OFAC designated a Chinese company and two individuals to the Specially Designated Nationals and Blocked Persons List. The designations were linked to human rights abuse in the Xinjiang Uyghur Autonomous Region.
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.
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.
ISDA, the Asia Securities Industry and Financial Markets Association, the FIA, the Global Foreign Exchange Division and the Global Financial Markets Association recommended significant reforms to the European Union Benchmarks Regulation.
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.
President Donald J. Trump authorized economic sanctions and travel restrictions against International Criminal Court personnel involved in investigating or prosecuting U.S. personnel without U.S. consent.
In a new FAQ, OFAC explained that it would not target persons in Iran manufacturing humanitarian goods, such as "medicines, medical devices, or products used for sanitation or hygiene" - provided that the products are solely for use in Iran and not exported.
The DOJ filed a $20 million civil forfeiture Complaint in the U.S. District Court for the District of Alaska alleging violations of the International Emergency and Economic Powers Act and Iranian Transactions and Sanction Regulations violations.
A CFTC Market Risk Advisory Subcommittee considered Central Counterparty Clearing House-proposed plans "for the transition of discounting and price alignment interest for certain products to the secured overnight financing rate."
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."
The SEC amended the definitions of "covered clearing agency," "central securities depository services" and "sensitivity analysis" to be applicable to central counterparties and securities depositories.