Recent U.S. Regulatory Activity

On September 3, the five federal agencies (Federal Reserve Board, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, and the Office of the Comptroller of the Currency) reproposed a rule establishing margin requirements non-cleared swaps. Comments will be due 60 days after publication in the Federal Register. (See the Federal Reserve Board Press Release.)

On September 1, the BIS released a working paper on cross-border banking and liquidity (see Press Release).

On August 29, the BCBS released a working paper on Foundations of the Standardized Approach for Measuring Counterparty Credit Risk Exposures (see Press Release).

On August 28, the CFTC issued a staff interpretation for FCMs regarding the treatment of customer funds in UK accounts (see Press Release).

On August 26, ESMA announced its Secondary Markets Standing Committee Working Group (see Press Release).

On August 19, the CFTC’s DMO issued a no-action letter granting time-limited conditional relief to SEFs from certain reporting and recordkeeping requirements relating to confirmations for uncleared swaps (see Press Release). The relief is effective until September 30, 2015.

On August 19, the SEC republished its Final Rule and Interpretive Guidance on certain definitional aspects relating to the cross-border treatment of SBS under Title VII in the Federal Register (effective September 8, 2014). The release was republished in its entirety, due to erroneous footnotes in the previous version.

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