September 2016

Updates on legislative and regulatory developments in derivatives markets

Inside the Beltway

CFTC Staff to Host a Public Roundtable on CPMI-IOSCO Guidance on CCP Resilience & Recovery – On October 6, the Commodity Futures Trading Commission (CFTC) will be holding a public roundtable from 9am-1:30pm to discuss the recent CPMI-IOSCO guidance on central counterparty (CCP) resilience and recovery. The CFTC hopes to gather perspectives from different stakeholder groups during the roundtable and will include panelists from U.S. derivatives clearing organizations (DCOs), their clearing members, and the customers of their participants and others.

AEI Event with CFTC Commissioner Giancarlo – On September 21, the American Enterprise Institute (AEI) held an event on 21st century markets needing 21st century regulation that featured CFTC Commissioner J. Christopher Giancarlo. Giancarlo criticized Regulation Automated Trading (Reg AT) for requiring that proprietary source code be accessible to the CFTC and Justice Department without a subpoena, and expressed his concern that if the CFTC adopts such a provision, the Securities and Exchange Commission (SEC) and other regulators will follow. He also reiterated his warning of a liquidity crunch, pointing to the CFTC's September 1st implementation date for margin requirements on uncleared swaps as an example, highlighting that the Asian swaps markets almost came to a halt due to "chaos and confusion" caused by the new margin rules, a consequence that he claimed could have been avoided.

Senate Ag Committee Hearing on CFTC Nominees – On September 15, the Senate Committee on Agriculture, Nutrition & Forestry held a hearing to consider pending CFTC nominations. Democratic nominee Christopher Brummer noted CFTC Chairman Massad's announcement of a year-long delay on the de minimis threshold to obtain more data and ensure capital rules are right. Republican nominee Brian Quintenz added that "if we get that wrong," providers of those swaps will be driven out of the market. Regarding global margin implementation delays for uncleared swaps, Brummer stated that international coordination is "deceptively hard," and that it is "hard to lead if you don't lead by example." He continued that while there have been delays regarding financial reform, by the U.S. standing firm on our implementation dates, other countries have accelerated their own reforms.

CFTC Adopts Final Rules for System Safeguards Testing Requirements and Comparability Determination for Japan Uncleared Swap Margin Rules for Substituted Compliance Purposes – On September 8, the CFTC held an open meeting where the final rules for system safeguards testing requirements for both DCOs and for designated contract markets, swap execution facilities and swap data repositories were adopted unanimously. The Commission also approved the comparability determination for Japan regarding uncleared swap margin rules for substituted compliance purposes in a 2-1 vote, with Commissioner Bowen dissenting.
Chairman Massad’s Opening Statement | Commissioner Bowen’s First and Second Statements | Commissioner Giancarlo’s First and Second Statements

CFTC Issues Time-Limited No-Action Relief under Uncleared Swap Margin Rules – On September 1, the CFTC issued time-limited no-action relief, stating it will not recommend an enforcement action against a swap dealer subject to the September 1, 2016 compliance date for the CFTC’s uncleared swap margin rules, subject to certain conditions, for failing to fully comply with the custodial arrangement requirements of CFTC regulation 23.157 prior to October 3, 2016.
Press Release | Chairman Massad’s Statement

Regulatory Authorities Delay Margin Implementation - On August 22, regulatory authorities in Australia, Hong Kong and Singapore announced they would be delaying the implementation of uncleared margin requirements, respectively.  The agencies have not set a commencement at this stage, noting they will monitor progress of other jurisdictions, and issue a revised phase-in schedule “in due course”.

