A CFTC interim final rule to delay the implementation of "Phase Five" initial margin requirements for uncleared derivatives was published in the Federal Register.
A CFTC proposal to change the compliance date for "Phase Six" of initial margin requirements from September 1, 2021 to September 1, 2022 was published in the Federal Register.
FINRA updated interpretations that address (i) the margin rules applicable to control and restricted securities, and (ii) the consolidation of multiple margin accounts for a single customer.
The OCC, Federal Reserve Board, FDIC, Farm Credit Association, and Federal Housing Finance Agency jointly adopted an interim final rule to delay the compliance dates for initial margin requirements.
The Senate Committee on Banking, Housing and Urban Affairs considered testimony on the development and testing of a U.S. central bank digital currency pilot program.
The CFTC voted unanimously to adopt amendments to the exception from clearing for swaps between affiliates, in effect codifying previously existing no-action relief.
The FDIC adopted a series of amendments to its swap margin rules, including for LIBOR transition, inter-affiliate initial margin and the extension of compliance dates.
A Federal Reserve working group, made up of government and payments industry experts, developed a uniform fraud classification system to address fraud involving Automated Clearing House, wire, and check payments.
The U.S. Court of Appeals for the District of Columbia Circuit reversed an SEC determination that the agency had the authority to undo "unreasonable" Nasdaq exchange "depth-of-book" fee increases.
The MSRB filed a proposed rule change to temporarily waive certain fees relating to transactions with the Municipal Liquidity Facility established by the Federal Reserve Board.
The CFTC voted to adopt an interim final rule to delay the implementation of "Phase Five" initial margin requirements for uncleared derivatives from September 1, 2020 to September 1, 2021.
The CFTC Global Markets Advisory Committee considered subcommittee recommendations for improving the scoping and implementation of initial margin requirements for uncleared swaps.
The SEC provided conditional relief from certain Exchange Act credit-arranging prohibitions to broker-dealers designated as agents for the Federal Reserve Board's Term Asset-Backed Securities Loan Facility.
The CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.
The FDIC proposed a rule change that would reduce the impact of deposit insurance assessments on insured depository institutions participating in the Small Business Administration's Paycheck Protection Program and certain Federal Reserve Board lending facilities.
FINRA leadership warned of potential financial impacts of COVID-19 not included in its 2020 operating budget and anticipated future regulatory fee increases once excess reserves reach "minimum targeted reserve levels."
A CFTC final rule to exempt certain transactions with the European Stability Mechanism from uncleared swap margin requirements was published in the Federal Register.
In its 2019 annual margin survey, ISDA found that the initial margin collected for non-cleared derivatives trades by the 20 largest market participants rose by ten percent over the previous year.
