Treasury Pushes for Money Market Fund Reforms
On September 27, Treasury sent a letter to the Financial Stability Oversight Council calling for structural reforms to the regulation of money market funds. The letter, which relates to last month’s announcement by the SEC that it would not proceed with public comment on MMF reforms, requested that the FSOC solicit comments on certain MMF reforms and provide a recommendation to the SEC to adopt such standards. Treasury Letter.
Agencies Reopen Comment Period on Swap Margin and Capital Proposed Rulemaking
On September 26, the Fed, Farm Credit Administration, FDIC, FHFA, and OCC reopened the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants. The comment period has been extended to November 26 from July 11. Joint Release. Rule Extension.
CFTC Time Extension for Pre-Trade Screening Requirements
On September 26, the CFTC announced an extension of time for compliance for market participants to coordinate on the communication of limits for give-ups and bunched orders for futures and swaps. The extension is intended to provide sufficient time to transition to fully compliant pre-trade screening no later than June 1, 2013. CFTC Release.
Agencies Release Regulatory Capital Estimation Tool
On September 24, the Fed, FDIC, and OCC released a regulatory capital estimation tool to help community banking organizations and other interested parties evaluate recently published regulatory capital proposals. The tool will assist these organizations in estimating the potential effects on their capital ratios of the agencies’ Basel III Notice of Proposed Rulemaking and Standardized Approach Notice of Proposed Rulemaking. FDIC Release. Tool.
SEC Extension of Temporary Registration of Municipal Advisors
On September 21, the SEC amended interim final temporary Rule 15BA2-6T, which provides for the temporary registration of municipal advisors under the Exchange Act of 1934, as amended by the Dodd-Frank Act, to extend the date on which the rule will sunset from September 30, 2012 to September 30, 2013. All temporary registrations submitted pursuant to the rule will also expire no later than September 30, 2013. SEC Extension.