Continue Reading Commodity Futures Trading Commission Issues Time-Limited Relief from CFTC Rule 1.56

News & Commentary on Financial Regulatory and Compliance Matters
Jeffry M. Henderson, a former general counsel for a publicly traded futures commission merchant, has deep futures and derivatives industry experience. He focuses his practice on a variety of complex compliance, regulatory, investigation, litigation, and managed fund matters. This representation regularly involves futures, derivatives, swaps, forex, securities, cryptocurrency, and binary options. He represents and advises a broad range of clients, including futures commission merchants, broker-dealers, investment advisers, commodity trading advisers, introducing brokers, forex trading firms, commodity pool operators, and hedge fund managers. He also provides counsel to a variety of industry participants, including proprietary trading firms and exempt investment managers regarding disclosure matters and compliance obligations and regulatory and enforcement matters. He is also regularly involved in defending member and member firms before CFTC, NFA, SEC and FINRA. He currently serves as a public director for an applicant Designated Contract Market and an applicant Designated Clearing Organization.
The Commodity Futures Trading Commission (CFTC) issued Letter No. 20-28 on Sept. 15, 2020. Letter 20-28 addresses issues of relevance both for futures commission merchants (FCMs) as well as asset
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Continue Reading Commodity Futures Trading Commission Issues Time-Limited Relief from CFTC Rule 1.56
On June 25, 2020, the five commissioners of the Commodity Futures Trading Commission (CFTC), by a vote of three-to-two, withdrew proposed Regulation Automated Trading (Reg. AT), and by a vote…
Continue Reading CFTC Cancels and Replaces Proposed Regulation AT
On May 28, 2020, the Commodity Futures Trading Commission (CFTC or the Commission) proposed a rule (the 2020 Proposal) broadening the exemption under which non-U.S. commodity pool operators (CPOs)
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Continue Reading CFTC Proposes Expanding Exemption for Non-U.S. Commodity Pool Operators
On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD)…
Continue Reading When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?
Departing from its historical practice but following the approach taken by the SEC and FINRA, the Commodity Futures Trading Commission (CFTC) on Feb. 12, 2019, announced its first release of …
Continue Reading CFTC and NFA Commodities Regulatory Update
On Sept. 25, 2017, the Program on Corporate Compliance and Enforcement and the Institute for Corporate Governance and Finance at New York University School of Law hosted a policy speech
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Continue Reading Details on the CFTC’s New Self-Reporting Policy
In a recent public speech, CFTC Chairman Timothy Massad described cybersecurity as “perhaps the single most important new risk to market integrity and financial stability.” On March 18, 2015, CFTC staff conducted a roundtable regarding this topic, during which CFTC suggested possible proposed rulemaking. CFTC staff said that CFTC is considering a rule imposing cybersecurity requirements on exchanges and clearing organizations, but one that at least initially would not apply to other market participants. Chairman Massad indicated that a proposed rule would focus on setting standards for testing: (a) system safeguards; (b) vulnerability and penetration; (c) key controls; and (d) business recovery and disaster recovery. …
Continue Reading Cybersecurity Viewed as Market Risk by CFTC