“A lobbying campaign by the securities industry threatens to water down a U.S. financial reform measure that was supposed to protect American states, towns and cities from being taken for a ride by financial advisors,” Karen Brettell of Reuters reports. Under pressure from House Republicans,
AFR submitted a comment letter to the CFTC on the clearing mandate. This is the CFTC’s initial proposal for what derivatives will have to be cleared, and the CFTC has the ability to designate more swaps for clearing, which AFR recommends in the letter.
AFR submitted a comment letter to the CFTC regarding a rule that will determine whether the CFTC can regulate derivatives trading by foreign affiliates of US banks and corporations. Since derivatives trades move easily around the world and between affiliates and the parent company, it is important that US regulators be able to apply Dodd-Frank to such foreign trades. Our letter urged the CFTC not to let financial institutions escape derivatives rules by funneling transactions through their foreign affiliates.
AFR submitted a comment letter to the CFTC opposing the delay of key international derivatives rules. At a minimum, safe guards should be maintained if the delay is granted.
AFR released a statement regarding the approval of new derivatives rules by the CFTC and the SEC.
AFR Statement Regarding CFTC Guidance On Cross Border Derivatives On Friday June 29th the CFTC released a critical guidance on cross border derivatives transactions. This guidance makes clear the Commission’s intention to ensure that foreign affiliates of U.S. banks comply with the new derivatives protections
AFR sent a letter to the hill urging members of Congress to oppose the House Appropriations Committee’s proposal to cut sorely needed funding for the Commodities Futures Trading Commission (CFTC.)
AFR sent a letter to members of Congress urging them to oppose H.R. 1840, legislation that unnecessarily adds over a dozen additional requirements to the already existing statutory cost-benefit requirements for the Commodity Futures Trading Commission (CFTC). These requirements would effectively paralyze the agency’s rule writing capacity, and make it impossible for the CFTC to implement laws passed by Congress to safeguard our financial system.
AFR signed onto to a letter along with more than 50 other organizations, urging members of Congress to support full funding for the CFTC.
AFR sent a letter to the SEC and CFTC urging them to hold the line on their definition of swap dealer and not to radically change it.