The Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter effectively providing a temporary definition of the term "U.S. person" for purposes of the calculations necessary to determine whether an entity is an SD or an MSP. Until the end of the year, or such later date as the CFTC says otherwise, the following are to be treated as U.S. persons: (i) A natural person who is a resident of the United States;(ii) A corporation, partnership, limited liability company, business or other trust, association, joint-stock company, fund or any form of enterprise similar to

U.S. Senator Pat Roberts (R-Kan.), Ranking Member of the Senate Committee on Agriculture, Nutrition and Forestry which is tasked with oversight of the Commodity Futures Trading Commission (CFTC), released a statement on the implementation of the CFTC's new "Swaps Definitions" rules. Here is an excerpt from the Senator's remarks: "On the heels of the federal district court's decision to block the CFTC proposed ‘position limits' rule on trades of derivatives and swaps, we brace ourselves for the results of new regulations meant to bring transparency to the market that have in reality brought

The Dodd-Frank Act requires the Federal Reserve Board to conduct annual stress tests of bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies that the Financial Stability Oversight Council (Council) designates for supervision by the Board (nonbank covered companies, and together, with bank holding companies with total consolidated assets of $50 billion or more, covered companies) and also requires the Board to issue regulations that require covered companies to conduct stress tests semi-annually. The Board is adopting this final rule to

The SEC is proposing to extend the effectiveness of Rule 206(3)-3T under the Advisers Act, a temporary rule that establishes an alternative means for investment advisers that are registered with the SEC as broker-dealers to meet the requirements of Section 206(3) of the Advisers Act when they act in a principal capacity in transactions with certain of their advisory clients. The amendment would extend the date on which Rule 206(3)-3T will sunset from December 31, 2012 to December 31, 2014. During that extended period, the SEC intends to study, among other things, the standard of care

FINRA announced that it is filing with the SEC a proposed rule change to exclude additional short-term discount notes from the definition of TRACE-Eligible Security in FINRA Rule 6710(a) by amending the definition of "Money Market Instrument" in FINRA Rule 6710(o) of the Trade Reporting and Compliance Engine (TRACE) rules. The result of this change is that such notes would not be subject to TRACE reporting. View text of proposed rule change here(links externally to FINRA website).