The SEC adopted proposed and final rules regarding the activities of and definitions of clearing agencies. Relations with Burma and Cuba continue to be eased. The CFTC has promulgated proposed rules on implementing its cross border rules on corporate practices. The banking agencies published proposed rules on cyber security.
Qualifying Master Netting Agreements,
Covered Clearing Agencies
The CFPB has issued a proposed rule that would restrict the use of mandatory arbitration in consumer finance contracts. Arbitration is generally more expensive for consumers and eliminates the chance for class actions. The proposed rule would cover a broad range of financial products. The CFTC has issued its final rule on cross-border application of its margin rules on uncleared swaps. One Commissioner described the new rule as “muddled methodology” as well as impractical and unnecessary and harmful to US businesses.