The Institute of International Bankers ("IIB") released a memorandum intended to help non-U.S. banking organizations obtain approval from the SEC to hold reserve account assets for SEC-registered broker-dealers. The memorandum provides a summary of standards foreign banks must satisfy to be eligible to establish a U.S. branch, and a general overview of how U.S. branches of foreign banks are regulated and supervised. Non-U.S. banks have historically been able to hold reserve account assets for broker-dealers. However, under a recent SEC's rule making, non-U.S. banks would essentially have to

CFTC Commissioner Scott D. O'Malia gave a keynote address, which was bluntly critical of the CFTC's rulemaking and implementation process and focused on industry compliance and ongoing rule implementation, before the Edison Electric Institute CFTC Compliance Forum. Commissioner O'Malia further expressed his doubts as to the statutory foundation of many rules and no-action letters, as well as his concern for the rules' impact on end users. As to the quality of the CFTC's rules generally, O'Malia criticized the CFTC for sacrificing transparency and certainty for speed. He voiced his

The CFTC Division of Market Oversight ("DMO") issued a no-action letter providing time-limited relief for LatAm SEF, LLC ("LatAm"). DMO will not recommend that the CFTC take action against LatAm for failure to register as a swap execution facility ("SEF") under CEA Section 5h(a)(1) or CFTC Rule 37.3(a)(1), or against any market participants for use of, or other relationships with, LatAm, based on LatAm's failure to register as a SEF. LatAm currently operates a U.S.-based multilateral trading platform which brings together multiple third-party buying and selling interests in Mexican Peso

The CFTC's Division of Market Oversight ("DMO") issued a no-action letter providing time-limited relief for GTX SEF LLC ("GTX"). DMO will not recommend that the CFTC take enforcement action against GTX SEF for failure to register as a swap execution facility ("SEF") under CEA Section 5h(a)(1) or CFTC Rule 37.3(a)(1), or against any market participants for use of, or other relationships with, GTX SEF, based on GTX SEF's failure to register as an SEF. GTX SEF currently operates a U.S.-based multilateral trading platform which brings together multiple third-party buying and selling interests in

The CFTC's Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter that provides relief for certain non-U.S. persons that are not themselves guaranteed or conduit affiliates of U.S. persons with respect to counting, toward their de minimis calculation, a swap with a foreign person that is itself a guaranteed affiliate and that is intending to register as a swap dealer, subject to conditions. The relief provided in the letter states that DSIO will not recommend that the Commission take an enforcement action against any non-U.S. person that is not a guaranteed or