CFTC’s DSIO Releases Final Staff Report on the Swap Dealer De Minimis Exception– On August 15, the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) released its Final Staff Report on the Swap Dealer De Minimis Exception.  The report: 1) summarizes comments received on the Preliminary Report; 2) provides further data analysis; and 3) contains further discussion of alternatives as identified in the Preliminary Report, identifying additional issues for further consideration. In his statement, Commissioner Giancarlo notes that while he is disappointed that the report contains no recommendations and does not address the automatic phase-in of the $3B threshold as of now, he understands a notice and comment rulemaking is anticipated.
Press Release | Statement from Commissioner Giancarlo

CFTC Announces Enhancements to Protect Customer Funds – On August 8, the CFTC announced several actions aimed at enhancing the protection of customer funds: 1) Approval of an order to exempt Federal Reserve Banks that maintain customer accounts for DCOs from liability under the CEA (see Press Release for link to Order; also see Written Acknowledgment); and 2) CFTC DSIO No-Action Letter No. 16-68 and CFTC Division of Clearing and Risk Interpretation Letter No. 16-69 regarding the use of money market funds by DCOs and futures commission merchants. Also see statements from Chairman Massad and Commissioner Bowen supporting the actions.

CFTC Announces Two Cross-Border Related Actions – On August 4, the CFTC extended no-action relief regarding certain transaction-level requirements with respect to activities addressed in a DSIO advisory issued November 14, 2013 (i.e., swaps “arranged, negotiated, or executed” in the US) until the earlier of September 30, 2017 or the effective date of any CFTC action with respect to matters addressed by the DSIO advisory. Press Release

The CFTC has also issued a Final Response to District Court Remand Order in Securities Industry and Financial Markets Association, et al. v. United States Commodity Futures Trading Commission, which includes “further consideration of costs and benefits and explains the CFTC’s approach to international harmonization of swaps regulations to carry out the Dodd-Frank reforms in cooperation with global regulators and to promote stable and healthy markets.” Commissioner Giancarlo’s Statement

SEC Holds Open Meeting on Reg. SBSR – On July 13, the SEC held an open meeting on Regulation Security-Based Swap Reporting (SBSR). The SEC unanimously approved amendments and guidance related to rules regarding Reg SBSR. The amendments included revisions to the compliance date schedule, detailing that transaction reporting will not begin until after security-based swap (SBS) dealers and major SBS participants have registered with the Commission. SEC Chair Mary Jo White stated that the Commission will next move towards finalizing its outstanding Title VII rulemakings, including capital, margin and segregation requirements, recordkeeping and statutory disqualifications, which she hopes to accomplish “by the end of the year”.

CFTC Holds Market Risk Advisory Committee Meeting – On June 27, the CFTC’s Market Risk Advisory Committee met to discuss the importance of communication and dialogue between central counterparty clearing houses (CCPs), market participants and regulators, to ensure coordination during times of market stress. 

.

Notable Speeches

On August 31, CFTC Commissioner Giancarlo issued a statement on margin implementation concerns.

On July 19, the Treasury released a joint US-EU statement regarding regulatory cooperation through their Financial Markets Regulatory Dialogue (FMRD).

On July 15, FINRA announced John Brennan as Chairman.

On July 13, the House Agriculture Committee held a hearing on the CFTC’s Reg AT proposal.

On July 12, the House Financial Services Committee held a hearing on the Financial CHOICE Act.

On July 5, Senator Warren (D-MA), Senator Warner (D-VA) and Rep. Cummings (D-MD) sent letters to CME and ICE requesting information on their recovery and resolution plans.

On June 28, the House Agriculture Committee released a literature review on position limits from the CFTC Office of the Chief Economist (see Press Release).

On June 27, the CFTC held a Market Risk Advisory Committee Meeting on to discuss CCP resiliency (see Agenda; Statements from Chairman Massad and Commissioner Bowen; SIFMA Hearing Summary).

On June 24, the following issued statements on the UK Referendum vote on exiting the European Union: President Obama; Treasury Secretary Lew; CFTC Chairman Massad; SEC Chair White; G7 Finance Ministers/Central Bank Governors; Federal Reserve; European Central Bank; Bank of England; Bank of England Governor Carney; FCA.  The FSOC further held a meeting to discuss the Referendum (see Press Release).

