Stephen Humenik leads the firm’s futures and derivatives practice. He has extensive experience on regulatory and enforcement matters involving the U.S. Commodity Futures Trading Commission (CFTC) and the derivatives and commodities markets. Specifically, Mr. Humenik advises clients on regulatory and policy matters relating to the registration and compliance obligations of the Dodd-Frank Act and represents clients in CFTC enforcement investigations and proceedings.
On September 13, 2016 the Financial CHOICE Act was approved by the House Financial Services Committee by a vote of 30-26. The bill would overhaul regulation of the financial markets and is an important development for derivatives market participants, including energy companies. For example, the bill would alter the functioning of the Commodity Futures Trading … Continue Reading
Chairman Timothy Massad and Commissioner J. Christopher Giancarlo of the Commodity Futures Trading Commission (the “CFTC”) delivered speeches at the Energy Risk Summit in Houston this week, providing a roadmap for the CFTC’s current and upcoming rulemaking as well as a policy perspective on the CFTC’s proposed position limit rules. In remarks to the conference … Continue Reading
The Commodity Futures Trading Commission’s (CFTC) proposed rule on position limits continues to be a priority for energy market participants, as both Congress and the CFTC are actively reviewing this issue. The final rule threatens well-established hedging and risk management practices related to the trading of futures and swaps by energy market participants. Recently, the … Continue Reading
On Monday, July 21, CFTC Commissioner Scott D. O’Malia announced his resignation from the Commission as of August 8, 2014. On July 23, the International Swaps and Derivatives Association (ISDA) announced that Mr. O’Malia was appointed chief executive officer and a director of ISDA. See Scott O’Malia Appointed Chief Executive Officer of International Swaps and … Continue Reading
At a recent speech at an energy industry conference CFTC Commissioner Scott D. O’Malia highlighted energy market participant concerns with the CFTC’s Dodd-Frank Rulemakings. These concerns indicate potential regulatory changes at the CFTC that could impact energy market participants. Commissioner O’Malia noted that the CFTC must re-visit the swap dealer definition rule to “establish a … Continue Reading
On January 2, 2014, the Federal Energy Regulatory Commission (FERC) and the Commodity Futures Trading Commission (CFTC) entered into two Memoranda of Understanding (the MOUs) to set forth procedures to address circumstances of overlapping jurisdiction (the Jurisdiction MOU) and to share information in connection with market surveillance and investigations into potential market manipulation, fraud or … Continue Reading
On December 19, 2013 President Obama nominated Sharon Y. Bowen to serve as a Commissioner of the CFTC. If confirmed by the Senate, Ms. Bowen would assume the seat currently occupied by Commissioner Bart Chilton, a Democrat. Ms. Bowen is currently a securities lawyer at Latham & Watkins LLP in New York. Ms. Bowen was … Continue Reading