In a development to the lawsuit challenging the CFTC's Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (the "Cross-Border Rule"), the CFTC submitted a consolidated reply in support of its cross-motion for summary judgment and in opposition to the ISDA, SIFMA and the Institute of International Bankers' (together, the "Associations") motion for summary judgment. In its consolidated reply, the CFTC stated that the Associations' case "rests entirely on the mistaken premise that Congress required the CFTC to determine the cross-border application of

Last weekend, as the security situation in Ukraine continued to deteriorate, Canada announced the imposition of targeted economic sanctions against additional Russian entities. The list of 16 companies is nearly identical to that of entities designated by the United States on April 28, consisting of firms linked to previously designated Russian oligarchs Arkady and Boris Rotenberg, Yuri Kovalchuk and Gennady Timchenko. (Canada has not designated Transoil, a Russia-based freight operator named by the United States last week due to its links to Timchenko. Canada imposed sanctions on a number of

The Asset Management Group of SIFMA ("SIFMA AMG") submitted comments to the Financial Conduct Authority ("FCA") requesting that it exclude To-Be-Announced trades ("TBAs") from the definition of derivative contracts under European Market Infrastructure Regulation ("EMIR"). In the letter, SIFMA AMG suggested that TBA trades should not be classed as derivative contracts for the following reasons: TBA trades are appropriately classified as spot trades (cash market trades) as they settle within the standard settlement cycle of the securities being purchased; TBA trades should be classified

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued no-action relief to an insurance company to allow the company to provide reinsurance of pension plans' longevity risks through multi-step "Interposed Longevity Reinsurance Transactions," without such reinsurance being considered as insurance or a guarantee of a swap. The DSIO found that that the use of derivatives in an Interposed Longevity Reinsurance Transaction serves merely as a conduit for longevity risk coverage and payments made pursuant to a bona fide reinsurance transaction. Therefore, the DSIO confirmed, it

The Managed Funds Association ("MFA") and the Alternative Investment Management Association ("AIMA") submitted a joint letter to the Australian Treasury reiterating their concerns with the current draft legislation to implement the investment manager regime ("IMR"). The MFA and AIMA expressed concern that if the legislation were to be enacted in accordance with the January 2014 draft, funds would face tax uncertainties that would deter them from appointing an Australian investment manager or making investments in Australia. See : MFA-AIMA Comment Letter.