Commentary by Eric Waxman
In Kravitz v. Samson Energy Co., the United States Bankruptcy Court District of Delaware held that, if a debtor qualifies as a financial participant, then transfers by a debtor in connection with a safe harbor-protected securities contract may be protected from avoidance, even if the recipient/transferee does not qualify as a financial participant.
The CFTC Division of Clearing and Risk provided temporary no-action relief to derivatives clearing organizations from recently amended daily reporting requirements "on initial margin, variation margin, cash flow, and position information by individual customer account."
The CFTC Market Participants Division provided temporary no-action relief to permit futures commission merchants to invest customer funds in certain securities containing an adjustable interest rate that is benchmarked to the Secured Overnight Financing Rate.
FINRA provided guidance to help firms review and reconcile their 2020 final statements made available in E-Bill.
The New York State Department of Financial Services granted a charter to GMO-Z.com Trust Company Inc. to issue, administer and redeem U.S. Dollar- and Japanese Yen-pegged stablecoins.