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Cadwalader's Reg-tracker for the second half of October

Regulatory team, Cadwalader Wickersham & Taft, New York, 20 October 2020


Our Regulatory Tracker is a list of effective dates, comment deadlines, compliance dates and expiration dates for the United States of America.

Comment deadlines

October 22: The Commodity Futures Trading Commission is proposing to amend the margin requirements for uncleared swaps for swap dealers (SD) and major swap participants (MSP) for which there is no prudential regulator. The proposals are to permit the application of separate minimum transfer amounts (MTA) for initial margin (IM) and variation margin (VM), and the application of an MTA of up to $50,000 for separately managed accounts (SMAs).

October 23: On the same subject but with a slightly different slant, the CFTC is proposing to revise the calculation method for determining whether certain entities come within the scope of the IM requirements under the CFTC Margin Rule (beginning on 1 September 2021) and the timing for compliance with the IM requirements after the end of the phased compliance schedule.

October 26: This is the deadline for comments about bankruptcy regulations. In April of this year, the CFTC proposed to change its regulations that govern the bankruptcy proceedings of commodity brokers. In reaction to comments about its proposed amendments, the CFTC is proposing to revise them with respect to efforts to foster a resolution proceeding under Title II Dodd-Frank Act.

October 26: This deadline pertains to regulations that require non-discrimination requirements. In this notice of proposed rulemaking, the Federal Deposit Insurance Corporation (FDIC) proposes to rescind and remove from the Code of Federal Regulations rules entitled “Nondiscrimination Requirements” (part 390, subpart G) and to amend FDIC regulation part 338 to make it apply to State savings associations. Part 390, subpart G was included in the regulations that were transferred to the FDIC from the Office of Thrift Supervision (OTS) on 21 July 2011 in connection with the implementation of applicable provisions of Title III Dodd-Frank Act. If the proposal is adopted in final form, insured State nonmember banks and State savings associations will be subject to the same anti-discrimination requirements.

October 28: In order to streamline its regulations, the FDIC proposes to rescind and remove from the Code of Federal Regulations rules entitled “Prompt Corrective Action” that were transferred to it from the OTS in 2011 in connection with the implementation of the aforementioned Title III. It also proposes to change certain sections of its existing regulations that govern the issuance and review of orders pursuant to the prompt corrective action provisions of the Federal Deposit Insurance Act to make it clear that such rules apply to all insured depository institutions for which the FDIC is the appropriate federal banking agency. This is the deadline for comments on the subject.

Expiration dates

October 18: FINRA proposed to extend the pilot period relating to FINRA Rule 6121.02 (entitled "Market-Wide Circuit Breakers in NMS Stocks") until this date. See SR-FINRA-2019-023, eff 30 September 2019.

October 20: FINRA filed for immediate effectiveness a proposal to extend a pilot program concerning FINRA Rule 11892 (entitled "Clearly Erroneous Transactions in Exchange-Listed Securities") until this date.

Effective date

October 20: The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule to amend its regulations governing payday, vehicle title, and certain high-cost installment loans. It is revoking provisions of those regulations that:

  • provide that it is an unfair and abusive practice for a lender to make a covered short-term or longer-term balloon-payment loan, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay those loans according to their terms;
  • prescribe mandatory underwriting requirements for making the ability-to-repay determination;
  • exempt certain loans from the mandatory underwriting requirements; and
  • establish related definitions, reporting, recordkeeping and compliance date requirements.

The bureau is making these changes because it has re-evaluated the legal and evidentiary bases for these provisions.

* Cadwalader, Wickersham & Taft can be reached on +1 212 504 6000 or at cwtinfo@cwt.com

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