It s Not Just Registration: New Regulation of Swap Transactions by US and non-us Banks under the Dodd-Frank Act
|
|
- Maximillian Walton
- 5 years ago
- Views:
Transcription
1 New York Seminar Series It s Not Just Registration: New Regulation of Swap Transactions by US and non-us Banks under the Dodd-Frank Act Tuesday, June 12, 2012 arnoldporter.com
2 New York Seminar Series Financial Markets Regulatory Roundtable It s Not Just Registration: New Regulation of Swap Transactions by US and non-us Banks under the Dodd-Frank Act Tuesday, June 12, :00 2:00 p.m. Table of Contents Agenda... Tab 1 Presentation Slides... Tab 2 Moderator/Speaker Biographies... Tab 3 Kathleen A. Scott, Michael Griffin, Daniel Waldman, Andrew Shipe Practice Overviews... Tab 4 Derivatives and Commodities, Financial Services, Hedge Fund and Private Equity Investment in Financial InstitutIions
3 Tab 1: Agenda arnoldporter.com
4 New York Seminar Series Financial Markets Regulatory Roundtable It s Not Just Registration: New Regulation of Swap Transactions by US and non-us Banks under the Dodd-Frank Act Agenda 12:00 12:30 p.m. Lunch and Registration 12:30 12:40 p.m. Introductions and Overview 12:40 1:45 p.m. Presentation and Discussion 12:40 12:50 p.m. Title VII - Background and Implementation 12:50 1:10 p.m. Entity Definitions and Registration Requirements 1:10 1:35 p.m. Extraterritoriality issues, including unique issues for non-u.s. banks 1:35 1:55 p.m. Overview of Recordkeeping, Reporting and Compliance Issues 1:55 2:00 p.m. Questions and Answers
5 Tab 2: Presentation Slides arnoldporter.com
6 I' It's Not Just Registration: i New Regulation of Swap Transactions by US and non-us Banks under the Dodd-Frank Act Michael Griffin, Partner, Arnold & Porter LLP Daniel Waldman, Partner, Arnold & Porter LLP Andrew Shipe, Counsel, Arnold & Porter LLP 6/11/2012 June 12, 2012 AGENDA Title VII Background and Implementation, including Mandatory Clearing and Exchange Trading Entity and Product Definitions; Registration Requirements Extraterritoriality issues, including unique issues for non-u.s. banks Overview of Recordkeeping, Reporting and Compliance Issues 2
7 Title VII Background and Implementation June 12, 2012 General Overview Of Title VII Of Dodd-Frank Central Principles: Comprehensive regulation of swaps dealers and major swap participants Mandatory clearing and exchange trading of standardized swaps Increased transparency both to the public and to the regulators Enhanced regulatory authority Exchanges and Clearinghouses Position Limits Anti-manipulation and anti-disruptive practices prohibitions Whistleblower provisions 4
8 Significant Issues That Will Affect Financial Institutions Swap Dealer and MSP regulation Bank push out provision Mandatory clearing and exchange trading Margin rules for uncleared swaps Special forex rules Position limits Enforcement authority Volcker Rule 5 Regulatory Requirements Applicable to Swap Dealers and Major Swap Participants Registration Margin and capital Reporting and recordkeeping Business conduct standards Documentation standards Risk management standards, position limit monitoring, diligent supervision, business continuity and disaster recovery CCO obligations Collateral management standards Conflicts of interest 6
9 Bank Push Out Provision Swap dealing activity will have to be put in a separately capitalized affiliate Initial legislative proposal would have forced banks to divest all swaps activities to an affiliate Last minute compromise: Banks may maintain their derivatives business in products that are tied to hedging for the banks own risk or certain rate or credit products Such products would likely include interest rate and foreign exchange instruments as well as certain credit products held for hedging purposes or cleared CDSs However, dealing in agriculture products, energy swaps, and uncleared credit would likely have to be spun off to the bank s affiliates 7 Clearing Requirements Mandatory Clearing of Swaps and Security-Based Swaps for those swaps that are eligible for clearing Title VII of the Dodd-Frank Act mandates that the regulators (CFTC and SEC) determine which type or category of swaps are eligible for clearing Most of the swaps that will be eligible for clearing will be standardized swaps; swaps that are liquid and not too complex. Some estimates are 70-80% of the market is clearable The regulators have not yet designated any swaps that must be cleared 8
10 Clearing Exemptions Non-financial entities who use swaps to hedge commercial risk are exempt from mandatory clearing CFTC and SEC are also considering an exemption for small banks, savings associations, farm credit institutions and credit unions with less than $10 billion in assets 9 Exchange Trading Requirements Mandatory Trading on Registered Exchanges: If a contract is listed for trading and required to be cleared it must also trade on a registered exchange, if the swap is available for trading on an exchange. Registered exchanges include Designated Contract Markets (DCMs) or newly-created Swap Execution Facilities (SEFs). 10
11 Swap Execution Facilities A SEF is defined in the Dodd-Frank Act as: A facility in which multiple participants have the ability to execute or trade swaps by accepting bids and offers made by other participants that are open to multiple participants in the facility or system, through any means of interstate commerce, including any trading facility that facilitates the execution of swaps between two persons and is not a designated contract market 11 Margin for Uncleared Swaps Regulators have proposed p minimum initial and variation margin requirements for uncleared swaps Swap dealers and MSPs must post and collect margin from other dealers and MSPs and segregate the initial margin with third party custodians Swap dealers and MSPs must collect margin from high risk financial end users Swap dealers that are banks must collect margin from low risk financial end users and non-financial end users subject to permissible credit thresholds 12
