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22 News Results

The SEC announced the second-largest trading suspension in agency history as it continued its "Operation Shell Expel" crackdown against the manipulation of microcap shell companies. The SEC suspended trading in the securities of 61 empty shell companies that are delinquent in their public filings and seemingly no longer in business based on an analysis by the SEC's Microcap Fraud Working Group. See: SEC Press Release . See also: List of the 61 Companies ; Trading Suspension Order ; Investor Bulletin: Trading Suspensions .

CFTC has approved the application of Bloomberg SEF LLC ("BSEF") for temporary registration as a swap execution facility ("SEF"). BSEF is the first entity for which the Commission has issued temporary registration as a SEF. It may begin operating after August 5, 2013, the effective date of the SEF rules. Lofchie Comment: Notwithstanding the existence of a SEF, no products will yet be subject to mandatory SEF or exchange trading. See: CFTC Press Release; Bloomberg SEF Letter.

The CFTC Division of Market Oversight issued a no-action letter (Letter 15-03) providing additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule ("OCR Final Rule"). The OCR Final Rule requires the electronic submission of trader identification and market participant data on new and updated reporting forms. The no-action letter extends certain relief provided in Letter 14-95 to dates ranging from September 30, 2015 to February 13, 2017. The relief is subject to certain terms and conditions, including the condition that

CME, CBOT, NYMEX and COMEX (the "Exchanges") issued a Market Regulation Advisory Notice that supersedes a previous notice and is being reissued to amend effective dates and compliance dates to reflect CFTC Letter 15-03, which was issued on February 10, 2015. This Advisory Notice continues to reflect changes to CME Rule 561 in connection with the CFTC Ownership and Control Reports ("OCR"). Rule 561, which pertains to large trader reporting, was amended to require that the submission of Forms 102A and 102B to the Exchanges be in the same form and manner as is required by the CFTC's OCR Rule

The House of Representatives passed a number of bills with bipartisan support, including: H.R. 1847 : The Swap Data Repository and Clearinghouse Indemnification Correction Act amends the Commodity Exchange Act to repeal the prerequisite that requiring agencies to agree to indemnify the CFTC for expenses arising from litigation. It also repeals the Securities Exchange Act requirement to indemnify both swap data repositories and the SEC for expenses arising from litigation. H.R. 432 : The SBIC Advisers Relief Act amends the Investment Advisers Act to exempt specified advisers of small business