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  • Office Of The Comptroller Of The Currency Bulletin: Industrial And Commercial Metals: Final Rule

    Date 03/01/2017

    Summary

    The Office of the Comptroller of the Currency (OCC) has issued a final rule prohibiting national banks and federal savings associations (FSA) from dealing or investing in “industrial or commercial metal.” Under the final rule, the term “industrial or commercial metal” means metal (including an alloy) in a physical form primarily suited to industrial or commercial use, for example, copper cathodes. The effective date of the final rule is April 1, 2017. The final rule includes a divestiture period, which provides that national banks and FSAs must dispose of industrial or commercial metal acquired through dealing or investing activities as soon as practicable, but not later than five years from the effective date.1 The final rule supersedes a prior OCC interpretation which permitted national banks to trade copper.2

  • Statement Of CFTC Chairman Timothy Massad On His Resignation As Chairman

    Date 03/01/2017

    “For the past two and a half years, I’ve had the privilege of working alongside the very talented CFTC staff, and I thank them for their dedication on behalf of the American people. I also want to express my appreciation to my fellow Commissioners, Sharon Bowen and Chris Giancarlo, for the constructive and collaborative engagement we have had throughout my tenure. I am also very grateful to President Obama for giving me the opportunity to lead this important agency."

  • FIA: Lukken Thanks CFTC Chairman Tim Massad For His Service

    Date 03/01/2017

    Upon the announcement that Commodity Futures Trading Commission (CFTC) Chairman Tim Massad will step down on January 20, FIA president and CEO Walt Lukken released the following statement thanking him for his service to the industry:

    “Chairman Massad has provided steady leadership at the CFTC, characterized by his thoughtful approach to policymaking. He made it a priority to speak with industry members to gain insights and gather feedback on key issues. In particular, he made strides in the efficient and effective cross-border harmonization of regulatory initiatives. Our industry appreciates that he has been a strong advocate for client clearing in both CFTC rules and in regards to the Basel Committee’s treatment of initial margin in the leverage ratio capital requirements. We thank him for his service to our industry and the public.”

  • Statement Of CFTC Commissioner Chris Giancarlo Regarding The Resignation Of Chairman Tim Massad

    Date 03/01/2017

    Statement of Commissioner Chris Giancarlo regarding the resignation of Tim Massad as Chairman of the CFTC as of January 20:

    "I commend Tim on his tenure as Chairman. It has been a distinct honor to serve with him. Along with Commissioner Bowen, our time together has been one of mutual respect and genuine interest in the health of our U.S. markets."

  • Statement Of CFTC Commissioner Sharon Y. Bowen On Chairman Timothy G. Massad’s Announcement

    Date 03/01/2017

    It has been a privilege to work alongside Chairman Massad over the past two and a half years. His leadership, grit and forward thinking attitude allowed our agency to make significant progress towards protecting market participants and the investing public. Chairman Massad inherited an agency still dealing with the aftermath of the financial crisis of 2008 and his tireless work helped bring confidence back to the markets. It has been fitting that an organization as hardworking as the CFTC would have an equally dedicated chairman. While I believe that the commission still has a great amount of work to do, I also believe that Chairman Massad has reason to be proud of the many accomplishments that this agency has achieved under his chairmanship. I hope that future chairpersons build upon his work here. It has truly been a pleasure working with him and I thank him for his service.

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