A CFTC advisory panel will meet Wednesday to discuss the agency's plan to rein in speculative trading amid calls to keep the rules from hurting firms that use hedges to limit business risk. The Energy and Environmental Markets Advisory Committee discussion may help shape the regulations, which the CFTC has said it is looking to complete this year. The agency has had to regroup after derivatives-industry groups successfully sued to overturn an earlier version of the restrictions. The CFTC "must make sure that market participants can engage in bona fide hedging," Timothy Massad, the agency's chairman, said in comments about prospective limits on commodity speculation during a May speech in Washington. In addition to pressure from the industry, the agency's moves on position limits are also being watched in Congress, where the House passed a bill including an exemption for energy and agriculture firms in its CFTC reauthorization legislation. The bill is H.R.2289: CFTC Reauthorization - Commodity End-User Relief Act
27 Jul 2015
Week InAdvance
Please join us...
WEDNESDAY, JULY 29
4:30 - 5 pm ET
Monthly INVESTORS Membership Telecon
Updates from all Council chairs
week in brief
MONDAY, JUL 27
Trade ministers gather in Hawaii to discuss proposed TPP trade bloc. 

TUESDAY, JUL 28
Fed officials begin two-day meeting to set monetary policy. Joint Economic Committee hearing on dynamic scoring. House Financial Services holds hearing on Dodd-Frank five years after passage and begins markup of 14 bills, including Fed Oversight Reform and Modernization Act, derivatives clearing, and the sale of restricted securities. House Ways and Means subcommittee hearing on multi-employer pension system. Insurance forum in DC hosted by The Hill.

WEDNESDAY, JUL 29
CFTC advisory panel meets on commission's proposed rules on position limits, trade options. MSRB begins two-day meeting to address corporate issues and elect new members and officers. Senate Banking subcommittee hearing on bankruptcy reform and TBTF. House Agriculture on progress of global derivatives reform since Dodd-Frank's passage. FOMC's meeting on interest-rate policy concludes.

THURSDAY, JUL 30
Senate Permanent Subcommittee on Investigations hearing on impact of tax code on corporations.

FRIDAY, JUL 31
FSOC executive session on nonbank SIFIs, asset management. U.S. House scheduled to depart for five-week recess.
at the agencies
MONDAY, JUL 27
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Closed meeting for review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.

TUESDAY, JUL 28
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Closed meeting to discuss monetary policy issues.

FEDERAL OPEN MARKET COMMITTEE
The FOMC begins a two-day meeting to set monetary policy amid a growing consensus among economists that the U.S. central bank will begin raising interest rates in September.

NATIONAL CREDIT UNION ADMINISTRATION
NCUA Town Hall Webinar. Topics include credit union system performance, efforts to provide regulatory relief, a forthcoming rule on member business lending and cybersecurity and interest-rate risks.

WEDNESDAY, JUL 29
COMMODITY FUTURES TRADING COMMISSION
Energy and Environmental Markets Advisory Committee all-day open meeting. Topics include the commission's proposed rules with respect to position limits, trade options and the agency's final interpretation on forward contracts with embedded volumetric optionality and how these will impact energy and environmental markets.

MUNICIPAL SECURITIES RULEMAKING BOARD
MSRB board begins two-day meeting to address the following rulemaking topics: best execution guidance, confirmation disclosure, investor representation on the Board, uniform practice rule review, delivery of investor brochure, holistic fee review, and trade settlement cycle.

THURSDAY, JUL 30
SECURITIES AND EXCHANGE COMMISSION
Closed meeting to discuss institution and settlement of injunctive actions, institution and settlement of administrative proceedings, and other matters relating to enforcement proceedings.

FRIDAY, JUL 31
DEPARTMENT OF THE TREASURY
Secretary Lew will preside over an executive session of the Financial Stability Oversight Council. Preliminary agenda includes a discussion of the annual re-evaluations of the designations of certain nonbank financial companies, an update regarding the Council's ongoing work on asset management, an update on market developments, and a discussion of the ongoing examination by member agencies of the structure and participants in the U.S. Treasury market, and the findings in the recent report "The U.S. Treasury Market on October 15, 2014."

SECURITIES AND EXCHANGE COMMISSION
Open meeting to hear oral argument by respondents, and a cross-appeal by the Division of Enforcement, from an initial decision of an administrative law judge.
on the hill
TUESDAY, JUL 28
JOINT ECONOMIC COMMITTEE
Hearing on "Dynamic Scoring: How Will It Affect Fiscal Policymaking?"

HOUSE FINANCIAL SERVICES
Full committee hearing on "Dodd-Frank Five Years Later: Are We More Prosperous?"

HOUSE FINANCIAL SERVICES
Committee begins markup of 14 bills, including Fed Oversight Reform and Modernization Act, derivatives clearing, and the sale of restricted securities Read more.

HOUSE HOMELAND SECURITY
Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies hearing on "Promoting and Incentivizing Cybersecurity Best Practices."

HOUSE WAYS & MEANS
Subcommittee on Select Revenue Measures hearing on "Reform of the Multiemployer Pension System."

WEDNESDAY, JUL 29
SENATE BANKING
Subcommittee on Financial Institutions and Consumer Protection hearing on "The Role of Bankruptcy Reform in Addressing Too Big to Fail."

HOUSE AGRICULTURE COMMITTEE
Full committee hearing on "Dodd-Frank Turns Five: Assessing the Progress of Global Derivatives Reforms."

THURSDAY, JUL 30
SENATE HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
Permanent Subcommittee on Investigations hearing on "Impact of the U.S. Tax Code on the Market for Corporate Control and Jobs."
around the globe
MONDAY, JUL 27
MAUI, Hawaii | Chief negotiators for the 12-nation Trans-Pacific Partnership (TPP) trade pact gather for a final day in Maui, Hawaii.

TUESDAY, JUL 28
MAUI, Hawaii | The U.S. hosts trade ministers from 12 governments to attempt to hash out the final details of the TPP. (thru July 31).
other events
TUESDAY, JUL 28
WASHINGTON DC & LIVESTREAM
"Does One Size Fit All? A Policy Discussion on Insurance, Regulation & the American Economy" hosted by The Hill.

WEDNESDAY, JUL 29 - 
THURSDAY, JUL 30
NEW YORK CITY
American Conference Institute's 10th National Forum on Insurance Regulation. Speakers include Noreen M. Fierro, vice president and CCO of group insurance at Prudential, Michael T. McRaith, director of the Federal Insurance Office, and Thomas Sullivan, associate director at the Federal Reserve Board.

THURSDAY, JUL 30
NEW YORK & VIA WEBCAST
Practising Law Institute's Insider Trading Law 2015. Topics include the implications of U.S. vs. Newman, current and future criminal and civil enforcement in insider trading and best compliance practices to prevent insider trading conduct.