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Statement Of Commissioner Dawn D. Stump For CFTC Open Meeting - Proposed Rule: Capital Requirements For Swap Dealers And Major Swap Participants – Reopening The Comment Period And Requesting Additional Comment

Date 10/12/2019

I would like to thank the staff of DSIO, OGC, and OCE for their efforts on further refining the capital rules that would apply to those swap dealers who are not otherwise prudentially regulated.  I realize that everyone at the Commission is juggling multiple concurrent priorities and I am grateful for the considerable amount of time you all devoted to our questions and the modifications in the document that were accepted based on our recommendations.

DTCC Appoints Alison Wolpert To Lead the Firm's Global Government Relations Activities

Date 10/12/2019

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the appointment of Alison Wolpert as Managing Director, Government Relations, effective immediately. Wolpert, who has led DTCC’s U.S. government relations function for more than 6 years and serves as Executive Director of the organization’s political action committee, succeeds Mark Wetjen, who is leaving the firm on January 3, 2020.

Statement Of Concurrence By CFTC Commissioner Rostin Behnam - Amendments To The Exemption From The Swap Clearing Requirement For Certain Affiliated Entities

Date 10/12/2019

I respectfully concur with the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) decision today to issue proposed amendments to the exemption from the swap clearing requirement for certain affiliated entities.  The original inter-affiliate exemption rule was issued by the Commission in 2013.[1]  Today’s proposal reminds us both of how forward thinking the Commission was in implementing the Dodd-Frank Act and the goals envisioned at the 2009 G20 Pittsburgh Summit, and of how we need to be thoughtful and willing to update our rule set when reality differs from what we envisioned.

SEC Obtains Asset Freeze To Halt Alleged Offering Fraud

Date 10/12/2019

The Securities and Exchange Commission today announced that it has obtained a temporary restraining order and asset freeze against a California solar panel company and three executives who allegedly defrauded more than 100 investors.

Statement Of Dissent By CFTC Commissioner Rostin Behnam - Capital Requirements Of Swap Dealers And Major Swap Participants: Proposed Rule; Reopening Of Comment Period; Request For Additional Comment

Date 10/12/2019

I respectfully dissent from the Commodity Futures Trading Commission’s (the “Commission” or “CFTC”) decision today to reopen the comment period and request additional comment on proposed regulations and amendments to implement section 731 of the Wall Street Reform and Consumer Protection Act,[1] which requires the CFTC to establish capital rules for all registered swap dealers (“SDs”) and major swap participants (“MSPs”) that are not banks, including nonbank subsidiaries of bank holding companies, as well as associated financial recordkeeping and reporting requirements (the “Reopening”).  While I would have been comfortable supporting the Reopening as a matter of moving this critical Dodd-Frank Act rule forward to finalization, to the extent it introduces supplementary avenues for future rulemaking such as a leverage ratio requirement, it is a deception.  Impulsively inviting comment on matters tangential to the 2016 Capital Proposal[2], but perhaps relevant to determining appropriate capital standards and methodologies, as opposed to a thoughtful re-proposal sacrifices discipline for expediency, and runs afoul of proper process for notice and comment.  I will not be complicit in supporting Commission action that I believe could invite backdoor rationalization when finalization is before us.  The public deserves--and our integrity demands--that we play by the rules.

ISDA Letter To US Prudential Regulators On Revised Margin Requirements

Date 10/12/2019

On December 9, 2019, ISDA responded to the Notice of Proposed Rulemaking and Request for Comments regarding Margin and Capital Requirements for Covered Swap Entities issued by the US prudential regulators.  The proposed rulemaking extends the phase-in period for initial margin, preserves the legacy status for swaps amended due to the IBOR transition and certain post-trade events, and removes the obligation for affiliates to exchange initial margin.

Opening Statement Of CFTC Commissioner Brian Quintenz Before The Open Commission Meeting

Date 10/12/2019

Good morning. Mr. Chairman, thank you for calling this meeting.  I support all three rulemakings before the Commission today.

Proposed Rule: Capital Requirements for Swap Dealers and Major Swap Participants – Reopening the Comment Period and Requesting Additional Comment

US Justice Department Announces Deferred Prosecution Agreement With HSBC Private Bank (Suisse) SA - Bank Admits To Helping U.S. Taxpayers Conceal Income And Assets From The United States; Agrees To Pay $192.35 Million Penalty

Date 10/12/2019

HSBC Private Bank (Suisse) SA (HSBC Switzerland), a private bank headquartered in Geneva, has entered into a deferred prosecution agreement (DPA) with the Department of Justice today in the U.S. District Court for the Southern District of Florida, announced Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Department of Justice’s Tax Division, United States Attorney for the Southern District of Florida Ariana Fajardo Orshan, and Chief Don Fort for Internal Revenue Service (IRS), Criminal Investigation. HSBC Switzerland admitted to conspiring with U.S. taxpayers to evade taxes and, as part of the agreement, HSBC Switzerland will pay $192.35 million in penalties.

CFTC Approves One Final, Two Proposed Rules At December 10 Open Meeting

Date 10/12/2019

At an open meeting today, the U.S. Commodity Futures Trading Commission approved one final rule and two proposed rules.

New York Attorney General Letitia James' Statement On ExxonMobil Ruling

Date 10/12/2019

New York Attorney General Letitia James released the following statement after a ruling was rendered in the case of People of the State of New York v. ExxonMobil Corporation:

“As Rex Tillerson admitted at trial, all investors are entitled to the truth. For the first time in history, ExxonMobil was compelled to answer publicly for their internal decisions that misled investors. The oil giant never took seriously the severe economic impact that climate change regulations would have on the company, contrary to what they were telling the public. Throughout this case, we laid out how Exxon made materially false, misleading, and confusing representations to the American people about the company’s response to climate change regulations. Exxon’s inability to tell the truth further underscores the lies that have been sold to the American public for decades. Despite this decision, we will continue to fight to ensure companies are held responsible for actions that undermine and jeopardize the financial health and safety of Americans across our country, and we will continue to fight to end climate change.”