Recap of December 21 CFTC Actions, Including CFTC Cross-Border Order (with Lofchie Comment)

In the News distributed on December 24, we provided information as to the various CFTC actions taken on December 21, including the CFTC's Cross-Border Order. However, we recognize that while the Cadwalader Cabinet does not take holidays, some of our readers do. Accordingly, we provide links below to the principal CFTC items from December 21st. (In the alternative, readers may simply go into any news item on the Cabinet, hit the "Next" button near the top left and just flip through the news items for the day.)

CFTC Approves Exemptive Order on Cross-Border Application of the Swaps Provisions of Dodd-Frank (with Lofchie Comment)

CFTC No-Action Letter for CPOs, CTAs, Principals and APs Who File to Register by December 31

CFTC Issues Time-Limited, No-Action Relief for Compo Equity Total Return Swaps (with Lofchie Comment)

CFTC Provides Additional Information Concerning its Existing No-Action Relief for Reporting Parties Regarding LEIs and Certain Identifying Information

CFTC Provides Swap Dealers with Swap Data Reporting Relief

CFTC Issues Time-Limited, No-Action Relief from the Reporting of Certain Non-Reporting Counterparty Information Pursuant to Parts 45 and 46

CFTC Adaptation of Regulations to Incorporate Swaps - Records of Transactions (Final Rule; Fed. Reg. Version) (with Lofchie Comment)

CFTC Issues No-Action Letter for Operators of Investment Pools that Invest in Legacy Securitization Vehicles (with Lofchie Comment)

CFTC Issues No-Action Letter for Singapore Exchange Derivatives Clearing Limited and its Clearing Members

Lofchie Comment: I just re-iterate the comments that I made in regard to the CFTC's cross-border order, the first item listed above. That is, the CFTC's decision to issue a raft of no-action letters just two full business days before major regulations are scheduled to come into place simply makes evident both that the regulations themselves are still in flux and that market participants are not prepared to implement the regulations (to the extent that we can be certain as to what is required). Accordingly, I believe it would have been the better course for the CFTC to delay implementation of its rules so as to be on the same schedule as the SEC rather than maintaining a December 31 "go-live" date.