12 OTC Forex Under Dodd-Frank OTC FOREX = SWAPS If it s OTC and it s not spot, Dodd-Frank calls it a swap The definition of swaps expressly excludes forward contracts on non-financial commodities and securities intended to be physically settled Treasury Secretary has authority to exclude Forex forwards and swaps between eligible contract participants from the statutory definition of swaps and has proposed such an exemption. However, the exemption has not been finalized and is being discussed among regulators internationally. Other non exempt OTC Forex products, such as options, nondeliverable forwards and cross currency swaps would be subject to same regulatory regime applicable to other swaps (including swaps dealer/major swap participant registration and regulation, capital requirements, margin rules, disclosure requirements, position limits, clearing, ECP counterparty restrictions, etc.) 13 OTC Retail Forex What is retail Forex? Dodd-Frank amends the definition of eligible contract participant and thereby increases the retail forex market Hedge funds/commodity pools as retail Forex customers: The new look-through requirement 14
13 OTC Retail Forex (cont d) Dodd-Frank extends the Commodity Exchange Act ban on retail Forex transactions to regulated financial institutions unless the applicable Federal banking agencies issue rules authorizing retail Forex transactions. Bank regulators have issued authorizing rules that include requirements relating to disclosure, recordkeeping, financial reporting, business conduct, capital and margin. 15 Position Limits Position limits will be imposed by the regulators on any swaps on nonfinancial commodities (e.g., energy, metals, agricultural commodities) that perform a significant price discovery function Considerations for significant price discovery include: price linkage to traded contracts the potential for price arbitrage between the swap and a contract on the traded platform position limits are being challenged in court 16
14 Enforcement Authority In OTC Context Title VII substantially increases the CFTC s enforcement authority in the context t of derivatives trades New Liability Provisions for OTC trades New fraud liability provisions that parallel Section 10(b) of the Exchange Act with respect to securities. Section 4b of the Commodity Exchange Act amended, adding language that prohibits derivatives participants from: employing any device, scheme, or artifice to defraud; making any untrue statement of material fact or omitting any statement of material fact necessary in order to make the statements made misleading; or engaging in any act, practice or course of business which operates as a fraud or deceit upon any person. 17 Enforcement Authority In OTC Context (cont d): Disruptive Practices : Dodd-Frank provides the CFTC with enforcement authority over market participants p that engage g in disruptive practices. The Act defines such disruptive practices to include: activities violating bids or offers; intentional or reckless disregard for the orderly execution of transactions during the closing period of a market; and spoofing (bidding or offering with the intent to cancel the bid or offer before execution) Anti-Manipulation: Dodd-Frank also expands the CFTC s anti-manipulation authority, and broadens the types of activities that are considered manipulation. For instance, it reduces the scienter requirement for manipulation in the reporting context by changing the standard of such conduct to include acting in reckless disregard of the fact that such report is false, misleading, or inaccurate 18
15 Volker Rule (Title VI of Dodd-Frank) Subject to certain exemptions, federal regulators must issue regulations to prohibit banking entities (i.e., insured depository institutions, their holding companies, non-us banks with branches or agency offices in the US, and any affiliate or subsidiary of such entities) from engaging in proprietary trading, sponsoring or investing in hedge funds and private equity funds, and having certain financial relationships with those hedge funds or private equity funds for which they serve as investment manager or investment adviser 19 Volker Rule (Title VI of Dodd-Frank) (cont d) A systemically significant non-bank financial company supervised by the Federal Reserve that engages in such activities would be subject to rules establishing enhanced capital standards and quantitative limits, but such activities would not be prohibited 20
16 Entity and Product Definitions; Registration Requirements Definition of Swap Dealer The Dodd-Frank Act defines a swap dealer broadly as an entity that: holds itself out as a dealer; makes a market in swaps; regularly enters into swaps with counterparties as an ordinary course of business for its own account; or engages in any activity causing the person to be commonly known in the trade as a dealer or market maker in swaps. 22
17 Swap Dealer Exclusions Swap dealing activity does not include: Swaps entered into with majority-owned affiliates; Swaps entered into by insured depository institutions with a customer in connection with the origination of a loan (must be within 90 days before or 180 days after and relate to the financial terms of the loan or be a credit condition of the loan) Swaps entered into for the purpose of hedging physical positions (interim final rule). 23 Swap Dealer: De Minimis Exception Entity may conduct a de minimis amount of swap dealing without being required to register CFTC set the de minimis annual notional thresholds at $3 billion but with a phase-in period of up to 5 years where the threshold is $8 billion Thresholds for security-based swaps somewhat lower $25 million threshold for swaps with special entities 24
