The CFTC Market Risk Advisory Committee approved recommendations for the scheduled October 2020 shift to the Secured Overnight Financing Rate for central counterparties discounting and price alignment interest at certain clearinghouses.
The CFTC voted to adopt new rules to address the cross-border application of a number of swaps requirements. The CFTC also withdrew prior "ANE" guidance, issued a related no-action letter and amended a previous order exempting certain SEFs from registration.
At a meeting of the CFTC Market Risk Advisory Committee, subcommittees and industry representatives provided updates on the transition to the Secured Overnight Financing Rate and the impact of the pandemic on market infrastructure and trade volumes.
At a meeting of the CFTC Technology Advisory Committee, industry representatives considered presentations on automated and modern trading markets, distributed ledger technology and market infrastructure, virtual currencies, and cybersecurity.
The CFTC Division of Swap Dealer and Intermediary Oversight extended temporary no-action relief from July 23, 2020 to September 30, 2020 to principals and associated persons from rules requiring a fingerprint card when registering with the Commission.
A CFTC final rule aimed at preventing certain bad actors from seeking exemptions from registration as CPOs under CFTC Rule 4.13 ("Exemption from Registration as a Commodity Pool Operator") was published in the Federal Register.
The Committee on Payments and Market Infrastructures and IOSCO recommended practices that central counterparties might consider in "the development of, and improvements to, default management auction rules, governance arrangements" and related procedures.