Search Results
On May 21, 2025, the Commodity Futures Trading Commission’s Market Participants Division and Division of Market Oversight issued an interpretative letter clarifying the application of certain cross-border definitions of “U.S. persons” under the CFTC Regulations.
On May 19, 2025, the International Organization of Securities Commissions published its Final Reports on Finfluencers, Online Imitative Trading Practices and Digital Engagement Practices, as part of its Roadmap for Retail Investor Online Safety. The Reports identify the good practices that regulators should consider when managing potential risks to retail investors that may arise from the evolving securities and derivatives markets towards a trend of “retailification” – i.e., the significantly growing transaction volumes of retail participants in these markets.
In the post-pandemic world, several trends are developing that will fundamentally change the way financial market participants manage commercial risk or trade traditional and rapidly evolving novel assets, while new classes of participants are necessitating a fundamental rethink of how Federal and State regulators ensure safety and soundness of U.S. financial markets. This article identifies these trends and explores how these changes are likely to affect future regulations and compliance needs.
On April 4, 2025, the staff of the Commodity Futures Trading Commission Market Participants Division issued compliance relief for registered swap dealers from the requirement to provide the so-called pre-trade mid-market marks.
Last Friday, March 27, 2025, the US Commodity Futures Trading Commission (CFTC) formally withdrew two crypto-related staff advisories, Staff Advisory No. 18-14 (advisory with respect to virtual currency derivative product listings) and Staff Advisory No. 23-07 (enhanced risks with expansion of digital asset clearing). The rescinded advisories previously imposed enhanced regulatory expectations on digital asset derivatives, including guidance on the listing of virtual currency derivative products on exchanges, i.e., designated contract markets (“DCMs”) and swap execution facilities (“SEFs”) and the risks associated with a more robust digital asset clearing by derivatives clearing organizations (“DCOs”). The withdrawals highlight several regulatory shifts:
On March 11, 2025 at the 50th Annual International Futures Industry Conference, Commodity Futures Trading Commission Acting Chairman Caroline Pham delivered a ground-breaking keynote covering administrative matters, enforcement priorities and regulatory clarity in the wake of President Trump’s Executive Orders and the CFTC’s plans for modernizing market surveillance. There are several key takeaways.
On March 13, 2025, the Commodities Futures Trading Commission issued Letter 25-05, withdrawing controversial and much-criticized Staff Letter 21-19, which was issued September 29, 2021, by the CFTC’s Division of Market Oversight.
On February 25th, 2025, the Commodity Futures Trading Commission’s Division of Enforcement issued a long-awaited advisory regarding its evaluation of how a company’s or individual’s self-reporting, cooperating and remediation efforts would factor into the Division staff’s recommendation of an enforcement action. The Advisory represents the “Division policy on self-reporting, cooperation, and remediation,” setting forth the factors and rubric the Division will consider in investigations and enforcement actions.
President Donald Trump recently addressed the new administration’s policies on financial regulations, artificial intelligence, and digital assets.
The Federal U.S. District Court for the Northern District of Illinois entered an Order granting summary judgement for the U.S. Commodity Futures Trading Commission on July 1, 2024 and ordered $83 million in restitution and $36 million in disgorgement against Sam Ikkurty and his affiliated companies. This would have been a garden variety “classic Ponzi scheme” case but for two novel issues.