On June 14, House Agriculture Committee Chairman Michael Conaway (R-TX) sent a letter to CFTC Chairman Massad regarding a request for the public release of a CFTC draft report on position limits (see Press Release).

Also on June 14: 1) The Senate Banking Committee held a hearing on SEC oversight, which included testimony from SEC Chair White; and 2) The House Agriculture Subcommittee on Commodity Exchanges, Energy and Credit held a hearing to review the impact of G20 clearing and trade execution requirements (see here for witness testimony and further information).

On June 13, FINRA announced that Robert Cook would be named its President and CEO.

The CFTC held a Public Roundtable on Reg AT on June 10, 2016 (see Agenda; statements from Commissioners Bowen and Giancarlo).

On June 9, CFTC Chairman Massad delivered a speech discussing key Title VII initiatives.

On June 7, CFTC Chairman Massad delivered a speech on CCP resiliency.

.

Media Recap

Risk.Net: EU Net Margin Rules are Riskier than US Regime, Warns CFTC, Peter Madigan, 9/15/16

Reuters: CFTC Chair Seeks to Delay Planned Expansion of U.S. Swap-Dealer Oversight, Lisa Lambert, 9/15/16

Risk.Net: Margin Rules Push Interdealer Inflation Swaps to Clearing, Catherina Contiguglia, 9/13/16

Risk.Net: Non-Cleared Margin Rules Unsettle Asian Booking Hubs, Blake Evans-Pritchard, 9/9/16

WSJ: Divided CFTC Blesses Japanese Swaps Rules, Andrew Ackerman, 9/8/16

WSJ: U.K. Loses Interest Rates Derivatives Crown to U.S., Mike Bird, 9/5/16

Pensions & Investments: CFTC to Delay Enforcing New Margin Rules for a Month, Rick Baert, 9/2/16

Reuters: U.S. Gives Swap Dealers More Time on Margin Rules, Asia Trading Stumbles, Masayuki Kitano, Michelle Price, and Tom Polansek, 9/1/16

FX Week: GFMA Requests Uncleared Margin Delay in the US, Eva Szalay, 8/16/16

WSJ: Regulators See Danger in Clearinghouses, Julia-Ambra Verlaine, 8/16/16

The Trade: CFTC Commissioner Slams Agency Over Cross-Border Swaps Oversight, Joe Parsons, 8/5/16

Risk.Net: EU Non-Cleared Margin Rules Tipped for February, Robert Mackenzie Smith, 8/3/16

Financial Times: Post-Crisis Clearing Rules Block Derivatives Users from Market, Joe Rennison, 7/25/16

WSJ: EU Takes Step to Make Credit Derivatives Easier to Trade, Natalia Drozdiak, 7/20/16

Financial Times: BoE Backs Derivatives Leverage Ratio Rethink, Philip Stafford, 7/5/16

Reuters: U.S. Lawmakers Seek More Money, Authority for Derivatives Regulator, Lisa Lambert, 6/29/16

Politico: EU Trading Rules Delay Creates Global Confusion, Fiona Maxwell, 6/17/16

Risk.Net: Model Risk, Non-Cleared Swaps and Metro Bank, Luke Clancy, 6/3/16

.

Dodd-Frank Corner

Recent Regulatory Action

On September 19, the CFTC published its Final Rule on System Safeguards Testing for DCOs and Final Rule on System Safeguard Testing Requirements (effective as of publication).

Also on September 19, the CFTC published a Renewal of its Proposed Information Collection on the Clearing Exemption for Certain Swaps Entered into by Co-ops (comments due by October 19, 2016).

On September 15, the CFTC published a Renewal of its Proposed Information Collection on CPO and CTA operations and activities (comments due October 17, 2016).

On September 14, the announced that Yieldbroker Pty Limited (a multilateral swaps trading facility located in Australia) has qualified for in connection with Letter 15-29 (see Press Release).

On September 6, the CFTC announced an MOU with Mexican Regulators  on the cross-border supervision of CCPs and trade repositories (see Press Release).

