Guidance

DSIO Guidance on New Financial Reporting Requirements.

On February 5th, the CFTC's Division of Swap Dealer and Intermediary Oversight provided futures commission merchants and derivatives clearing organizations with guidance on the procedures for submitting acknowledgment letters for accounts holding customer funds and on other financial reporting requirements.CFTC Press Release.

Other Developments

Commissioner O'Malia Interviewed.

On February 7th, Risk.net published excerpts from an interview with CFTC Commissioner Scott O'Malia.Interview Excerpts.

Australian Firm Receives No-Action Relief from DCO Registration Requirement.

On February 6th, the CFTC's Division of Clearing and Risk issued a time-limited no-action letter stating that it will not recommend enforcement action against the Australian-based clearing organization, ASX Clear (Futures) Pty Limited ("ASXCLF"), for failing to register as a derivatives clearing organization ("DCO"). The relief is limited to proprietary trades of ASXCLF's U.S. clearing participants in Australian and New Zealand dollar-denominated interest rate swaps and is effective until the earlier of (1) December 31, 2014, or (2) the date upon which the CFTC either registers ASXCLF as a DCO or exempts ASXCLF from registration. CFTC Press Release.

Agreement on European SEFs Nears.

On February 5th, Business Week said the U.S. and E.U. are close to an agreement that would exempt European swap execution facilities from U.S. rules. Exemption.

Cross-Border Meeting Agenda.

The CFTC has published its agenda for the upcoming CFTC Global Markets Advisory Committee meeting occurring on February 12, 2014. The meeting will include two panel discussions regarding the CFTC November 14, 2013, staff advisory related to cross-border guidance. CFTC Press Release.

CFTC Staff to Discuss "Package Transactions."

The CFTC announced that on February 12, 2014, the Division of Market Oversight will hold a public roundtable to discuss the application of the Commodity Exchange Act's trade execution requirement to "package transactions." The roundtable will address what is a package transaction, the challenges posed by these transactions, and potential solutions. CFTC Press Release.