Archives: CFTC

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“Financial CHOICE Act” Approved by House Financial Services Committee

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

CFTC Officials Outline Commission’s Policy Positions at Energy Risk Summit USA 2015

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

CFTC Position Limits: Recent Congressional and Ongoing CFTC Developments

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

CFTC Reopens Comment Period for Position Limits

In a notice published in the Federal Register earlier this week, the Commodity Futures Trading Commission (“CFTC”) again reopened the period to comment on its proposed position limits and aggregation rules, in light of questions posed at an Agricultural Advisory Committee meeting in December.  The CFTC’s proposed rules, which we summarized here when they were … Continue Reading

CFTC Commissioner O’Malia Resigns from the CFTC to join ISDA

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

Senate Confirms New CFTC Commissioners

On Tuesday, June 3, the Senate approved the nominations of Timothy Massad to be Chairman of the CFTC and Christopher Giancarlo and Sharon Bowen to be Commissioners of the CFTC.  Messrs. Massad’s and Giancarlo’s nominations were approved by voice vote.  Ms. Bowen’s nomination, however, was more controversial as demonstrated by its approval by a recorded … Continue Reading

Potential CFTC Regulatory Changes for Energy Market Participants Highlighted by Commissioner Scott O’Malia

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

FERC and CFTC Launch Information Sharing MOU

Earlier this year, the CFTC and FERC announced an information sharing Memorandum of Understanding (MOU) between the two agencies. The agencies have now announced that they have begun sharing market data pursuant to this MOU.  In addition, they have created an Interagency Surveillance and Data Analytics Working Group “to coordinate information sharing between the agencies … Continue Reading

FERC and CFTC Enter into Long-Awaited MOUs in Response to Dodd-Frank Act

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

Mark Wetjen Named Acting Chairman of CFTC

The Commodity Futures Trading Commission (CFTC) on December 16 unanimously elected Commissioner Mark Wetjen to serve as Acting Chairman when current Chairman Gary Gensler departs, which could be as soon as January 3, 2014.  President Obama has nominated Timothy Massad, Assistant Secretary for Financial Stability at the Treasury Department, to succeed Chairman Gensler. Commissioner Wetjen will … Continue Reading
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