Also on September 6, the CFTC published an extension to the comment period for its Proposed Rule on the CPO Annual Report (comments due September 20, 2016).

On September 2, the SEC published its Final Rule on Access to Data Obtained by SBSDRs (effective November 1, 2016).

On September 1, the CFTC’s DSIO issued a no-action letter providing relief from the custody requirements for IM under the CFTC’s uncleared margin rules, expiring October 3, 2016 (see Press Release; statement from Chairman Massad).

On August 30, the CFTC extended the comment period for its Proposed Rule on the CPO Annual Report (comments due September 20, 2016) (see Press Release).

On August 29, the SEC released its Final Rule on Access to Data Obtained by SBSDRs (effective 60 days after publication in the Federal Register) (see Press Release).

Also on August 29, the SEC released a notice of filing by Euroclear Bank SA/NV seeking to modify an existing exemption from clearing agency registration (comments due 30 days after publication in the Federal Register).

On August 24, the CFTC published a Renewal of its Proposed Information Collection regarding SEF/DCM “Made-Available-to-Trade” requirements (comments due September 23, 2016).

On August 23, the CFTC issued no-action relief allowing for the inclusion of SBS in product sets for initial margin, in certain circumstances and subject to conditions.

Also on August 23, the CFTC announced the issuance of an Order of Registration to Seed SEF LLC, granting it full registration status as a SEF.  With this action, there are now 23 fully registered SEFs.

On August 16, the CFTC published its Final Response to the District Court Remand Order (also see Press Release; statements from Chairman Massad and Commissioner Giancarlo).

On August 15, the CFTC published proposed amendments regarding the timing for the filing CCO of Annual Reports (see Press Release) (comments due September 12, 2016).

Also on August 15, the CFTC’s DSIO released its Final Report on the Swap Dealer De Minimis Exception (see Press Release; Commissioner Giancarlo statement).

On August 12, the CFTC published its Final Rule and Order regarding exemptions for Federal Reserve Banks that maintain customer accounts for DCOs from liability under the CEA (see Press Release).

Also on August 12, the SEC published its Final Rule on amendments and guidance for Reg. SBSR (effective October 11, 2016; compliance dates vary).

On August 12, the FINRA released notice of SEC approval of amendments to FINRA Rule 4210 regarding margin requirements for covered agency transactions.

On August 11, the CFTC published a Proposed Information Collection regarding the SmartCheck Annual Campaign Impact Tracking Survey (comments due by September 12, 2016).

On August 9, the CFTC published a Renewal of its Proposed Information Collection on market surveys (comments due by September 8, 2016).

On August 8, the CFTC announced several actions aimed at enhancing the protection of customer funds, to include the CFTC DSIO No-Action Letter No. 16-68 and CFTC DCR Interpretation Letter No. 16-69 regarding the use of money market funds by DCOs and FCMs. See statements from Chairman Massad and Commissioner Bowen supporting the actions.

On August 5, the CFTC published a Proposed Rule on CPO Annual Reports (comments due by September 6, 2016).

Also on August 5, the CFTC published a Proposed Rule on exemptions from registration for certain foreign persons (see Press Release) (comments due by September 6, 2016).

On August 4, the CFTC extended No-Action relief regarding certain transaction-level requirements with respect to activities addressed in its 13-69 Advisory to the earlier of September 30, 2017 or the effective date of any Commission action. 

On August 2, the US Prudential Regulators published a Final Rule exempting certain uncleared swaps/SBS with certain financial and non-financial end-users that qualify for an exception or exemption from clearing from its margin and capital requirements for covered swap entities (effective October 1, 2016) (see Press Releases from FDIC, Fed, FHFA and OCC).

Also on August 2, the CFTC Published a Renewal of its Proposed Information Collection on comparability determinations regarding margin requirements for uncleared swaps for SDs and MSPs (comments due by September 1, 2016). The CFTC also Published a Renewal of its Proposed Information Collection on Identity Theft rules (comments due September 1, 2016).

