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Dan Berkovitz departure to leave CFTC with 2 commissioners

Dan Berkovitz departure to leave CFTC with 2 commissioners
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CFTC Adopts Comprehensive Amendments to Bankruptcy Rules


Tuesday, February 2, 2021
The Commodity Futures Trading Commission (CFTC) recently adopted final amendments to Part 190 of the CFTC s regulations (the Final Rules ), governing bankruptcy proceedings with respect to commodity brokers.
1 The Final Rules represent the first comprehensive update to the CFTC s bankruptcy rules since the Part 190 rules were initially adopted in 1983. Approved unanimously, the Final Rules serve to modernize and revise the CFTC s regulations to reflect changes in the commodity brokerage industry over that time.
Subchapter IV, chapter 7 of the Bankruptcy Code ( Code ) sets out the essential provisions governing the liquidation of a commodity broker in bankruptcy. However, the CFTC is authorized under section 20 of the Commodity Exchange Act (CEA), notwithstanding the Code, to adopt rules that provide, among other things: (1) that certain cash, securities, other property or commodity contracts are to be included in or excluded fro ....

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The CFTC Adopts Comprehensive Amendments to Its Bankruptcy Rules | Katten Muchin Rosenman LLP


Background
The Commodity Futures Trading Commission (CFTC) recently adopted final amendments to Part 190 of the CFTC s regulations (the Final Rules ), governing bankruptcy proceedings with respect to commodity brokers.
1 The Final Rules represent the first comprehensive update to the CFTC s bankruptcy rules since the Part 190 rules were initially adopted in 1983. Approved unanimously, the Final Rules serve to modernize and revise the CFTC s regulations to reflect changes in the commodity brokerage industry over that time.
Subchapter IV, chapter 7 of the Bankruptcy Code ( Code ) sets out the essential provisions governing the liquidation of a commodity broker in bankruptcy. However, the CFTC is authorized under section 20 of the Commodity Exchange Act (CEA), notwithstanding the Code, to adopt rules that provide, among other things: (1) that certain cash, securities, other property or commodity contracts are to be included in or excluded from customer property or mem ....

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