The CFTC filed a federal complaint and obtained a restraining order against a corporation and several individuals for misappropriating over $6 million in customer funds in connection with an offering of a virtual currency.
CFTC Chair J. Christopher Giancarlo reasserted the "obligation of futures exchanges to ensure that virtual currency futures are not susceptible to manipulation, and of futures clearinghouses to ensure that such products are adequately risk managed."
CME Group, CBOE Futures Exchange and the Cantor Exchange have "self-certified" new bitcoin products. The CFTC released a fact sheet on the process and promised cooperation with the NFA in monitoring bitcoin futures-related activity.
CFTC Commissioner Brian Quintenz discussed the implications of listing bitcoin futures products, keeping pace with technological developments and the importance of international regulatory cooperation.
"Desk-specific" portals are highly curated pages devoted to specific regulatory topics. The first five portals to go live cover Broker-Dealers and Markets, Asset-Backed Securities, SEC and FINRA Enforcement, Securities Offerings, and Issuers.
The SEC brought its first enforcement actions against two Initial Coin Offerings. Cadwalader attorneys examine the implications of these actions, which may shed light on the SEC's future plans for regulating ICOs.
The Board of the International Organization of Securities Commissions (IOSCO) issued a statement on research conducted by the IOSCO Task Force on OTC Derivatives Regulation concerning credit default swap auction processes and the functioning of the ISDA Credit Determinations Committees.
At the 33rd ACI International Conference on the Foreign Corrupt Practices Act, leading prosecutors and regulators from the U.S. and the UK emphasized the importance of international cooperation, self-disclosure, and a heightened focus on individual responsibility.
A federal district court entered an Order of Final Judgment by Default that requires two web-based binary options firms to jointly and severally pay a $3 million civil monetary penalty and $1,587,731 in restitution to their defrauded customers.
The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter as to certain duties imposed on swap dealers pursuant to the CFTC's Business Conduct Standards with Counterparties ("External BCS"), as well as from certain documentation requirements imposed on SDs...
The Asset Management Group ("AMG") submitted a number of requests to the CFTC asking that the CFTC extend compliance dates, preferably by interim rule or CFTC Interpretative Guidance, but, failing that, by no-action letter, and that it suspend or disapply certain of its rules as to FX and cleared...
SIFMA's Asset Management Group (AMG) submitted the attached comments to the CFTC supporting ISDA's request to defer compliance dates for external business conduct requirements and other information collection rules. SIFMA AMG further states that it agrees with ISDA that the CFTC should provide such...