Commentary by Christian Larson
On January 1, 2021, Congress overrode a presidential veto to enact the Anti-Money Laundering Act of 2020. The Act creates a broad range of new obligations for federal agencies, financial institutions and other entities.
The CFTC adopted an interim final rule to amend the definition of "material terms" for purposes of portfolio reconciliation under swap data recordkeeping and reporting rules.
FINRA proposed amendments to the rules governing the Consolidated Audit Trail to make them consistent with an SEC conditional exemption from allocation reporting requirements in the CAT NMS Plan.
A CFTC final rule amending the period for the calculation of the average aggregate notional amount for purposes of scoping firms subject to initial margin requirements was published in the Federal Register.
In PayPal, Inc. v. Consumer Financial Protection Bureau, et al., the U.S. District Court for the District of Columbia vacated the CFPB's short-form disclosure requirement and thirty-day credit linking restriction.