18 Definition of Major Swap Participant Entity that maintains a substantial position in swaps (excluding hedge positions) that t create substantial ti counterparty exposure and that could have serious adverse effects on financial stability on banking system or financial markets or; Entity that has a substantial swaps position and is highly leveraged and not subject to capital requirements imposed by a federal banking regulator Regulators define a substantial position as either current uncollateralized exposures above certain thresholds or potential future exposures above specified exposures Highly leveraged is defined as a 12 to 1 or greater 25 Extraterritoriality issues, including unique issues for non-u.s. banks
19 Sections 722 of Dodd-Frank: Extraterritoriality Section 722 states that the provisions of the Act relating to swaps do not apply to activities outside the US unless those activities: Have a direct and significant connection with activities in, or effect on, commerce of the US, or; Contravene such rules or regulations as the CFTC may prescribe as are necessary or appropriate to prevent the evasion of the Act 27 Sections 772 of Dodd-Frank: Extraterritoriality Section 772 states that the provisions of the Act relating to security-based swaps under the jurisdiction of the SEC do not apply to any person insofar as such person transacts business in security-based swaps without the jurisdiction of the US, unless such person transacts business in contravention of rules that may be promulgated by the SEC to prevent evasion of the Act 28
20 Sections 722 and 772 cont. Guidance on the scope of sections 722 and 772 and the extraterritorial application of the new derivatives rules is expected from the SEC and CFTC in June or July, Extraterritoriality: General Principles Dodd-Frank regulations will generally apply to Swaps involving at least one US person; Swaps executed in the US or; Swaps cleared in the US 30
21 US Person Defined: No definition of US person in Title VII. US Person will include: natural persons resident in the US partnerships and corporations organized or incorporated under the laws of the US But will it include: branches or affiliates of US persons located outside the US? branches or divisions of non-us persons located in the US? 31 Status of Branches or Affiliates of US Persons Located Outside the US? Persons organized outside the US doing business with non-us persons are usually not subject to direct US securities or futures regulation US regulators have expressed concern that US persons may evade Title VII regulation by booking their swaps through non-us affiliates or that the risks of non-us affiliates will ultimately be borne by the US parent Will US regulation of a non-us entity be triggered by a guarantee from a US affiliate? How about inter-affiliate transactions with a US entity? 32
22 Status of Branches or Divisions of non-us Persons Located in the US? Conduct by persons located within the US will generally be regulated. But will this subject the entire non-us entity to Title VII regulation? What if the US based employees are simply assisting the home office with respect to swaps booked overseas with non-us counterparties? Will US regulators be willing to apply Title VII selectively? 33 Regulation of Swap Dealers and Major Swap Participants: Extraterritoriality Under Title VII, swap dealers and MSPs are subject to registration, ti capital, margin, conflict of interest, t risk management, diligent supervision, business conduct, margin segregation, documentation, recordkeeping and reporting requirements, among others For non-us dealers and MSPs dealing with US persons, registration will be required Will the US regulators defer to the home country regulator for entity wide regulations, such as capital, risk management, conflict of interests, if the non-us standards are comparable? 34
23 Regulation of Swap Dealers Will transaction-based ti regulations, such as margin, business conduct standards, collateral management and documentation be applied to non-us dealers who are registered under Title VII when they deal with non-us customers? Should the US defer to the transaction level regulations of the home country regulator of a non-us dealer? 35 Mandatory Clearing and Trade Execution Dodd-Frank requires centralized clearing and exchange trading of most standardized derivatives, subject to exemptions for certain non-financial end users To satisfy the requirement, the swap trader must execute and clear at facilities that are registered with the US regulator Most other G-20 countries are expected to impose similar clearing and trading mandates and to require that the trading and clearing be done at exchanges and clearinghouses regulated locally 36
24 Mandatory Clearing and Trade Execution cont. Given these potentially conflicting mandates, exchanges and clearinghouses seeking to do cross-border swap business may have to obtain registrations in multiple jurisdictions or seek an exemption from one or more jurisdictions Some commentators have asked the US regulators to waive the clearing and exchange trading mandate of Title VII if the swap is otherwise subject to a mandate from another jurisdiction 37 Trade Reporting All swaps will be required to be reported to trade repositories Each regulator is likely to require that a swap involving its nationals be reported to a repository in its home jurisdiction This creates duplicative reporting Further complications will occur if reporting standards are different 38
