A recent fight over the CFTC’s position calls into question a complex regulatory taxonomy.
Commodities
The end to a longstanding case shows how efforts to reclassify bulk products can cross the line into duty evasion.
Guidance keeps limits on uncleared swaps, applies haircuts, and requires FCMs to meet reporting and operational requirements under a no-action pathway.
Consent orders require two former precious metals traders to pay hefty civil penalties and accept industry bans, concluding an enforcement action launched in 2019.
By shifting the AAT from guidance into formal rules, the FCA aims to provide a more robust and predictable environment for the UK's commodity and energy markets.
Commodity derivatives were a particular focus in a wide-ranging exchange.
Latest news and developments from the world of crypto.
Next steps for firms, including preparing to take advantage of the new exemptions and submitting required applications to relevant trading venues.