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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 Commission (“CFTC”), by:

  • Requiring development of procedures governing no-action and other exemptive relief, including a requirement that the commissioners have the opportunity to review any responses to a request for relief.
  • Require notice-and-comment before issuance of policy statements, guidance, interpretive rules, or other procedural rules.
  • Allowing for judicial review of CFTC rules, along the lines of that allowed for Securities and Exchange Commission (“SEC”) rules.

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Continue Reading “Financial CHOICE Act” Approved by House Financial Services Committee

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…

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…