25 Cross Border Swaps Increase the Likelihood That More Than One Jurisdiction Will Have a Legitimate Interest In Regulating the Transaction and/or the Parties. Cross Border Swaps include: swaps involving a US and non-us person or; swaps for which the swaps infrastructure used (the exchange, clearinghouse or swap data repository) is located in a country different from the country of one or both of the swap counterparties 39 Cross Border Swaps May Lead to Inconsistent or Duplicative Regulation To avoid putting unreasonable regulatory burdens on swaps participants and markets, regulators must be willing to recognize the legitimate regulatory claims of other jurisdictions and defer to foreign regulatory requirements, where appropriate 40
26 Need for Mutual Recognition and Cooperation Individual regulations must be calibrated to account for the claims of other jurisdictions Deference to the regulations of other countries under principles of international comity and mutual recognition will be appropriate when another jurisdiction has a greater or equal regulatory interest and where deference will not undermine an important national objective In addition, greater efforts will be required to harmonize regulation and increase cooperation through, among other things, information sharing among regulators 41 CFTC Staff Proposal on Extraterritoriality Chairman Gensler has indicated that the CFTC staff will recommend the following approach on extraterritoriality: Foreign entities that conduct swap dealing activity with US persons above a de minimis level will be required to register as swap dealers with the CFTC US persons will be defined for this purpose to include overseas branches of US persons and overseas affiliates of US persons that are guaranteed by the a US entity US persons will also include overseas affiliates of US persons who are operating as conduits for the US entity s swap activity 42
27 CFTC Staff Proposal on Extraterritoriality Cont. CFTC regulation of non-us dealers will vary based on whether the regulations are entity-level regulations (such as capital, recordkeeping, risk management standards) or transaction-level regulations (clearing, margin, trade execution, sales practices, etc.) Entity-level requirements in certain circumstances could be complied with through substituted compliance with comparable home country regulations 43 CFTC Staff Proposal on Extraterritoriality Cont. US transaction-level requirements would apply to all transactions with US persons (as defined above) US transaction-level requirements would not apply to overseas swap dealers (including affiliates of US persons) if their counterparties are not US persons, not conduits for US persons and not guaranteed by US entities. 44
28 Overview of Recordkeeping, Reporting and Compliance Issues Recordkeeping New rules require SDs and MSPs to keep complete records of all swaps activity sufficient to allow full trade reconstruction. Includes daily trade records, complaints, marketing / sales material, records of filled or unfilled orders, records of oral and written communications re: bids, offers, trading and prices, records of transaction reporting. Includes position records, to be linked with daily trade records. Searchable by transaction and counterparty. Maintenance period: generally 5 years from creation, first two in a readily accessible place. But if records relate to a transaction, 5 years from termination. Location: principal i place of business. If outside of the U.S., production within 72 hours. 46
29 Regulatory Reporting SDs and MSPs will have to file monthly unaudited financial statements and annual audited financial statements with CFTC and NFA, or with prudential regulators. Periodic Risk Exposure Reports by SDs and MSPs. Reports to senior management and governing body as to risk exposures. Must also be provided to CFTC. Reports must address market, credit, liquidity, foreign currency, legal, operational, settlement, and any other applicable risk exposures. Reports must be quarterly, and immediately upon detection of any material change in risk exposure. Annual Compliance Report. 47 Trade Reporting CFTC has adopted real time public reporting rules for swap transaction data. Similar SEC proposals are pending. Swap Data Repositories: will receive and disseminate swap data. (If there is no SDR for a given swap, the regulator will perform the function). Creation Data: Primary Economic Terms and Confirmation Data. Continuation Data: Life Cycle vs. State Data. Valuation Data: to describe daily mark. SDRs will not publish counterparty identities or affiliate transactions. Responsibility for reporting will depend on counterparty type, whether executed on a SEF or DCM, and clearing status. 48
30 Trade Reporting II Legal Entity, Product and Unique Swap Identifiers. Compliance Dates For Transaction Reporting. Date One: 60 days after joint SEC / CFTC rules to define the term swap. For SDs and MSPs to provide initial data reports for interest rate and CDs. Date Two: 90 days after Date One. By this date, SDs and MSPs must be in compliance for all other swap data. Date Three: 90 days after Date Two. By this date, all other participants must be in compliance. No SDRs have been recognized (as of June 12, 2012). Legacy swaps: Unexpired swaps executed both before and after DFA s enactment must be reported. 49 Business Conduct Standards Certain duties will only apply where the counterparty identity is known prior to execution (thus excepting SEF / DCM transactions where counterparty identity is unknown). These are the know your counterparty, true name and owner, verification of eligibility, disclosures, suitability and Special Entity Rules. Know your counterparty. SDs must obtain facts concerning counterparties whose identity is known prior to execution. SDs and MSPs must obtain and record true name and owner information. Essential facts: those needed to comply with applicable law, to implement risk management vis-à-vis the counterparty, and to verify authority. Verification of eligibility: SDs and MSPs must verify eligibility for eligible contract participants before offering or entering into a swap. 50