On July 29, the OCC published a Renewal of its Proposed Information Collection on exemptions regarding margin and capital requirements for covered swap entities (comments due by August 29, 2016).

On July 28, the CFTC and four Canadian regulatory authorities (Yukon; Northwest Territories; Nunavut; Prince Edward Island) announced the signing of MOUs on enhancing supervision of cross-border regulated entities (see Press Release).

On July 26, the OFR released a working paper, “Does OTC Derivatives Reform Incentivize Central Clearing?” (see Press Release).

On July 25, the CFTC’s DSIO released a Staff Advisory regarding CCO reporting lines (see Press Release).

On July 22, the CFTC published a Renewal of a Proposed Information Collection on Core Principles and Other Requirements for SEFs (comments due by September 20, 2016).

On July 21, the CFTC’s DCR issued guidance on DCO recovery and wind-down plans (see Press Release; Statements from Chairman Massad and Commissioner Bowen).

Also on July 21, the CFTC published an Order extending the designation of DTCC-SWIFT as an LEI provider (see Press Release).

On July 21, the CFTC published a Renewal of a Proposed Information Collection on Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps (comments due by September 19, 2016).

On June 30, the CFTC published: a Renewal of Proposed Information Collection on CPO/CTA Recordkeeping and Reporting (comments due by August 29, 2016), as well as a Renewal of Proposed Information Collection on Clearing Exemption for Certain Swaps Entered into by Cooperatives (comments due by August 29, 2016).

Also on June 30, the OCC released a report on bank trading and derivatives activities for Q1 2016.

On June 29, the CFTC released the results of a rule enforcement review of the CBOE Futures Exchange, LLC.

Also on June 29, the CFTC published a Renewal of Proposed Information Collection on Futures Volume, Open Interest, Price, Deliveries and Purchases/Sales for Commodities or for Derivatives Positions (comments due by July 29, 2016).

On June 28, the SEC released a Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Implementation of FINRA Rule 4240 (Margin Requirements for CDS) (comments due 21 days after publication in the Federal Register).

On June 27, the CFTC published its Final Rule on Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps (effective July 27, 2016; see rule for compliance dates) (see Press Release; Fact Sheet; Statement from Chairman Massad).

On June 17, the SEC published its Final Rules on Trade Acknowledgment and Verification for SBS Transactions (effective August 16, 2016) (see Press Release).

On June 14, the CFTC took the following actions: 1) Published a Renewal of Proposed Information Collection on the process for a SEF or DCM to make a swap available to trade (comments due by August 15, 2016); 2) Released a Final Rule on Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps (effective 30 days after publication in the Federal Register; see rule for compliance dates) (see Press Release; Fact Sheet; Statement from Chairman Massad); and 3) Released a Request for Comment on a rule amendment certification filing by ICE Futures US (comments due by July 14, 2016) (see Notification of Stay Letter)

On June 13, the CFTC published a Proposed Rule on Position Limits for Derivatives: Certain Exemptions and Guidance (see Press Release; Statements from Chairman Massad; Commissioners Giancarlo) (comments due by July 13, 2016).

On June 10, the CFTC issued a No-Action Letter extending relief to SEFs and DCMs regarding certain CFTC regulations for error corrections (see Press Release).

On June 9, the CFTC released a Proposed Rule on seeking to require additional IRS for the clearing requirement (comments due 30 days after publication in the Federal Register) (see Press Release).

On June 8, the SEC announced the approval of Final Rules on Trade Acknowledgment and Verification for SBS Transactions (effective 60 days after publication in the Federal Register) (see Press Release).

On June 6, the CFTC announced a Memorandum of Understanding with ESMA regarding cooperation with respect to “Recognized CCPs” (see Press Releases from the CFTC and ESMA).

On June 2, the CFTC announced the re-opening of the comment period for certain elements of Reg AT (comments closing June 24, 2016), in conjunction with its Public Roundtable scheduled for June 10, 2016 (see Agenda).

