The SEC approved FINRA-proposed amendments to Rule 9231 to expand the pool of persons eligible to serve as panelists on a hearing panel or extended hearing panel. The rule change establishes a category of persons eligible to serve as panelists that includes persons serving currently, or who served previously, on a committee appointed or approved by the FINRA Board. The rule change also conforms amendments to Rule 9232 that could provide FINRA with a larger pool of individuals with experience and expertise to serve as panelists. See: 79 FR 59534. Related news: FINRA Proposes Rule Change

The European Securities and Markets Authority published a final report on draft regulatory technical standards ("RTS") relating to the clearing of interest rate swaps under EMIR, as well as a consultation paper on the clearing of foreign exchange ("FX") non-deliverable forwards under EMIR. The draft RTS report provides, among other things: an explanation of the procedural aspects of the clearing obligation; clarifications of the structure of the classes of OTC derivatives that are proposed for the clearing obligation; an outline of the determination of the interest rate classes of OTC

The European Securities and Markets Authority ("ESMA") issued a consultation paper regarding the application of the definition of "derivative" or "derivative contract" for some asset classes under MiFID. According to ESMA, the different approaches to the interpretation of MiFID I across member states mean that there is no commonly adopted application of the definition of "derivative" or "derivative contract" in the EU for some asset classes, the practical consequences of which have come to the forefront with the implementation of EMIR. The European Commission therefore invited ESMA to consider

In the latest installment of the Energy Metro Desk series "Drums along the Potomac," editor-in-chief John Sodergreen discusses, among other things, the recent amendment to the definition of "swap dealer" and the decision regarding the CFTC's cross-border guidance in SIFMA v. CFTC. In the Energy Metro Desk article, Mr. Sodergreen describes the recent 4-0 vote by CFTC commissioners to adopt amendments to the swap dealer definition as a "slam dunk." According to Mr. Sodergreen, the final rulemaking, which amends the exclusion of utility operations-related swaps from the de minimis, could be a

The CFTC's proposed rules regarding margin requirements for uncleared swaps for swap dealers and major swap participants were published in the Federal Register. The proposed rules implement CEA Section 4s(e) ("Registration and Regulation of Swap Dealers and Major Swap Participants"), which requires the CFTC to adopt initial and variation margin requirements for certain swap dealers ("SDs") and major swap participants ("MSPs"). Additionally, the proposed rules would establish initial and variation margin requirements for SDs and MSPs, but would not require SDs and MSPs to collect margin from