Regulatory Orders

Relief from Transaction-Level Requirements for Non-U.S. Swap Dealers

On June 4th, the Commodity Futures Trading Commission’s (“CFTC”) Division of Swap Dealer and Intermediary Oversight, Division of Clearing and Risk, and Division of Market Oversight issued a time-limited no-action letter that extends to December 31, 2014, relief to registered swap dealers (“SDs”) that are established under the laws of jurisdictions other than the United States from certain transaction- level requirements under the Commodity Exchange Act. The action extends the relief previously provided in CFTC Letter No. 14-01. CFTC Letter No. 14-74.

CFTC Amends Order Regarding the Treatment of Customer Funds

On May 30th, the CFTC amended its previously granted order to ICE Clear Europe Limited, a registered derivatives clearing organization. The order sets forth the terms and conditions under which ICE Clear Europe and its clearing members that are registered futures commission merchants may commingle in a futures customer account positions in futures and options, and foreign futures and foreign options, and related customer money, securities, and property; and portfolio margin these futures and options, and foreign futures and foreign options, in the futures customer account. The original order related to certain energy contracts, and the amended order applies to additional products including certain interest rate, energy, and financial contracts. CFTC Order.

CFTC Vacates DCO Registration

On May 30th, at the request of New York Portfolio Clearing, the CFTC vacated the registration of NYPC as a derivatives clearing organization. CFTC Order.

Other Developments

New Chair Sworn In

On June 5th, Timothy Massad was sworn in as Chair of the CFTC. CFTC Press Release.

CFTC Signs Cooperation Agreement with Australian Regulators

On June 5th, the CFTC announced it has entered into a cooperation agreement with the Reserve Bank of Australia and the Australian Securities & Investments Commission. The agreement allows for the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the U.S. and in Australia. CFTC Press Release.