31 Business Conduct Standards II Suitability: SDs that recommend a swap to a party other than a swap entity must: Undertake diligence as to the transaction and counterparty and have a reasonable basis to conclude the transaction is suitable. Safe harbor for institutions under specific conditions. Special entities. Enhanced protections are triggered when SDs act as advisors, and when SDs and MSPs are counterparties, to special entities. Federal and state government agencies, employee benefit plans, endowments. Protections include best interests standard, enhanced know your counterparty, evaluation of representatives, and enhanced disclosures. 51 Business Conduct Standards - III Counterparty disclosures: Prior to entry into swap, SDs and MSPs must disclose material information for counterparty to assess risks, terms of the swap, conflicts, price, mid-market mark and clearing rights. Scenario analyses depending on whether the transaction is effected on a SEF/DCM. Exceptions for transactions with other SDs and MSPs. Following standards apply even if the trade was effected on a SEF: Daily mark disclosures depending on whether transaction is cleared. Fair dealing. SDs and MSPs must treat counterparty information as confidential. 52
32 Chief Compliance Officer SDs, MSPs and FCMs must designate a Chief Compliance Officer. Appointed by and reports to the Board or Senior Officer. Duties: develop compliance policies, review and act so as to ensure compliance and address any noncompliance, resolve conflicts of interest. Minimum yearly meeting with Board. Prepare and sign annual compliance report. The annual report is to be furnished to the CFTC or SEC as appropriate and certified as complete and accurate. Compliance dates: depend on current registration status, but generally will only be after SD / MSP registration deadlines are set. 53 Supervision, Risk Management and Conflicts Supervision: SDs and MSPs must implement supervisory programs under management of qualified personnel. Risk management: SDs and MSPs must establish programs to monitor and manage risks of swaps activities. Must address periodic exposure reports, new product policies, daily measurement of market exposures, reliable valuation data, liquidity risks, etc. Conflicts: SDs must implement conflict of interest policies to separate research and analysis from business trading or clearing interests, effect disclosures, and to prevent undue influence on counterparties with respect to decisions as to whether and where to clear or trade on exchange. 54
33 Questions? Contact: Michael Griffin Daniel Waldman Andrew Shipe
34 Tab 3: Moderator/Speaker Biographies arnoldporter.com
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50 Tab 4: Practice Overviews arnoldporter.com
51
52
53
54
55
56
57
58
59
60
61
62
63 Brussels 1, Rue du Marquis Markiesstraat, 1 B-1000 Brussels BELGIUM +32 (0) Denver Suite Seventeenth Street Denver, CO London Tower Old Broad Street London EC2N 1HQ UNITED KINGDOM +44 (0) Los Angeles 44th Floor 777 South Figueroa Street Los Angeles, CA New York 399 Park Avenue New York, NY Northern Virginia Suite Tysons Boulevard McLean, VA San Francisco 7th Floor Three Embarcadero Center San Francisco, CA Silicon Valley Suite Page Mill Road Palo Alto, CA Washington, DC 555 Twelfth Street, NW Washington, DC Copyright 2012 Arnold & Porter LLP, all rights reserved. arnoldporter.com
De r i vat i v e s a n d
De r i vat i v e s a n d Trading Update July 2010 Analysis of the Dodd-Frank Wall Street Reform Act OTC Derivatives Reform: Wall Street Transparency and Accountability Act of 2010 I. Introduction Title
More informationA View From the Street
A View From the Street Independent Petroleum Association of America 81 st Annual Meeting Tucson, Arizona November 9, 2010 Travis McCullough Director and Counsel DB Energy Trading LLC travis.mccullough@db.com
More informationUS OTC derivatives reforms Impact on UK and other non-us asset managers. Second update October 2013
US OTC derivatives reforms Impact on UK and other non-us asset managers Second update October 2013 Table of contents Important notes 1. Dodd Frank decision tree 2. What is regulated as a swap? 3. When
More informationARNOLD & PORTER ADVISORY
ARNOLD & PORTER ADVISORY Implementation of the November 2001 The U.S. Commodity Futures Trading Commission ( CFTC ) and the U.S. Securities and Exchange Commission ( SEC ) have recently adopted a number
More informationOTC Derivatives Markets Act of 2009
OTC Derivatives Markets Act of 2009 November 10, 2009 Glenn Sarno, Joyce Xu and Daniel Bae OTC DMA Overview Over-the-Counter Derivatives Markets Act of 2009 Highlights Establishes framework for comprehensive
More informationDodd-Frank Title VII Update: Where Are We Today and Where Are We Going? Ten Important Issues Facing Derivatives Users
Dodd-Frank Title VII Update: Where Are We Today and Where Are We Going? Ten Important Issues Facing Derivatives Users Nov 07, 2011 Top Ten By James M. Cain This resource is sponsored by: Where Are We Today?
