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Shearman & Sterling LLP | USA | 17 Apr 2019

ISDA proposes amendments to 2014 Credit Derivatives Definitions relating to narrowly tailored credit events

The International Swaps and Derivatives Association recently published proposed amendments to its 2014 Credit Derivatives Definitions relating to narrowly tailored credit events. The proposal comes in the wake of concerns raised by market participants over certain failure to pay credit events, or claimed failure to pay credit events – in particular, the 2017 agreement by Hovnanian Enterprises......
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Shearman & Sterling LLP | USA | 27 Feb 2019

CFTC divisions outline examination priorities for 2019

The Commodity Futures Trading Commission (CFTC) recently published the 2019 examination priorities for its three divisions. This marks the first time that the agency has published its divisions' examination priorities, which serves as part of the CFTC's efforts to advance its Project KISS (which stands for 'Keep It Simple, Stupid') initiative and demonstrates areas that the divisions view as......
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Shearman & Sterling LLP | USA | 13 Feb 2019

CFTC considers revamp of SEF regulatory framework

Towards the end of 2018, the Commodity Futures Trading Commission (CFTC) proposed significant revisions to the framework governing swap trading through swap execution facilities and designated contract markets. Many of these amendments are in line with recommendations contained in CFTC Chair J Christopher Giancarlo's white paper on swaps regulation reform. The proposed changes are intended to......
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Shearman & Sterling LLP | USA | 24 Oct 2018

CFTC chair authors white paper on cross-border swaps regulation reform

Commodity Futures Trading Commission Chair J Christopher Giancarlo recently released a white paper recommending potential reforms to the agency's approach to the extra-territorial, or cross-border, application of its swaps trading rules. According to Giancarlo, the reforms are intended to create a territorial, risk-based approach that relies on greater deference to regulators in jurisdictions......
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Shearman & Sterling LLP | USA | 12 Sep 2018

NFA adopts disclosure requirements for members engaging in virtual currency activities

The National Futures Association (NFA) recently adopted an interpretive notice that requires futures commission merchants, introducing brokers, commodity pool operators and commodity trading advisers to disclose to customers certain potential risks involved when dealing with virtual currencies and virtual currency derivatives. The notice reflects the NFA's concern that, among other things,......
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Legance - Avvocati Associati | Italy | 27 Jul 2018

Virtual currencies in Italy – an overview

Virtual currencies represent uncharted territory in Italy for various reasons, and the current rules and restrictions will likely need structural adjustments to make them work. The fact that the issuer of virtual currencies for investment purposes is in most cases based in a foreign country (often outside the European Union) could make the scope of current exemptions under the Securities Act......
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Shearman & Sterling LLP | USA | 11 Apr 2018

Gemini co-founders Cameron and Tyler Winklevoss propose virtual commodity self-regulatory organisation

Virtual currency exchange Gemini recently released a proposal to create the first self-regulatory organisation for US virtual currency exchanges. The so-called 'Virtual Commodity Association' (VCA), as envisioned, would be a non-profit, independent regulatory organisation that would operate to foster responsible virtual commodity markets. The VCA would also encourage greater cooperation with......
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Shearman & Sterling LLP | USA | 11 Apr 2018

Federal court upholds that virtual currencies are commodities

The US District Court for the Eastern District of New York recently confirmed that virtual currencies are a commodity within the anti-fraud jurisdiction of the Commodity Futures Trading Commission (CFTC). The ruling marks the first time that a federal court has affirmed the CFTC's 2015 determination that virtual currencies are 'commodities' as defined by the act. This provides the CFTC with......
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Shearman & Sterling LLP | USA | 10 Apr 2018

SEC issues statement on potentially unlawful online platforms for trading digital assets

The Securities Exchange Commission (SEC) recently issued a statement warning investors of potential risks involving digital asset exchanges. The statement aims to protect investors trading digital assets through online platforms and serves as a warning shot to exchanges dealing in digital assets that may be securities. This is the first time that the SEC has directly targeted exchanges and......
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Shearman & Sterling LLP | USA | 31 Jan 2018

US derivatives regulation: a pause in 2017, and a look ahead to 2018

Although changes in the regulatory landscape were limited in 2017, several steps, including the Capital Markets Report and Project KISS, may lay the groundwork for more significant developments to come, particularly now that regulatory agencies have new leadership and senior staff and have had an opportunity to review market participant feedback. There also remain a number of outstanding......
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