This notice announces that the Information Collection Request ("ICR") abstracted in the notice ("Disclosure and Retention of Certain Information Related to Cleared Swaps Customer Collateral") has been forwarded to the Office of Management and Budget ("OMB") for review and comment. Comments Due: February 13, 2013. Cross-Reference(s): CFTC Rules Part 22 (Cleared Swaps). View notice here: 78 FR 2661.
News & Insights
The CFTC has announced the appointment of Melissa Jurgens to serve as the Secretary of the Commission. Ms. Jurgens will be responsible for managing the decisional workload of the CFTC as it continues Dodd-Frank rulemaking and implementation, as well as ongoing enforcement and no-action matters. Click hereto view announcement in full (links externally to CFTC website).
The Office of the Comptroller of the Currency ("OCC") and the Board of Governors of the Federal Reserve System ("FRB") have announced the issuance of several formal enforcement actions against JPMorgan Chase, N.A. and its bank holding company, JPMorgan Chase Co., in connection with the well-publicized derivatives losses previously suffered. In addition, JPMorgan Chase, N.A. and JPMorgan Chase Co. were the subject of enforcement actions requiring improvements to their AML procedures. See: FRB Press Release; OCC Issues Cease and Desist Order against JPMorgan Chase, N.A., Related to Derivatives
The CFTC has issued an order granting a request made by Ice Clear Credit LLC ("ICC"), a CFTC-registered derivatives clearing organization ("DCO"), pursuant to Section 4d(f) of the Commodity Exchange Act that is also registered with the SEC. The order sets forth terms and conditions under which ICC and its clearing members which are dually registered as futures commission merchants with the CFTC, and as broker-dealers with the SEC, may (1) hold credit default swaps ("CDS") and security-based CDS in a cleared swaps customer account subject to Section 4d(f) of the CEA; and (2) portfolio margin
IOSCO is requesting comments from the public on policy issues arising from the work of its Board Level Task Force on Financial Market Benchmarks. IOSCO's published Consultation Report discusses potential policy guidance and principles for Benchmark-related activities generally, but does not make recommendations with respect to specific benchmarks (e.g., LIBOR). It identifies Benchmark-related policy issues across securities, derivatives, and other financial sectors including: "The appropriate level of regulatory oversight of the process of Benchmarking; Standards that should apply to