.

Secondly, if this works out reasonably well for the two-year period, regulators will need to give serious consideration as to extending the relief permanently, even if the virus has ceased to be a material threat. See also .

The CFPB's letter provides that the no-action position is available only to Bank of America and not to any other persons. This is consistent with the by Chair Heath P. Tarbert of the CFTC that a regulatory agency's no-action position should be specific to an individual entity.

The policy basis for this approach to no-action positions is not obvious. As a general matter, the law should be the same for everyone. Here is a suggestion: perhaps anyone else relying on the letter should be…

It is now generally understood that even if the virus were to disappear tomorrow, the work world would not return to its pre-COVID 19 state. Many workers have discovered that they can do their jobs successfully without going to the office five days a week; many businesses have discovered they don't need quite so much expensive real estate. The question now is how quickly will the SEC acknowledge that reality?

It was predictable that the ability of the CCPs to demand, without much notice, an unlimited additional amount of initial margin would (i) enable the CCPs to save themselves at the expense of other market participants and (ii) drain liquidity from the market during a period of market stress, thereby significantly worsening market stress. See, e.g., ; ; .

This does not mean that one should abandon central clearing of standardized products; that is not politically or economically…