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  • Concurring Statement Of CFTC Commissioner Rostin Behnam Regarding Exemption From The Swap Clearing Requirement For Certain Affiliated Entities—Alternative Compliance Frameworks For Anti-Evasionary Measures

    Date 25/06/2020

    I support today’s adoption of amendments to the exemption from the swap clearing requirement for certain affiliated entities within a corporate group.  The amendments that update the conditions for the exemption incorporate several years of observation and analysis to build upon its utility within the global regulatory landscape, while affirming the Commission’s appropriate use of its public interest authority under section 4(c) of the Commodity Exchange Act.  It can be tempting to use somewhat fluid and undeniably desirable objectives such as the promotion of responsible economic and financial innovation and fair competition to support all manner of regulatory changes.  And I have not hesitated to highlight my own concerns for the imprudent use of 4(c) exemptive authority.  However, I am pleased that when it comes to the risks associated with U.S firms entering into uncleared swaps with non-U.S. affiliates or evading the clearing requirement altogether, the Commission has consistently demonstrated that its reliance on the 4(c) authority provides the checks to ensure that the policy and outcomes remain legally sound and rational.


  • Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule Further Extending Swap Margin Deadline For Entities With Smaller Swap Portfolios

    Date 25/06/2020

    I concur with issuing for public comment the proposal to extend the swap initial margin compliance date to September 1, 2022 for certain financial entities that have smaller swap portfolios (“Proposal”).

  • Statement Of CFTC Commissioner Dan M. Berkovitz On Proposed Rule Further Extending Swap Margin Deadline For Entities With Smaller Swap Portfolios

    Date 25/06/2020

    I concur with issuing for public comment the proposal to extend the swap initial margin compliance date to September 1, 2022 for certain financial entities that have smaller swap portfolios (“Proposal”).

  • SEC Charges Novartis AG With FCPA Violations

    Date 25/06/2020

    The Securities and Exchange Commission today announced that Novartis AG, a global pharmaceutical and healthcare company headquartered in Basel, Switzerland, has agreed to pay over $112 million to settle charges that it violated the books and records and internal accounting controls provisions of the Foreign Corrupt Practices Act (FCPA).

  • Statement Of CFTC Commissioner Rostin Behnam Regarding Notice Of Proposed Rulemaking On Margin Requirements For Uncleared Swaps For Swap Dealers And Major Swap Participants

    Date 25/06/2020

    Today’s notice of proposed rulemaking (“NPRM”) is necessitated as a result of global policy and domestic regulatory considerations to address the impact of the COVID-19 pandemic on potential market disruption that could result from a large number of entities simultaneously coming into compliance with the initial margin (or “IM”) requirements of the CFTC Margin Rule.[1]  In our attempts to remain consistent with revisions to the BCBS/IOSCO international framework’s implementation schedule, we have now created an additional compliance phase, moving from five to six, and postponing full compliance by one year to September 1, 2021.[2]  This seems reasonable, save for the fact that our last action to provide relief for those who would have to come into compliance in September of this year has resulted in a reuniting of phases five and six, reintroducing the same set of concerns regarding potential market disruptions we sought to avoid.  Accordingly, we are here today with a new NPRM to further postpone the compliance date for the final phase, phase six, to September 1, 2022.

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