MFA, et al. v. SEC
Court: U.S. Court of Appeals (Fifth Circuit) Amicus Issue: Whether the SEC’s securities lending and short reporting rules are arbitrary…
The Asset Management Group of SIFMA (SIFMA AMG) provides comments to the Commodity Futures Trading Commission (CFTC) requesting the CFTC extend the date for compliance by swap dealers (SDs) and major swap participants (MSPs) with external business conduct requirements and other information collection rules found in Subpart H of part 23 of the CFTCs regulations (the External Business Conduct Standards Rules), when entering into deliverable foreign exchange (FX) transactions with a settlement cycle of no more than seven local business days after execution (i.e., T+7) (Exempt FX Spot Transactions).
The CFTC has generally provided that a FX transaction is a spot transaction and not a forward if it settles via actual delivery of the relevant currencies within two local business days of its execution (T+2). However, the Commission has also acknowledged that a FX spot transaction can also include FX transactions with settlement cycles longer than two local business days when such longer settlement is customary in the relevant market.
In addition, certain FX transactions, if entered into in connection with the purchase and sale of a foreign security, are deemed “Securities Conversion Transactions” which the CFTC also considers to be FX spot transactions even though the settlement cycle for these transactions is longer than two local business days.
Court: U.S. Court of Appeals (Fifth Circuit) Amicus Issue: Whether the SEC’s securities lending and short reporting rules are arbitrary…
SIFMA provided comments to the U.S. House of Representatives on the Expanding Access to Capital Act of 2023, H.R. 2799.
SIFMA provided comments to the U.S. Securities and Exchange Commission (SEC) in response to the rule filings by the SROs to…
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