick Help Guide to CFTC’s New Rules for CPOs to RICs; Amended Rules for Other CPOs and CTAs
Introduction and Summary On August 22, 2013, the Commodity Futures Trading Commission (the “CFTC”) published in the Federal Register its final rule-making regarding harmonization of comp
https://www.cadwalader.com/resources/clients-friends-memos/quick-help-guide-to-cftcs-new-rules-for-cpos-to-rics
Regulatory Reform of OTC Derivatives Markets
iency and transparency in the OTC markets, the release recommends that market regulators (e.g., the CFTC and SEC) have access to “comprehensive and timely information” regarding the tradin
https://www.cadwalader.com/resources/clients-friends-memos/regulatory-reform-of-otc-derivatives-markets
CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps
On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re‑propose rules to impose initial and variation margin requirements on uncleared swaps entered into by
https://www.cadwalader.com/resources/clients-friends-memos/cftc-votes-to-re-propose-margin-requirements-for-uncleared-swaps
The Sun Never Sets on Dodd-Frank
t be used. For example, in the various hearings on the international reach of Dodd-Frank, the CFTC seemed to hold open the possibility that it could regulate two non-U.S. entities trading (in a
https://www.cadwalader.com/resources/clients-friends-memos/the-sun-never-sets-on-dodd-frank
New 871(m) Regulations Finalize Dividend Equivalent Payment Withholding Rules for Equity Derivatives
trade” under section 1256,98 or that has an effective “no action” letter from the CFTC permitting direct access from the United States, if U.S. stock comprises less than 50% of its w
https://www.cadwalader.com/resources/clients-friends-memos/new-871m-regulations-finalize-dividend-equivalent-payment-withholding-rules-for-equity-derivatives
Changes to the Regulation of Broker-Dealers and Investment Advisers Under Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act
ams, as well as the required coordination with the Commodity Futures Trading Commission (the “CFTC”), given the radical expansion in the number of entities registered with both the SEC and
https://www.cadwalader.com/resources/clients-friends-memos/changes-to-the-regulation-of-broker-dealers-and-investment-advisers-under-title-ix-of-the-dodd-frank-wall-street-reform-and-consumer-protecti
First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois
3 announcement of several civil actions brought by the Commodity Futures Trading Commission (“CFTC”), the CME Group (“CME”), and the UK Financial Conduct Authority (“FCA&
https://www.cadwalader.com/resources/clients-friends-memos/first-criminal-prosecution-for-spoofing-high-frequency-trading-firm-owner-indicted-in-northern-district-of-illinois
CFTC Adopts Margin Requirements for Uncleared Swaps
Yesterday, the Commodity Futures Trading Commission (“CFTC”) held an open meeting at which it voted to adopt final rules (the “CFTC Margin Rules”)1 governing margin requirement
https://www.cadwalader.com/resources/clients-friends-memos/cftc-adopts-margin-requirements-for-uncleared-swaps
Wild West No Longer: The SEC Brings Enforcement Actions Against Two Initial Coin Offerings
st for now. It also remains to be seen what steps the Commodity Futures Trading Commission (“CFTC”) will likely take in this area. The CFTC has previously indicated that it consider
https://www.cadwalader.com/resources/clients-friends-memos/wild-west-no-longer-the-sec-brings-enforcement-actions-against-two-initial-coin-offerings
A Look at the Proposal to Simplify the Volcker Rule
es and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) (collectively, the “Agencies”),1 comes four and a half years after the orig
https://www.cadwalader.com/resources/clients-friends-memos/a-look-at-the-proposal-to-simplify-the-volcker-rule
Volcker 2.0
2 C.F.R. Part 44 (OCC), 12 C.F.R. Part 351 (FDIC), 17 C.F.R. Part 255 (SEC), and 17 C.F.R. Part 75 (CFTC). 2 The Agencies’ 2018 Proposal contained certain proposed changes to the Volcker
https://www.cadwalader.com/resources/clients-friends-memos/volcker-20
Financial Stability Oversight Council Issues Key Report Declaring Climate Change as an Emerging Threat to U.S. Financial Stability
On October 21, 2021, the Financial Stability Oversight Council (“FSOC”), established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act to respond to emerging threats
https://www.cadwalader.com/resources/clients-friends-memos/financial-stability-oversight-council-issues-key-report-declaring-climate-change-as-an-emerging-threat-to-us-financial-stability
Department of Justice Announces New Whistleblower Rewards Program
urities and Exchange Commission (“SEC”), Commodities Futures Trading Commission (“CFTC”), and Financial Crimes Enforcement Network (“FinCEN”). These programs
https://www.cadwalader.com/resources/clients-friends-memos/department-of-justice-announces-new-whistleblower-rewards-program

First 10b5-1 Insider Trading Case Raises Compliance Issues

A Key Pitfall of Restricted Subsidiaries in Loan Agreements

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