Commentaries

Bridging the Week by Gary DeWaal: January 18–22 and 25, 2016 (Manipulation; CFTC's Priorities; Misstating Fees and Valuation; Canada OTC Clearing; CFTC’s Finances)

Jump to: Bridging the Week    Managed Money    Totally Irrelevant (But Is It?)    Cybersecurity    Manipulation    Cleared Swaps    Canadian Regulation (sans Capital and Liquidity)   
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Published Date: January 24, 2016

There was little international regulatory activity involving the financial services industry last week. The Chairman of the Commodity Futures Trading Commission discussed his 2016 priorities at an industry gathering of lawyers, and one big surprise was that position limits were barely mentioned. In Canada, regulators proposed collateral protection rules for cleared over-the-counter derivatives. Back in the United States, it was the CFTC itself that received a qualified opinion by an accounting firm regarding its fiscal years 2014 and 2015 financial statements, and a finding that it had a material inadequacy in internal controls. As a result, the following matters are covered in this week’s edition of Bridging the Week:

Video Version:

Article Version:

Briefly:

And more briefly:

And finally:

For more information, see:

Canadian Regulators Propose Collateral Protection Rules for Cleared OTC Derivatives:
https://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20160121_94-102_derivatives-customer-collateral.htm

CFTC Objects to Consideration of Industry Friend of Court Brief in DRW Lawsuit:
/ckfinder/userfiles/files/CFTC%20DRW%20Response.pdf

CFTC Staff Reminds FCMs and SDs That Are Banking Entities to Address Volcker Compliance in CCO Annual Report:
/ckfinder/userfiles/files/DSIO%20CCO%20Volcker%20Advisory.pdf

Chairman Massad Says Finalizing Reg AT and Rules on Cybersecurity and Improving Swap Data Reporting Are 2016 CFTC Priorities; Position Limits Barely Get a Mention:
http://www.cftc.gov/PressRoom/SpeechesTestimony/opamassad-37

EC Urges ESMA to Complete Assessment of Marketing Passport for Nine Countries, Including US:
/ckfinder/userfiles/files/EU%20ESMA%20AIFMD%20Letter.pdf

Eighteen SEFs Finally Fully Registered by CFTC:
http://www.cftc.gov/PressRoom/PressReleases/pr7313-16

FINRA Requires Firms to Maintain Procedures for Backup OTC Reporting in Case of Systems’ Breakdown:
http://www.finra.org/sites/default/files/notice_doc_file_ref/Trade-Reporting-Notice-012016.pdf

Fund Manager Sanctioned by SEC for Overcharging Fees and Misleading Investors About Asset Valuation:
http://www.sec.gov/litigation/admin/2016/33-10004.pdf

Totally Irrelevant (Or Is It?) – KPMG Issues Only a Qualified Opinion to the CFTC for Its 2014 and 2015 Financial Statements and Finds a Material Weakness in the CFTC’s Internal Controls:
/ckfinder/userfiles/files/CFTC%20Accounting.pdf

Kraft Foods Seeks to Appeal Trial Court Ruling on CFTC Manipulation Theories:
/ckfinder/userfiles/files/Kraft%20Memo%20to%20Support%20Appeal.pdf

The information in this article is for informational purposes only and is derived from sources believed to be reliable as of January 23, 2016. No representation or warranty is made regarding the accuracy of any statement or information in this article. Also, the information in this article is not intended as a substitute for legal counsel, and is not intended to create, and receipt of it does not constitute, a lawyer-client relationship. The impact of the law for any particular situation depends on a variety of factors; therefore, readers of this article should not act upon any information in the article without seeking professional legal counsel. Katten Muchin Rosenman LLP may represent one or more entities mentioned in this article. Quotations attributable to speeches are from published remarks and may not reflect statements actually made.

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ABOUT GARY DEWAAL

Gary DeWaal

Gary DeWaal is currently Special Counsel with Katten Muchin Rosenman LLP in its New York office focusing on financial services regulatory matters. He provides advisory services and assists with investigations and litigation.


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