New Director named. The Chair of the Commodity Futures Trading Commission (CFTC), Timothy Massad, announced that Eileen T. Flaherty has been named the agency’s Director of the Division of Swap Dealer and Intermediary Oversight. (7/24/2015) CFTC press release.
Chair Massad speaks on Dodd-Frank Act’s anniversary. On the fifth anniversary of the Dodd-Frank Act, CFTC Chair Timothy Massad discussed his agency’s implementation of the Act, noting what remains to be done. The agency is examining whether standards should be adopted regarding clearinghouse stress testing, margin methodologies, and resolution planning. It is also developing margin requirements for OTC swaps and the thresholds for who will be considered a swap dealer. (7/23/2015) Massad speech.
CTA exemption. The Division of Swap Dealer and Intermediary Oversight has exempted commodity trading advisers (CTA) that are registered but do not direct any client commodity interest accounts from filing Commission Form CTA-PR. (7/23/2015) CFTC press release. The National Futures Association (NFA) advised that, in keeping with that relief, NFA will no longer require those CTAs to file NFA Form PR under NFA Compliance Rule 2-46. In order to ensure that NFA’s records are accurate for determining CTA-PR filing requirements, any CTA that intends to take advantage of this relief must notify NFA by August 13, 2015 in the CTA Annual Questionnaire. NFA Notice to Members I-15-19.
Energy and Environmental Markets Advisory Committee. The CFTC announced four new associate members of the Energy and Environmental Markets Advisory Committee: William B. Jones, Martin Bates, Joseph W. Allen, and Andrew K. Soto. (7/21/2015) CFTC press release.