FHFA Statement on REO Pilot Transactions

On November 1, the FHFA announced that it was encouraged by Fannie Mae’s first Real Estate Owned (REO) pilot transactions and it made available additional details about the transactions. FHFA Release.    

SEC JOBS Act Amendments to NASD Rule 2711 and Incorporated NYSE Rule 472

On November 1, the SEC approved amendments to NASD Rule 2711 and Incorporated NYSE Rule 472 to conform to the requirements of the JOBS Act and make certain additional changes to quiet period restrictions consistent with the policies underlying the JOBS Act. Most amendments are effective retroactively on April 5. However, amendments to rules regarding quiet periods after secondary offers and after the expiration, termination or waiver of a lock-up agreement are effective retroactively on October 11. FINRA Notice. FINRA Amendments.

CFTC Staff Interpretation Regarding Part 22

On November 1, the CFTC Division of Clearing and Risk issued a staff interpretation letter which clarifies certain operational issues regarding the implementation of Part 22. Under Part 22, Futures Commissions Merchants and Derivatives Clearing Organizations must legally segregate each Cleared Swaps Customer’s collateral, but are permitted to operationally commingle the collateral of their Cleared Swaps Customers. CFTC Interpretation.   

OCC Retail Foreign Exchange Proposed Rule

On October 31, the OCC proposed to amend its retail foreign exchange rule for transactions with collective investment funds and insurance company separate accounts by treating them as if they were not retail customers under the retail forex rule because they are prudentially regulated, have prudentially regulated sponsors, and do not cater to retail investors. OCC Release.