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Article
Publication date: 29 November 2011

Allison Lurton, William Massey and Robert S. Fleishman

The purpose of this paper is to provide a summary of recent Commodity Futures Trading Commission (CFTC) final rules prohibiting manipulation of commodity markets. The paper…

129

Abstract

Purpose

The purpose of this paper is to provide a summary of recent Commodity Futures Trading Commission (CFTC) final rules prohibiting manipulation of commodity markets. The paper provides the specific prohibitions contained in new rules prompted by new authorities granted to the CFTC by the Dodd‐Frank Act.

Design/methodology/approach

The paper includes a discussion of relevant Dodd‐Frank Act provisions, the two new final CFTC rules and the scope of the new rules as explained by the CFTC in its rulemaking release. Included in these discussions are some specific applications of the new rules.

Findings

The final CFTC rules are similar to the rules proposed last fall. How the final rules and the release respond to public comments received in response to the proposed rulemaking are described in the paper.

Practical implications

The new final CFTC rules became effective August 15, 2011. The rules have wide application, so all commodity market participants should be made aware of the new rules and their prohibitions.

Originality/value

The paper provides expert advice from experienced energy and commodity regulatory attorneys.

Details

Journal of Investment Compliance, vol. 12 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 7 September 2012

Allison Lurton, Bruce Bennett, William Massey, Robert Fleishman, Mark Herman, Michael Sorrell and Ronald Hewitt

The aim of the paper is to explain the joint final rules adopted on April 18, 2012 by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission…

136

Abstract

Purpose

The aim of the paper is to explain the joint final rules adopted on April 18, 2012 by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) further defining the major categories of swap and security‐based swap market participants, “swap dealer“, “security‐based swap dealer”, “major swap participant”, “major security‐based swap participant” and “eligible contract participant” and to explain the process of evaluating a party's status under the rules.

Design/methodology/approach

The paper provides the statutory definition of a dealer, and explains the CFTC's and the SEC's interpretive guidance, including four tests and a discussion of the CFTC and SEC dealer trader distinctions, swaps not considered in determining dealer status, and a de minimis exception. It provides the statutory definition of a major participant, along with the four major categories of swaps and an explanation of the “substantial position”, “substantial counterparty exposure” and “highly leveraged” criteria, along with the exclusion of positions held for hedging or mitigating commercial risk from the substantial position analysis. A Dodd‐Frank amended definition of an eligible contract participant (ECP) along with the final ECP rules is provided.

Findings

All swap market participants will need to know whether they qualify as one of these entities because each type of entity figures prominently in the new swap market requirements imposed by the Dodd‐Frank Act.

Originality/value

The paper provides practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 13 no. 3
Type: Research Article
ISSN: 1528-5812

Keywords

Available. Content available
Article
Publication date: 29 November 2011

Henry A. Davis

371

Abstract

Details

Journal of Investment Compliance, vol. 12 no. 4
Type: Research Article
ISSN: 1528-5812

Available. Content available
Article
Publication date: 7 September 2012

Henry A. Davis

101

Abstract

Details

Journal of Investment Compliance, vol. 13 no. 3
Type: Research Article
ISSN: 1528-5812

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