Also on June 2, the CFTC published a Proposed Order and Request for Comment on a proposal to exempt Federal Reserve Banks from certain CEA requirements relating to the holding of SIDCO customer accounts (comments due by July 5, 2016).

On June 1, the FDIC, Federal Reserve and OCC published a joint Proposed Rule on Net Stable Funding Ration (comments due by August 5, 2016) (see statement from Fed Chair Yellen, Fed Governor Tarullo and FDIC Chairman Gruenberg).

Also on June 1, the CFTC: 1) Published a renewal of its Proposed Information Collection Notice on identity theft red flags (comments due by August 1, 2016); 2) OIG released its semi-annual report to Congress; and 3) Issued Orders of Registration for two Foreign Boards of Trade.

On June 1, the NFA sent a notice to members announcing an SD/MSP questionnaire regarding margin requirements for uncleared swaps (responses due by June 15, 2016).

.

SIFMA Comment Letters

On September 12, SIFMA, Futures Industry Association (FIA) and International Swaps and Derivatives Association (ISDA) provided comments to the (CFTC) on regarding its proposal on CCO Annual Report Requirements: Amendments to Filing Date.

On September 6, SIFMA AMG, IAA, and ICI Global submitted comments on the CFTC’s Proposed Amendment to Regulation 3.10(c): Exemption from Registration for Certain Foreign Persons - RIN No. 3028-AC26.

On August 23, SIFMA AMG submitted comments to multiple European agencies on Technical Standards for Uncleared Swaps Transactions.

On August 19, SIFMA AMG submitted comments to multiple agencies on Final Margin Rules for Uncleared Swaps Transactions.

On July 18, SIFMA AMG submitted comments to the CFTC on Notice of Proposed Clearing Mandate for Interest Rate Swaps.

On July 13, SIFMA AMG submitted comments to the CFTC on Supplemental Notice of Proposed Rulemaking on Exemptions for Position Limits.

On June 27, SIFMA AMG submitted comments to multiple agencies on Final Margin Rules for Uncleared Swaps Transactions.

On June 24, SIFMA AMG and other associations submitted comments to the CFTC on the Proposed Rulemaking on Automated Trading.

.

International Updates

On September 20, ESMA released a discussion paper regarding trading obligations for derivatives under MiFIR (comments due November 21, 2016).

On September 19, ESMA released an updated list of CCPs authorized under EMIR.

On September 9, the European Supervisory Authorities released an opinion on the EC’s proposed amendments to the final draft margin RTS (see Press Release).

On August 31, the FSB released a report on G20 regulatory reform efforts.

On August 26, the FSB released its 11th Progress Report on OTC Derivatives Implementation, in addition to a report on addressing reporting/data sharing issues (see Press Release).

On August 18, CPMI/IOSCO released a Second Consultative Report on UPI Harmonization (comments due by September 30, 2016).

August 16, the following regarding CCP resiliency were released: 1) BCBS/CPMI/FSB/IOSCO joint progress report on CCP work plans; 2) CPMI/IOSCO joint report on PFMI implementation; 3) CPMI/IOSCO consultative report on CCP resiliency and recovery (comments due by October 18, 2016); and 4) FSB discussion note on CCP resolution planning (comments due by October 17, 2016). Also see: CPMI/IOSCO Press Release and Chairs statement; FSB Press Release; CFTC Chairman Massad Statement.

On July 29, the FCA released a consultation on MiFID II implementation (comments due by October 28, 2016).

On July 27, ESMA released an updated EMIR Q&A.

On July 25, FSB Chair Carney sent a letter to the G20 Finance Ministers and Central Bank Governors regarding 2016 priorities.

On July 21, The FSB held a meeting to discuss issues in advance of September’s G20 Leaders’ Summit.

On July 18, ESMA announced a call for candidates to join a consultative working group on commodity derivatives.

