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  • CFTC Staff Issues Report Regarding The Swap Dealer De Minimis Exception And On-Venue And Cleared Swaps

    Date 08/07/2019

    The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a report that presents data and analysis regarding the swap dealer de minimis exception, with a specific focus regarding on-venue and cleared swaps. 

  • Joint Staff Statement On Broker-Dealer Custody Of Digital Asset Securities - Division Of Trading And Markets, U.S. Securities And Exchange Commission - Office Of General Counsel, Financial Industry Regulatory Authority

    Date 08/07/2019

    Market participants have raised questions concerning the application of the federal securities laws and the rules of the Financial Industry Regulatory Authority (“FINRA”) to the potential intermediation—including custody—of digital asset securities and transactions.  In this statement, the staffs of the Division of Trading and Markets (the “Division”) and FINRA (collectively, the “Staffs”)—drawing upon key principles from their historic approach to broker-dealer regulation and investor protection—have articulated various considerations relevant to many of these questions, particularly under the SEC’s Customer Protection Rule applicable to SEC-registered broker-dealers.

  • CFTC Commitments Of Traders Reports Update

    Date 08/07/2019

    The current reports for the week of July 2, 2019 are now available.

  • FINRA: Joint Statement On Broker-Dealer Custody Of Digital Asset Securities

    Date 08/07/2019

    Market participants have raised questions concerning the application of the federal securities laws and the rules of the Financial Industry Regulatory Authority (“FINRA”) to the potential intermediation—including custody—of digital asset securities and transactions. In this statement, the staffs of the Division of Trading and Markets (the “Division”) and FINRA (collectively, the “Staffs”)—drawing upon key principles from their historic approach to broker-dealer regulation and investor protection—have articulated various considerations relevant to many of these questions, particularly under the SEC’s Customer Protection Rule applicable to SEC-registered broker-dealers.

  • Statement Of CFTC Commissioner Brian Quintenz Regarding DSIO Staff Report On The Swap Dealer De Minimis Exception

    Date 08/07/2019

    In connection with the Commission’s adoption of a permanent $8 billion gross notional de minimis threshold in November 2018, the Chairman directed staff within the Division of Swap Dealer and Intermediary Oversight (DSIO) to continue their analysis of possible alternatives for the de minimis exception, including the impact of removing cleared swaps. The staff report issued today elucidates two fundamental facts about the de minimis exception. First, the report shows that the removal of exchange-traded and cleared swaps from the de minimis calculation would result in no reduction of regulatory coverage. Second, the report highlights once again the glaring deficiencies of using notional value as the registration threshold triggering swap dealer registration.