U.S. (CFTC, SEC, U.S. Prudential Regulators):
• On January 14, the SEC held an Open Meeting approving the following by votes of 3-2 (dissents by Commissioners Gallagher and Piwowar; also see statements from Chair White and Commissioners Aguilar and Stein; Press Release):
1. Final Rule on SBSD Registration, Duties and Core Principles
2. Final Rule on Regulation SBSR – Reporting and Dissemination of SBS Information
3. Proposed Rules, Amendments and Guidance to Regulation SBSR
• On January 13, the CFTC issued a No-Action Letter extending temporary relief from the reporting of certain identifying information through January 16, 2016 (see Press Release).
• On January 6, the CFTC issued a No-Action Letter providing relief to swap dealers from compliance with certain CCO reporting line requirements (see Press Release).
• Also on January 6, the CFTC published an extension for a Proposed Information Collection Notice for DCO reporting requirements (comments due February 5, 2015).
• On January 5, the CFTC published a clarification regarding the reopening of its comment period for its Proposed Rules on Position Limits for Derivatives and Aggregation of Positions (comments due by January 22, 2015; see Press Release and statement from CFTC Commissioner Bowen). The clarification notes that, in addition to comments on the proposal itself, commenters may also addressed issues discussed at the Dec. 9 Agricultural Advisory Meeting or related materials posted on the CFTC website (see Press Release).
• ESMA will hold a hearing on February 19 to discuss issues on MiFID II/MiFIR.
• On January 16, ESMA announced an MOU with the Hong Kong Securities and Futures Commission regarding CCP (effective December 19, 2014).
• On January 9, ESMA released an updated list of CCPs recognized under EMIR (see Press Release).
• On January 8, ESMA released a review of CCP colleges under EMIR.
• On December 24, the IMF released a working paper analyzing CDS settlement auctions.
• On December 22, ESMA released an annex to the MiFID II draft consultation on cost-benefit analysis.
• On December 19, ESMA released a final report on technical advice to the EC regarding MiFID II and MiFIR, along with a draft consultation (also see Annex). Comments on the Consultation are due by March 2, 2015.
• On December 11, the European Commission issued a release entitled “Implementing Regulation on the Extension of the Transitional Periods Related to Own Funds Requirements for Exposures to CCPs”, extending the transitional period for capital requirements for exposures to CCPs (see Press Release).
• On November 25, IOSCO released its Draft Consultation on Cross-Border Regulation (comments due by February 23, 2015) (see Press Release).
• On November 17, IOSCO released a draft consultation paper on CDS post trade transparency (comments due by February 15, 2015).
• On January 21, CFTC Commissioner Sharon Bowen issued a statement regarding retail FX markets.
• Also on January 21, the House Financial Services Committee held a hearing to adopt its oversight plan for the 114th Congress.
• On January 20, Senate Appropriations Chair Thad Cochran (R-MS) announced subcommittee chairman for the 114th Congress.
• On January 19, CFTC Chairman Timothy Massad delivered a speech regarding derivatives reform in Asian markets.
• On January 15, the U.S. Department of the Treasury and European Commission issued a joint statement on “U.S.-EU Financial Markets Regulatory Dialogue”.
• On January 14, the House passed H.R. 37, “Promoting Job Creation and Reducing Small Business Burdens Act.” This bill included provisions exempting certain end-users from margin requirements, exempting non-financial inter-affiliate transactions from certain requirements, and delaying the conformance period for collateralized loan obligations under the Volcker Rule. See statement from HFSC Chair Jeb Hensarling (R-TX) and Press Release.
• Also on January 14, House Financial Services Committee Chair Hensarling announced subcommittee assignments for the 114th Congress.