On Wednesday, the Securities and Exchange Commission will consider adopting a rule that would allow overseas banks to arrange swaps transactions in the U.S. without them counting toward thresholds that trigger registration and other Dodd-Frank Act requirements. The SEC proposed rule would let overseas-based swaps dealers use U.S. personnel to set up trades without the need to comply with risk reduction and transparency measures. The counting-requirements rule would apply to single securities or narrow indexes, which make up about 5 percent of the swap market. "Counterparty credit risk associated with these transactions resides primarily outside the United States," the agency said in their April 2015 proposal summary.
8 February 2016
Week InAdvance
please join us...       
all times ET unless noted

Thursday, Feb 11, 2016
Market Practices Council Telecon
11am - noon

Thursday, Feb 11, 2016
Mortgage Securitization Council Telecon
4:00 - 4:30 pm
for details & call-in info...
Matthew Jones
Staff Director
(202) 712-9050
save the date...       
all times ET unless noted

Thursday, Feb 18
CMBS Council Telecon
3:00 - 3:30 pm

Last Wednesday of Every Month
INVESTORS Membership Telecon
4:30 - 5 pm
Brief updates from all Council chairs.
All INVESTORS members are invited to listen in.
week in brief
Tuesday, Feb 9
OMB releases President Obama's FY17 budget.

Wednesday, Feb 10
SEC considers whether to adopt rules related to certain security-based swap transactions. Treasury's Lew gives testimony in Senate budget hearing. CFTC's Timothy Massad testifies in House on proposed budget. Fed's Yellen testifies on monetary policy in the House. IRS Commissioner gives testimony in Senate on budget. 

Thursday, Feb 11
Treasury's Lew will be sole witness at House budget hearing. Fed's Yellen in Senate hearing on monetary policyIRS Commissioner testifies in House budget hearing.
Please see below for details on these and other events this week.

at the agencies
Monday, Feb 8
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Closed meeting on the advance and discount rates to be charged by the Federal Reserve Banks.

Wednesday, Feb 10
SECURITIES AND EXCHANGE COMMISSION
Open meeting to consider whether to adopt a rule to recalculate requirements for when non-U.S. people or entities have to register with the agency as security-based swap dealers. The SEC unanimously proposed the rule in April. Non-U.S. entities must account for their dealings with U.S. entities as well as any dealings with a "right of recourse" against their U.S. affiliates, and this proposal would further require non-U.S. entities to consider dealings that take place in the U.S.
  
 
on the hill
Wednesday, Feb 10
SENATE FINANCE
"Revenue Proposals in the Administration's FY2017 Budget." Treasury Secretary Jacob Lew to testify.

Wednesday, Feb 10
SENATE FINANCE
"The President's FY2017 Budget." IRS Commissioner John Koskinen to testify.

Wednesday, Feb 10
HOUSE AGRICULTURE
Full committee hearing on "The 2016 Agenda for the Commodity Futures Trading Commission." CFTC Chairman Timothy Massad to testify. Derivatives market participants are facing the consequences of "regulatory missteps" that have roiled futures and swaps markets, according to committee Chairman Michael Conaway (R-Texas). Conaway said he plans to ask Massad how he will bring more order to markets and give more regulatory certainty to end-users such as agriculture, manufacturing and energy concerns.

Wednesday, Feb 10
HOUSE APPROPRIATIONS
Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies budget hearing. CFTC Chairman Timothy Massad to testify, an opportunity to convince Congress it deserves to be fully funded. The CFTC currently receives $250 million, as it did in 2015. Massad said in December he was "deeply disappointed" with the $250 million instead of the  $322 million the agency requested.

Wednesday, Feb 10
HOUSE FINANCIAL SERVICES
Full committee hearing on the Federal Reserve's semi-annual Monetary Policy Report to Congress. Fed Chair Janet Yellen to testify.

Thursday, Feb 11
SENATE BANKING, HOUSING AND URBAN AFFAIRS
Full committee hearing on "The Semiannual Monetary Report to Congress." Fed Chair Janet Yellen to testify.

Thursday, Feb 11
HOUSE APPROPRIATIONS
Subcommittee on Financial Services and General Government Internal Revenue Service budget hearing. IRS Commissioner John Koskinen to testify.
across the globe
Monday, Feb 8
DUBAI, United Arab Emirates
"The Government Summit 2016," a global forum dedicated to shaping the future of government. The OECD is a key strategic partner in the summit which brings together more than 3,500 high level ministers, government officials, experts, representatives from the private sector and civil society to discuss the future of government and public service delivery. Keynote speakers, participation in expert discussion panels, pre-summit meetings and discussion papers such as: "Rebooting Public Service Delivery - How can Open Government Data help to drive Innovation?"

Wednesday, Feb 10
LONDON., England
ISDA Annual Legal Forum. Speakers include Heather Pilley, markets policy and international division of the U.K. Financial Conduct Authority, and Cora van Nieuwenhuizen, member of the European Parliament.

Wednesday, Feb 10
GENEVA, Switzerland
World Trade Organization top trade delegates meet at the WTO's headquarters for an informal heads of delegation meeting, the first such gathering of the year, to discuss the outcomes of the WTO's 10th ministerial conference (MC10) in Nairobi and their 2016 agenda.

Thursday, Feb 11
LONDON, England
"OMFIF City Lecture: Elke König." König, chair of the Single Resolution Board, will talk about the future of European banking resolution. The program will include a panel discussion on the macroeconomic and regulatory impact of financial reforms from UK and European markets, and the pro-cyclicality of Solvency II.

Thursday, Feb 11 - 
Friday, Feb 12
BRUSSELS, Belgium
Euro-area finance ministers meet.

Friday, Feb 12
BRUSSELS, Belgium
ECOFIN Council meeting.
other events
Thursday, Feb 11
NEW YORK CITY
FINRA's Cybersecurity Conference. Speakers include Stuart Tryon, special agent in charge of the criminal investigative division of the U.S. Secret Service, and John Carlson of FS-ISAC (Financial Services
Information Sharing and Analysis Center).


Thursday, Feb 11
WASHINGTON DC
Cato Institute discussion on "Derivatives: Weapons of Mass Destruction or Tools of Stability?"

Thursday, Feb 11 -
Friday, Feb 12
DALLAS, Texas
38th Annual Conference on Securities and Business Law. Speakers include Shamoil T. Shipchandler, regional director of the Fort Worth Regional Office of the U.S. Securities and Exchange Commission, and Judge Sam Glasscock III of the Delaware Court of Chancery.

Sunday, Feb 14 -
Wednesday, Feb 17
PALM DESERT, California
ABA National Conference for Community Bankers. Topics include effective capital planning, stress testing and raising, the ins-and-outs of cyber insurance and adjusting to the new regulatory regime.