More informationDirect and Significant Connections: CFTC Provides Guidance on Extraterritoriality
News Bulletin July 2, 2012 Direct and Significant Connections: CFTC Provides Guidance on Extraterritoriality On June 29th, the CFTC published a proposed policy statement and interpretive guidance addressing
More informationADVISORY Dodd-Frank Act
ADVISORY Dodd-Frank Act August 5, 2013 CFTC ISSUES FINAL INTERPRETIVE GUIDANCE AND POLICY STATEMENT AND EXEMPTIVE ORDER REGARDING CROSS-BORDER APPLICATION OF DODD-FRANK ACT SWAP PROVISIONS On July 12,
More informationDodd-Frank Act OTC Derivatives Reform
Dodd-Frank Act OTC Derivatives Reform Supporting Materials for Panel Discussion OTC Derivatives Reforms at MFA s Regulatory Compliance Conference Compliance 2011, November 30, The Princeton Club, New York
More informationComparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation September 26, 2013 Anna Pinedo James Schwartz
2013 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Comparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation September 26, 2013 Anna Pinedo James Schwartz
More informationU.S. House of Representatives Passes Comprehensive OTC Derivatives Legislation
U.S. House of Representatives Passes Comprehensive OTC Derivatives Legislation House of Representatives Passes in H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, Which Includes Compromise
More informationCFTC and SEC Issue Final Swap-Related Rules Under Title VII of Dodd-Frank
CFTC and SEC Issue Final Swap-Related Rules Under Title VII of Dodd-Frank CFTC and SEC Issue Final Rules and Guidance to Further Define the Terms Swap Dealer, Security-Based Swap Dealer, Major Swap Participant,
More informationPRACTICAL IMPLICATIONS
PRACTICAL IMPLICATIONS OF DERIVATIVES REFORM GORDON F. PEERY and STUART E. FROSS K&L GATES LLP Boston, MA September 21, 2010 1 Agenda Introduction Speakers Late-Breaking Developments: Developments in August
More informationDodd-Frank Title VII: Three Years Out, Still Buyer Beware
Dodd-Frank Title VII: Three Years Out, Still Buyer Beware July 11, 2013 Brought to you by Winston & Strawn s Derivatives Practice Group 2013 Winston & Strawn LLP Today s elunch Presenters Jennifer Genzler
More informationImpact on End Users of Swaps
Dodd-Frank One-Year Anniversary: Impact on End Users of Swaps Presented by Daniel N. Budofsky Susan C. Ervin Gabriel D. Rosenberg (Moderator) July 28, 2011 Davis Polk & Wardwell LLP Presenters Daniel N.
More informationEDF TRADING A leader in the international wholesale energy market. 27 February 2012
EDF TRADING A leader in the international wholesale energy market 27 February 2012 The Dodd-Frank Act Overview The Commodities Futures Trading Commission (CFTC) The Dodd-Frank Act What is it? What does
More informationADVISORY Dodd-Frank Act
ADVISORY Dodd-Frank Act May 7, 2012 CFTC AND SEC JOINTLY ADOPT FINAL SWAP ENTITY DEFINITION RULES On April 18, 2012, the Commodity Futures Trading Commission ( CFTC ) and the Securities and Exchange Commission
More informationAugust 27, Dear Mr. Stawik:
August 27, 2012 David A. Stawick Secretary of the Commission Commodity Futures Trading Commission Three Lafayette Centre 1155 21 st Street N.W. Washington D.C. 20581 Re: Proposed Interpretive Guidance
More informationE-ALERT Dodd-Frank Act
E-ALERT Dodd-Frank Act CFTC PROPOSES TWO RULES CLARIFYING DODD-FRANK IMPLEMENTATION SCHEDULES FOR CERTAIN REQUIREMENTS AND PREVIEWS FUTURE RULEMAKING SCHEDULE September 16, 2011 At a September 8 meeting,
More informationConsiderations for End-Users January 2014
2014 Morrison & Foerster LLP All Rights Reserved mofo.com Considerations for End-Users January 2014 Title VII for End-Users Title VII has as its objectives Reducing systemic risk posed by the swaps market
More informationU.S. Response: Jurisdictions Authority and Process for Exercising Deference in Relation to OTC Derivatives Regulation
U.S. Response: Jurisdictions Authority and Process for Exercising Deference in Relation to OTC Derivatives Regulation I. BACKGROUND In July 2010, the United States enacted legislation regarding, among
More informationOn July 21, 2010, President Obama signed into law the Dodd-Frank
