CFTC issues a final, time-limited exemptive order and proposes further guidance regarding cross-border regulation of swaps *

USA - December 31 2012
On December 21, 2012, the US Commodity Futures Trading Commission ("CFTC") issued a release (the "Release") containing a final exemptive order (the…

Co-authors: Joshua Cohn, Curtis A. Doty , Donald S. Waack, Jerome J. Roche.

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Federal Reserve proposes enhanced prudential standards for non-US banking organizations *

USA - December 20 2012
On December 14, 2012, the Board of Governors of the Federal Reserve System (FRB) released a 300-page proposed rule (the Proposal) that would implement Sections 165 and 166 of the Dodd-Frank Wall Street Consumer Protection Act (Dodd-Frank Act) for foreign banking organizations (FBOs).

Co-authors: Thomas J. Delaney, Jeffrey P. Taft, Scott A. Anenberg, Alicia K. Kinsey.

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CFTC’s January 1 business conduct and documentation deadline eased *

USA - December 18 2012
The Commodity Futures Trading Commission (the “Commission”) today adopted interim final rules that defer the dates by which swap dealers (“SDs”) and major swap participants (“MSPs”) are required to comply with many provisions of the Commission’s external business conduct rules and with certain internal business conduct rules that require agreements or the exchange of information with counterparties.

Co-authors: Chris Arnold, Joshua Cohn, Curtis A. Doty , Jerome J. Roche.

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CFTC further clarifies commodity pool treatment for certain securitizations and provides additional no-action relief for others *

USA - December 10 2012
On December 7, 2012, the Division of Swap Dealer and Intermediary Oversight (Division) of the Commodity Futures Trading Commission (CFTC) issued interpretation and no-action letter No. 12-45, “Further Exclusions from Commodity Pool Regulation for Certain Securitization Vehicles; No-Action Relief for Certain Securitization Vehicles Formed Prior to October 12, 2012” (the CFTC Second Securitization Letter).

Co-authors: Rory M. Cohen, J. Paul Forrester, Stuart M. Litwin , Carol A. Hitselberger.

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US Secretary of the Treasury exempts FX swaps and forwards from certain requirements under the US Commodity Exchange Act *

USA - November 20 2012
On November 16, 2012, under specific authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the US Secretary of the Treasury (Secretary) issued the long-awaited final determination (Determination), which states that physically settled “foreign exchange swaps” (FX Swaps) and “foreign exchange forwards” (FX Forwards) are exempt from the definition of “swap” and not subject to many of the swap requirements under the Commodity Exchange Act (CEA).

Co-authors: Joshua Cohn, Elizabeth M. Knoblock, Curtis A. Doty , J. Paul Forrester, Jerome J. Roche.

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