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Statement Of CFTC Chairman Heath P. Tarbert in Support Of Final Amendments To The Part 50 Clearing Requirements

Date 02/11/2020

I am pleased to support today’s final rule amending the CFTC’s Part 50 rules, which implement the swap clearing requirement of section 2(h)(1) of the Commodity Exchange Act (the Clearing Requirement). The final rule concurrently achieves two ends—it demonstrates the CFTC’s evolving philosophy on comity and deference towards our international counterparts while alleviating unnecessary regulatory burdens on small domestic institutions that look nothing like Wall Street banks.
CFTC Expands Its Part 30 Exemptive Program To Improve Global Market Access For U.S. Customers

Date 02/11/2020

The Commodity Futures Trading Commission today issued multiple orders as part of its longstanding Part 30 exemptive program of international cooperation and regulatory deference. Orders have been issued to the Bombay Stock Exchange (BSE), the National Stock Exchange International Financial Service Centre Limited (NSE IFC), the Montreal Exchange (MX), NZX Limited (NZX), and UBS AG (UBS).
Office Of The Comptroller Of The Currency Releases CRA Evaluations For 22 National Banks And Federal Savings Associations

Date 02/11/2020

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of October 1, 2020 through October 31, 2020. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance.
Updated: CFTC Approves Amendments To Swap Clearing Requirement Exemptions

Date 02/11/2020

The Commodity Futures Trading Commission at its open meeting today approved final rules exempting swaps entered into by certain financial institutions from the Commission’s swap clearing requirement under the Commodity Exchange Act (CEA).
UK Financial Conduct Authority Announces Further Proposals To Support Mortgage Borrowers Impacted By Coronavirus

Date 02/11/2020

In September, the FCA announced tailored support for borrowers affected by coronavirus (Covid-19) after 31 October, which it would keep under review as the pandemic evolved.

Supporting Statement Of CFTC Commissioner Brian D. Quintenz Regarding Swap Clearing Requirement Exemptions

Date 02/11/2020

I am pleased to support this final rule, which codifies existing relief from the Commission’s requirement that certain commonly traded interest rate swaps and credit default swaps be cleared following their execution. The new exemptions may be elected by several classes of counterparties that may enter into these swaps, namely: sovereign nations; central banks; “international financial institutions” of which sovereign nations are members; bank holding companies, and savings and loan holding companies, whose assets total no more than $10 billion; and community development financial institutions recognized by the U.S. Treasury Department. Today’s final rule notes that many of these entities have actually relied on existing relief, electing not to clear swaps that are generally subject to the clearing requirement. I strongly support the policy of international “comity” described in the final rule, recognizing that sovereign nations and their instrumentalities should generally not be subject to the Commission’s regulations. I trust that by issuing this rule, the United States, the Federal Reserve, and other U.S. government instrumentalities will receive the same treatment in foreign jurisdictions.
CFTC Approves Amendments To Swap Clearing Requirement Exemptions

Date 02/11/2020

The Commodity Futures Trading Commission at its open meeting today approved final rules exempting swaps entered into by certain financial institutions from the Commission’s swap clearing requirement under the Commodity Exchange Act (CEA).
Term Extended For Ontario Securities Commission Vice-Chair Tim Moseley

Date 02/11/2020

The Ontario Securities Commission (OSC) today announced that the term of Tim Moseley, Vice-Chair of the OSC, has been extended by two years by the Ontario Ministry of Finance.
SEC Division Of Enforcement Publishes Annual Report For Fiscal Year 2020

Date 02/11/2020

The Securities and Exchange Commission’s Division of Enforcement issued its annual report for fiscal year 2020 today. The report provides a comprehensive view of the Division's accomplishments over the past year, discusses significant actions and key areas of strategic change, and details the Division's COVID-19-related enforcement efforts.
Ontario Securities Commission Announces Education And Outreach Activities To Advance Financial Literacy During COVID-19

Date 02/11/2020

The Ontario Securities Commission (OSC) today announced its plans for Financial Literacy Month in November to improve Canadians’ financial knowledge, skills, confidence and behaviours during the COVID-19 pandemic.