ICI has filed a comment letter with FINRA on the Regulatory Notice requesting comment on potential enhancements to FINRA's short interest reporting program. We previously provided a summary of the Regulatory Notice. ICI's letter is attached and summarized below.
On August 16, 2021, the European Commission published final regulatory technical standards (RTS) on the contractual recognition of stay powers under the European Bank Recovery and Resolution Directive (BRRD). Now that the RTS have been adopted and published in the Official Journal of...
On August 5, 2021, in response to a request from ISDA and SIFMA, the SEC's Division of Trading and Markets ("Division") granted no-action relief to nonbank security-based swap dealers (SBSDs) from the compliance date under Rule 18a-3(c)(1)(ii)(B) under the Securities Exchange Act of...
On July 21, 2021, SEC Chair Gary Gensler made a speech at the American Bar Association Derivatives and Futures Law Committee Virtual Mid-Year Program. Gensler's speech highlighted the Securities and Exchange Commission's agenda regarding security-based swaps (SBSs). Highlights of the...
On July 29, the ARRC issued a formal recommendation for the use of forward-looking term SOFR rates as part of market transition from USD LIBOR. Most tenors of USD LIBOR will cease on June 30, 2023.
Chair Gensler recently announced that Corey Klemmer, Adam Large, Mika Morse, Sirimal Mukerjee, and Sai Rao had joined the SEC, reporting to Policy Director Heather Slavkin Corzo. The background and responsibilities of the new personnel are summarized below.
This week, the Commodity Futures Trading Commission (CFTC) Market Risk Advisory Committee (MRAC) unanimously adopted a recommendation that the full Commission consider a "SOFR First" plan as a market best practice for derivatives and swaps trading. SOFR First is a phased initiative...
Chair Gensler delivered prepared remarks yesterday on the SEC's rulemaking agenda, including those related to ESG, market structure, short sales, and securities lending. His remarks are summarized below.
On May 26, the Market Participants Division of the Commodity Futures Trading Commission (CFTC or "Commission") issued updated responses to frequently asked questions (FAQs) regarding CFTC Regulation 4.27 and CFTC Form CPO-PQR.[1] The FAQs are summarized briefly below.
On 21 May 2021, ICI Global submitted a response to the consultation issued by Her Majesty's Treasury (HMT) on expanding the resolution regime for UK Central Counterparties (UK CCPs).[1] The response takes account of member feedback on the draft response.