On July 9, the Bank of England published a paper on systemic risk in the derivatives markets.
On June 30, the European Supervisory Authorities sent a letter to EU Commissioner Hill expressing concerns with the EU’s margin implementation delay.
On June 21, the European Parliament’s Committee on Economic Affairs held a hearing on MiFID II implementation.

On June 14, ESMA released an updated list of recognized 3rd country CCPs, which included CME (see Press Release).

On June 10, the European Commission adopted a delegated regulation regarding clearing requirements for IRS.

On June 9, the EU indicated it would delay the implementation of its rules on margin requirements for non-centrally cleared derivatives.

On June 7, the European Commission announced a six-month extension of the transitional period related to requirements on CCP exposures (thus extending the CCP equivalence deadline).  The transitional period will expire on December 15, 2016.

On June 6, ESMA released an updated Q&A regarding EMIR clearing obligations.

On June 1, ESMA released responses to its consultation on inside information related to commodity derivatives. 

.

Status of Derivatives-Related Bills

SEC Approves Final Rules on Cross-Border Securities-Based Swap DefinitionsH.R. 5054: The Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2017, includes a $250 million budget for the CFTC, the same as the 2016 enacted level and $80 million below the President’s budget request. Included in the bill is Section 765, which states that no funds may be used to pay the salaries and expenses of personnel to lower the de minimis quantity of swap dealing to less than $8 billion.
Status: Passed the House Agriculture Subcommittee on April 13 and the House Appropriations Committee on April 19, 2016.

H.R. 5485: The Financial Services and General Government Appropriations Act, 2017, includes a $1.5 billion budget for the SEC, $50 million below the FY 2016 enacted level and $226 million below the President’s budget request. Included in the bill is the Financial Institution Bankruptcy Act, which makes changes to the U.S. bankruptcy code to facilitate the orderly and efficient resolution of a failing financial firm.
Status: Passed the House Subcommittee on May 25, Full Committee on June 9, and House floor on July 7.

S. 3067: The Financial Services and General Government Appropriations Act, 2017, includes a $1.6 billion budget for the SEC and $250 million for the CFTC, the same as the FY2016 spending levels for each agency.
Status: Passed the Senate Subcommittee on June 15 and Full Committee on Appropriations on June 16.

S. 3118/H.R. 5592: The Derivatives Oversight and Taxpayer Protection Act, a bill to amend the Commodity Exchange Act to clarify which fees the Commodity Futures Trading Commission may assess and collect, and for other purposes.
Status: S. 3118 was introduced in the Senate and referred to the Senate Agriculture Committee on June 29. H.R. 5592 was introduced in the House on June 28 and referred to the House Committees on Judiciary, Financial Services, and Agriculture on June 28. It was then referred to the House Ag Subcommittee on Commodity Exchanges, Energy, and Credit on July 14.

.

CONGRESSIONAL CALENDAR

House
In Session: September 20-23, 26-30; November 14-17, 29-30; December 1-2, 5-8, 13-16.

Senate
In Session: September 19-23, 26-30; October 4-7; November 14-18, 28-30; December 1-2, 5-9, 12-16.

.

SIFMA News and Events

Dorsey. Hensarling. Massad. Osborne. Paulson. White. The Capital Markets Conference - Sep. 26-27, Washington, DC
By popular demand, SIFMA's Annual Meeting will return to our nation’s capital this fall for candid one-on-one conversations, in-depth breakout sessions and expert insights on the state of our capital markets and how we can retain their well-deserved reputation as the best in the world. Confirmed speakers include Twitter and Square CEO Jack Dorsey, Congressman Jeb Hensarling, CFTC Chairman Timothy Massad, former Chancellor of the Exchequer George Osborne, former Treasury Secretary Henry M. Paulson, Jr., and SEC Chair Mary Jo White and 30+ more industry leaders, policymakers and regulators. Register to reserve your ticket today.

120 Broadway, 35th Floor, New York, NY 10271 | 212.313.1000

1101 New York Avenue, NW, 8th Floor, Washington, DC 20005 | 202.962.7300

www.sifma.org



To unsubscribe from this mailing, please click here.