S k a d d e n, A r p s, S l a t e, M e a g h e r & F l o m L L P & A f f i l i a t e s If you have any questions regarding the matters discussed in this memorandum, please contact the following attorneys
More informationJuly 16, Key Takeaways: Contents
July 16, 2012 CFTC Proposes Interpretative Guidance on the Extraterritorial Reach of Title VII of the Dodd-Frank Act and Exemptive Relief to Extend Compliance Deadlines for Many Title VII Requirements,
More informationARNOLD & PORTER UPDATE
ARNOLD & PORTER UPDATE NASDAQ Revised Corporate Governance Standards November 2003 On November 4, 2003, the Securities and Exchange Commission (SEC) approved the revised listing standards proposed by the
More informationImplications of the Dodd-Frank Act for Non-US Banking Organizations, Securities Firms, and Other Financial Companies
New York Breakfast Series Financial Markets Regulatory Roundtable Thirteenth in a Series Implications of the Dodd-Frank Act for Non-US Banking Organizations, Securities Firms, and Other Financial Companies
More informationINSTITTUTE OF INTERNATIONAL BANKERS SEMINAR ON THE U.S. TAXATION OF INTERNATIONAL BANKS JUNE 14, 2011
INSTITTUTE OF INTERNATIONAL BANKERS SEMINAR ON THE U.S. TAXATION OF INTERNATIONAL BANKS JUNE 14, 2011 LEGISLATIVE AND REGULATORY DEVELOPMENTS: TAX IMPLICATIONS OF CERTAIN DODD-FRANK ACT PROVISIONS Richard
More informationSecurity-Based Swap Execution Facilities
SEC Proposes Rules on Registration of Security-Based Swap Execution Facilities SUMMARY On February 2, 2011, the Securities and Exchange Commission (the SEC ) proposed Regulation SB SEF, 1 which sets forth
More informationRecent CFTC Issuances
CFTC Issues Proposed Rules under the Dodd-Frank Act on the Prohibition of Market Manipulation and an Advance Notice of Proposed Rulemaking on the Prohibition of Disruptive Trading Practices SUMMARY On
More informationComparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation
2014 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Comparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation Overview Comparison of Dodd Frank Act Title VII
More informationEnd-User Guide to CFTC Implementation of Dodd-Frank Act
Keith M. Sappenfield, II, Encana Marketing (USA) Inc. Terry Coggins, Southern Company NAESB Board of Directors Houston, Texas June 23 rd 2011 Background Illustrative Impacts on Energy End-Users Definitions
More informationDodd Frank Swaps Regulation. David Lucking: Partner, New York
Dodd Frank Swaps Regulation David Lucking: Partner, New York Topics to be covered 1 2 3 4 5 6 Registration and Swap Dealer Duties Trade Execution Clearing Capital and Margin Reporting Expected Developments
More informationMARCH 2014 KEY RECENT DEVELOPMENTS. 1. Overview of FX Swap Regulatory Framework
Wsgr alert MARCH 2014 Fourth update: dodd-frank rules Impact end-users of ForeIgn exchange derivatives KEY RECENT DEVELOPMENTS This March 2014 update is a summary of certain recent developments under the
More informationRe: CFTC and SEC Staff Public Roundtable on International Issues relating to Dodd-Frank Title VII
Mr. David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, NW Washington, DC 20581 Ms. Elizabeth Murphy Secretary Securities and Exchange Commission 100
More informationDodd-frank implementation update: key differences between the CFTC and SEC final business conduct standards and related cross-border requirements
Dodd-frank implementation update: key differences between the CFTC and SEC final business conduct standards and related cross-border requirements Paul M. Architzel, Dan M. Berkovitz, Gail Bernstein, Seth
More informationADVISORY Dodd-Frank Act
ADVISORY Dodd-Frank Act January 19, 2012 CFTC FINALIZES RULES ON SWAP DATA RECORDKEEPING AND REPORTING AND REAL-TIME REPORTING On December 20, 2011, the Commodity Futures Trading Commission ( CFTC or Commission
More informationDodd Frank Update: Impact on Gas & Power Transactions
The University of Texas School of Law Presented: 10 th Annual Gas & Power Institute September 22-23, 2011 Houston, Texas Dodd Frank Update: Impact on Gas & Power Transactions Craig R. Enochs Kevin M. Page
More informationInterest Rate Risk Management Refresher. April 29, Presented to: Howard Sakin Section I. Basics of Interest Rate Hedging?
