The CFTC issued a preliminary report concerning the swap dealer de minimis exception. Under CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the CFTC as swap dealers during the phase-in period that is in effect currently. This period is scheduled to end in December 2017, when the threshold also will fall to $3 billion, unless the CFTC takes action to amend the de minimis exception. The preliminary report is being issued pursuant to the CFTC rules that define "swap dealer," and that direct

The House Financial Services Committee (“FSC”) examined the SEC's agenda, operations and fiscal year 2017 budget request at a hearing held on November 18th. FSC Chair Jeb Hensarling (R-TX) urged the SEC to (i) simplify the disclosure regime and stop requiring “political disclosure”, which "is not within the SEC's core competency"; and (ii) stop the DOL from enacting the fiduciary proposal. In her testimony, SEC Chair Mary Jo White outlined the SEC's recent activities and current initiatives as follows: the implementation of remaining congressional mandates and other significant rulemakings

The SEC voted to propose rules requiring alternative trading systems ("ATSs") that trade stocks listed on a national securities exchange ("NMS stocks") to publish detailed information about their operations. ATSs that fall under the requirements would include so-called "dark pools." Disclosures would be made on a new Form ATS-N, on which an ATS that trades NMS stocks would be required to disclose (i) the activities of the broker-dealer that operates the ATS and the broker-dealer's affiliates, and (ii) the manner in which the ATS operates, particularly its trading rules. The SEC's press release

Board of Governors of the Federal Reserve System ("FRB") Chair Janet Yellen expressed strong opposition to proposed legislation that would (i) generally require the FRB to follow a mathematical formula in its monetary policy and (ii) provide Congress with much more direct authority over the conduct of the FRB. In a letter addressed to House Majority Leader Paul Ryan and House Minority Leader Nancy Pelosi, Chair Yellen asserted that Congressional control over monetary policy, or the requirement that monetary policy follow a formula, would result in higher unemployment, less stable prices and

CFTC Chair Timothy Massad announced that the CFTC will hold an open meeting on November 24, 2015 at 9 a.m. to consider a Notice of Proposed Rulemaking for the regulation of automated trading.