Tag:CFTC

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United States: STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form PF
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United States: In First Major Speech as Acting CFTC Chairman, Pham Describes Policy Priorities
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United States: Phew! Form PF Amendments Deadline Extended (So You Can Procrastinate a Little Longer)
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United States: End of Summer Pool Party: CFTC Approves Final Rule Amending 4.7 Regulatory Relief for CPOs and CTAs
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United States: After Approval at DC District Court, Appeals Court Halts Trading Event Contracts Based on Election Outcomes
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United States: CFTC Releases Artificial Intelligence Report
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United States: Kicked Out of the Club: NFA Orders Commodity Pool Operator Not to Reapply for NFA Membership
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United States: CFTC Proposes Rule to Address Margin Adequacy and Treatment of Separate Accounts by FCMs
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Global: ICYMI: Integrity Council Launches Global Benchmark and Core Carbon Principles for Voluntary Carbon Markets
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United States: CFTC Proposes to Broaden Scope of Eligible Collateral for Initial Margin

United States: STOP! START AGAIN! JUST KIDDING, STOP AGAIN! SEC Provides 11th Hour Extension of Compliance Date for Amended Form PF

By: Pablo J. Man and Ruth E. Delaney

With less than a day to go before the 12 June 2025 compliance date for the SEC and CFTC’s jointly adopted amendments to Form PF, the SEC, together with the CFTC, voted today to further extend the compliance date for the amended form to 1 October 2025.

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United States: In First Major Speech as Acting CFTC Chairman, Pham Describes Policy Priorities

By: Cheryl L. Isaac, Sarah V. Riddell, and Mallory M. Cooney

In a fireside chat at the ABA Futures & Derivatives Law Committee Winter Meeting on 30 January, Acting Chairman Caroline Pham shared her industry-friendly agenda for the Commodity Futures Trading Commission (CFTC). She described specific goals for the agency in the coming months (discussed below) and encouraged listeners to read her past dissenting statements for even more context about her priorities.

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United States: Phew! Form PF Amendments Deadline Extended (So You Can Procrastinate a Little Longer)

By: Ruth E. Delaney and Pablo J. Man

The SEC and CFTC have extended the compliance date for their jointly adopted amendments to Form PF (originally 12 March 2025) to 12 June 2025. 

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United States: End of Summer Pool Party: CFTC Approves Final Rule Amending 4.7 Regulatory Relief for CPOs and CTAs

By: Cheryl L. Isaac, Matthew J. Rogers, and Benjamin C. Skillin

On 12 September 2024, the Commodity Futures Trading Commission (CFTC) published a Final Rule impacting registered commodity pool operators (CPOs) and commodity trading advisors (CTAs) relying on the regulatory relief provided under CFTC Regulation 4.7. “Registration light,” as Regulation 4.7 is sometimes known, provides reduced disclosure, reporting and recordkeeping obligations for CPOs and CTAs that limit sales activities to “qualified eligible persons” (QEPs).

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United States: After Approval at DC District Court, Appeals Court Halts Trading Event Contracts Based on Election Outcomes

By: Cliff C. Histed, Cheryl L. Isaac, and Wiley F. Cole

On 12 September 2024, the US District Court for the District of Columbia ruled in KalshiEx LLC v. CFTC that designated contract markets may list event contracts whose payouts are tied to the outcome of elections. The court’s order, which granted summary judgment to KalshiEx LLC (Kalshi), held that the Commodity Futures Trading Commission’s (CFTC) interpreted its own regulations too broadly and that registered derivatives exchanges such as Kalshi may offer election outcome event contracts for trading.

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United States: CFTC Releases Artificial Intelligence Report

By: Matthew J. Rogers and Maxwell J. Black

On 2 May 2024, the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (Committee) released a report entitled Responsible AI in Financial Markets: Opportunities, Risks & Recommendations. The report discusses the impact and future implications of artificial intelligence (AI) on financial markets and further illustrates the CFTC’s desire to oversee the AI space.

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United States: Kicked Out of the Club: NFA Orders Commodity Pool Operator Not to Reapply for NFA Membership

By: Matthew J. Rogers and Benjamin C. Skillin

On 10 April 2024, the National Futures Association’s (NFA) Business Conduct Committee (BCC) issued an order against 50.ai Investments LLC, a former NFA Member commodity pool operator and forex firm. The order stipulates that 50.ai Investments may not reapply for NFA membership or act as a principal of an NFA Member at any time in the future due to violating a suite of NFA compliance rules.

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United States: CFTC Proposes Rule to Address Margin Adequacy and Treatment of Separate Accounts by FCMs

By: Matthew Rogers and Benjamin Skillin

On 20 February 2024, the CFTC approved a proposed rule that would apply a margin adequacy requirement to all futures commission merchants (FCMs), with respect to their customers. The new requirement—titled Regulation 1.44—is designed to ensure that an FCM does not permit a customer to withdraw funds from its account if the remaining balance would be insufficient to meet the customer’s initial margin requirements.

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Global: ICYMI: Integrity Council Launches Global Benchmark and Core Carbon Principles for Voluntary Carbon Markets

By: Cheryl Isaac and Christine Mikhael

In case you missed it: late last month, the Integrity Council for the Voluntary Carbon Market (“ICVCM”) launched its Core Carbon Principles (CCPs) and Program-level Assessment Framework (Framework). With the publication of these new standards (developed with the input of hundreds of stakeholders in the voluntary carbon markets), we now have a set of fundamental principles for high-quality credits that create a verifiable climate impact, and a framework for determining whether carbon credit programs are eligible to label themselves as being in compliance with the CCPs.

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United States: CFTC Proposes to Broaden Scope of Eligible Collateral for Initial Margin

By: Kenneth Holston, Cheryl Isaac, Matthew Rogers and Gustavo De La Cruz Reynozo

On July 26, 2023, the Commodity Futures Trading Commission (“CFTC”) proposed an amendment (“Proposal”) to, among other things, expand the universe of eligible collateral for the CFTC’s initial margin (“IM”) requirements for uncleared swaps. The Proposal would result in swap dealers that are not subject to prudential regulation being able to use a broader range of money market funds (“MMFs”) and similar funds as collateral to meet their uncleared swap IM requirements under CFTC Regulation 23.156(a)(1)(ix).

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