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Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding The Amendment To The Commission’s Order Exempting EU Swap Trading Facilities From SEF Registration
Date 23/07/2020
I support today’s action by the Commission to amend the order that exempts two types of trading facilities authorized within the European Union (EU) from registration with the CFTC as swap execution facilities (SEFs). As amended, the order will authorize an additional 16 trading facilities to access US eligible contract participants (ECPs) without complying with the CFTC’s regulations or being subject to the Commission’s oversight. These trading facilities, located in France, Germany, the Netherlands, Spain, and the UK, include the first EU-authorized trading facilities located outside of the UK to benefit from the order.
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Statement Of Chairman Heath P. Tarbert In Support Of Amendment To CFTC’s 5h(g) Order For The European Union
Date 23/07/2020
I am pleased to support this amendment, which will make two important changes to our Commission’s previously issued 5h(g) Order for the European Union. First, it will add 16 multilateral trading facilities (“MTFs”) and organized trading facilities (“OTFs”) to the list of European Union entities exempted from SEF registration under Section 5h(g) of the Commodity Exchange Act (“CEA”). Second, it will make clear that during the remainder of the transition period relating to the withdrawal of the United Kingdom from the European Union, i.e., Brexit, the 5h(g) Order will continue to apply to UK-based MTFs and OTFs.
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Dissenting Statement Of CFTC Commissioner Dan M. Berkovitz On The Final Rule For Cross-Border Swap Activity Of Swap Dealers And Major Swap Participants
Date 23/07/2020
Introduction
I dissent from today’s final cross-border swap rulemaking (the “Final Rule”). As described by the Chairman, this Final Rule will “pare[] back our extraterritorial application of our swap dealer regime.”[1] Over the past seven years, the current cross-border regime has helped protect the U.S. financial system from risky overseas swap activity. The Commission should not be paring back these protections for the American financial system, particularly now, during a global pandemic.
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Statement Of CFTC Commissioner Dawn D. Stump Regarding Final Rule: Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To Swap Dealers And Major Swap Participants
Date 23/07/2020
Overview
When we met together in person late last year to consider proposing cross-border rules with respect to registration thresholds and regulatory requirements applicable to swap dealers and major swap participants (the “Proposal”),[1] I stressed that because we were proposing to replace the Commission’s 2013 cross-border guidance (the “Guidance”)[2] with binding and enforceable rules, those rules must be clear, sensible, and workable.[3] In supporting the Proposal at the time, I concluded that the proposed rules met those standards. And I have not seen anything in the many thoughtful comment letters we received that causes me to doubt that conclusion.
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Dissenting Statement Of Commissioner Rostin Behnam Regarding The Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To SDs And MSPs – Final Rule
Date 23/07/2020
Introduction and Overview
Today, by approving a final rule addressing the cross-border application of the registration thresholds and certain requirements applicable to swap dealers (“SDs”) and major swap participants (“MSPs”) (the “Final Rule”), the Commodity Futures Trading Commission (“CFTC” or “Commission”) overlooks Dodd-Frank Act purposes, Congressional mandates thereunder, an opinion of the D.C. District Court, and multiple comments raising significant concerns. The Commission instead relies on broad deference that opens a gaping hole in the federal regulatory structure. I cannot support a decision to jettison a cross-border regime that has not proven unreasonable, inflexible, or ineffective in favor of an approach that fails to address the most critical concerns that the Dodd-Frank Act directed the CFTC to address in favor of “more workable” solutions. As the Final Rule opts to address the conflicts of economic interest between the regulated and those who are advantaged by it by usurping Congressional (and congressionally delegated) authority to rethink section 2(i) of the Commodity Exchange Act (“CEA” or “Act”) via prescriptive rules, I must respectfully dissent.
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Supporting Statement Of CFTC Commissioner Brian Quintenz Regarding The Cross-Border Application Of The Registration Thresholds And Certain Requirements Applicable To SDs And MSPs – Final Rule
Date 23/07/2020
I am very pleased to support today’s final rule interpreting Congress’ statutory directive that the Commission may only regulate those foreign activities that “have a direct and significant connection with activities in, or effect on commerce, of the United States.” As I noted when I supported the proposal last December, Congress deliberately placed a clear and strong limitation on the CFTC’s extraterritorial reach, recognizing the need for international comity and deference in a global swaps market. Today’s rule provides important safeguards to the US financial markets in delineating which cross-border swap activity must be counted towards potential registration with the Commission, and which transactions should be subject to the CFTC’s business conduct requirements for swap dealers (SDs) and major swap participants (MSPs). At the same time, the final rule appropriately defers to foreign regulatory regimes to avoid duplicative regulation and disadvantaging U.S. institutions acting in foreign markets.
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Statement Of CFTC Chairman Heath P. Tarbert In Support Of Final Cross-Border Swap Rule
Date 23/07/2020
President John Adams once warned: “Great is the guilt of unnecessary war.” While he was obviously referring to military conflicts, his admonition applies to conflicts among nations more generally. Financial regulation has not been exempt from international discord.
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New Research: FINRA Foundation Examines Financial Capability Of Women Behind Bars - Study Highlights Grim Financial Challenges and Gender Disparities
Date 23/07/2020
New research from the FINRA Investor Education Foundation offers insights into the financial knowledge and habits of incarcerated women across multiple measures of financial capability and literacy, exposing the deep financial challenges facing women in prisons.
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Federal Reserve Board Announces Expansion Of Counterparties In The Term Asset-Backed Securities Loan Facility, Secondary Market Corporate Credit Facility, And Commercial Paper Funding Facility
Date 23/07/2020
The Federal Reserve Board on Thursday broadened the set of firms eligible to transact with and provide services in three emergency lending facilities. Encouraging a broader range of agents for the Term Asset-Backed Securities Loan Facility (TALF) and counterparties for the Commercial Paper Funding Facility (CPFF) and Secondary Market Corporate Credit Facility (SMCCF) will increase the Federal Reserve's operational capacity and insight into the respective markets.
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Refinitiv Introduces Sustainable Finance League Table Rankings Advancing Transparent Sustainability Insights For Financial Industry - Investment Banking Community To Benefit From Refinitiv Deals Intelligence Sustainable Finance League Tables – The First And Only Rankings To Combine Both Sustainable Products And Sustainable Companies Resulting In The Market’s Most Comprehensive Sustainable League Tables
Date 23/07/2020
Building on its commitment to connect and advance the global financial community through data and analytics, Refinitiv has launched Sustainable Finance League Tables through its Deals Intelligence solution. Serving as a pivotal data-metric in the development of sustainable insights, it measures new capital raising driving sustainable outcomes and ranks the investment banks underwriting such activity.
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