At an open meeting, the CFTC adopted a final rule for an exception to the swap dealer de minimis threshold for swaps entered into by insured depository institutions ("IDIs") in connection with loans to customers. The rule adds a new paragraph (4)(C) to the definition of "swap dealer" in CFTC Regulation 1.3 and would permit IDIs to exclude, from counting towards the $8 billion de minimis dealing threshold (but not the lower "special entity" threshold), swaps that satisfy specified criteria: (1) the swap is entered into with a customer no more than 90 days before execution of the applicable loan

The CFTC passed an interim final rule to allow uncleared swaps to retain "legacy status" under the CFTC margin requirements in the event of a "no-deal" Brexit. The vote was unanimous. According to statements at the open meeting, the rule is intended to be consistent with a recent interim final rule adopted by the prudential regulators. CFTC Commissioner Dan Berkovitz, who supported the action, noted that "these actions are all taken pursuant to, and are consistent with, the existing regulations and guidance in place at the CFTC governing cross-border activities." CFTC Commissioner Brian

The European Securities and Markets Authority ("ESMA") provided additional guidance on the impact of a no-deal Brexit on the Markets in Financial Instruments (MiFIR) trading obligations for shares in the event of no equivalence decision for the UK. ESMA recognized that a "no-deal" Brexit scenario is creating considerable uncertainty amongst market participants. The additional guidance explains (i) the distinction in the nomenclature between EU27 shares and GB shares and (ii) which GB shares will be deemed to have their main pool of liquidity in the UK and which will be deemed to be in the EU27

The SEC Division of Trading and Markets (the "Division") granted no-action relief to an introducing broker from the requirement to transmit a customer's check (representing funds from a retirement account being rolled over into an IRA) to the clearing broker-dealer by noon of the next business day after receipt. The introducing broker argued that a day was not sufficient for it to perform a required suitability analysis with respect to the customer's reinvestment of the funds. The relief from SEA Rule 15c3-3 was granted, allowing the introducing broker to hold the funds for an additional seven

The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") updated an Advisory warning parties involved in petroleum shipments to Syria of the risks of U.S. sanctions, including the threat of "secondary sanctions" against non-U.S. individuals and entities engaged in such activity. OFAC provides a description of deceptive shipping practices, including of efforts to change certain vessel names to obfuscate the illicit activities of the owners. OFAC also recommends that, "[a]s a standard practice, those involved in the maritime petroleum shipping community . . . are advised to conduct