Interest Rate Risk Management Refresher April 29, 2011 Presented to: Howard Sakin 410-237-5315 Section I Basics of Interest Rate Hedging? 1 What Is An Interest Rate Hedge? Interest rate hedges are contracts
More informationTable of Contents. August 2010 Arnold & Porter LLP
Rulemakings under the Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act (Act) requires the federal financial regulators to promulgate more than 180 new rules. The Act also permits
More informationClient Alert. CFTC Issues Proposals on the Extraterritorial Application of US Swaps Regulations. Overview
Number 1359 July 6, 2012 Client Alert Latham & Watkins Corporate Department CFTC Issues Proposals on the Extraterritorial Application of US Swaps Regulations The Releases set forth a complex and intertwined
More informationRegulatory Impact of. on the Energy Industry
Regulatory Impact of Dodd-Frank Act 2010 on the Energy Industry WSPP Committee Meeting New Orleans, Louisiana October 19, 2010 Anita Herrera Chief Compliance Officer 1 What is Nodal Exchange? Cash settled
More informationKey Dodd-Frank Compliance Considerations for End-Users
August 31, 2012 Key Dodd-Frank Compliance Considerations for End-Users Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act ) requires the CFTC and SEC
More informationInterest Rate Risk Management Refresher. April 27, Presented to: Section I. Basics of Interest Rate Hedging?
Interest Rate Risk Management Refresher April 27, 2012 Presented to: Section I Basics of Interest Rate Hedging? What Is An Interest Rate Hedge? Interest rate hedges are contracts between parties designed
More informationCategory 1: provisions that require a rulemaking; Category 2: self-effectuating provisions that reference terms that require further definition;
CALM BEFORE THE STORM? CFTC PROPOSES TEMPORARY EXEMPTIVE RELIEF June 17, 2011 To Our Clients Friends: Earlier this week, the Commodity Futures Trading Commission (the CFTC ) released a proposed order to
More informationKey Differences Between the CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements
SECURITIES May 26, 2016 Dodd-Frank Implementation Update Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements By Paul M. Architzel, Dan M. Berkovitz,
More informationComparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation
2013 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Comparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation Overview Comparison of Dodd Frank Act Title VII
More informationRegulatory Practice Letter August 2014 RPL 14-11
Regulatory Practice Letter August 2014 RPL 14-11 SEC Adopts Cross-Border Security- Based Swap Rules and Guidance Executive Summary On June 25, 2014, the Securities and Exchange Commission (SEC or Commission)
More informationTHE DODD-FRANK ACT & DERIVATIVES MARKET
THE DODD-FRANK ACT & DERIVATIVES MARKET By Khader Shaik Author of Managing Derivatives Contracts This presentation can be used as a supplement to Chapter 9 - The Dodd-Frank Act Agenda Introduction Major
More informationDodd-Frank Act: Are You Ready? Mark. R. Haskell, Floyd L. Norton, IV, Michael M. Philipp, Levi McAllister
Dodd-Frank Act: Are You Ready? Mark. R. Haskell, Floyd L. Norton, IV, Michael M. Philipp, Levi McAllister www.morganlewis.com Dodd-Frank Act: Are You Ready The audio will remain quiet until we begin. We
More informationClient Alert. CFTC Issues a Flurry of No-Action Letters and Guidance as New Swap Regulations Become Effective. Swap Entity Definition Guidance
Number 1425 November 6, 2012 Client Alert Latham & Watkins Corporate Department CFTC Issues a Flurry of No-Action Letters and Guidance as New Swap Regulations Become Effective Between October 10 and October
More informationIntroduction to the U.S. Regulation of Cross-Border Transactions Involving Swaps and Security-Based Swaps
March 2016 Practice Group: Investment Management, Hedge Funds and Alternative Investments Introduction to the U.S. Regulation of Cross-Border Transactions Involving Swaps and Security-Based Swaps By Anthony
More informationOverview of Final Rules on Recordkeeping and Reporting of Swaps
Overview of Final Rules on Recordkeeping and Reporting of Swaps February 21, 2012 This memorandum discusses the final rules adopted by the Commodity Futures Trading Commission (the CFTC or the Commission
More informationAppendix C Application of the Entity-Level Requirements to Swap Dealers and MSPs*
VII. Appendix C Application of the Entity-Level Requirements to Swap Dealers and MSPs* U.S. Swap Dealer or MSP affiliate of a non-u.s.. Also applies when acting through a foreign branch. Swap Dealer or
More informationSeptember 14, Dear Mr. Kirkpatrick:
September 14, 2015 Mr. Christopher Kirkpatrick Secretary of the Commission Commodity Futures Trading Commission Three Lafayette Centre 1155 21 st Street, NW Washington, DC 20581 RE: Margin Requirements
More informationDodd-Frank Title VII: Reforms for the Swaps Marketplace
Dodd-Frank Title VII: Reforms for the Swaps Marketplace August 13, 2010 On July 21, 2010, President Obama signed into law the Dodd-Frank Act ( Act ), which institutes sweeping reforms across the financial
More informationIntroduction to the Commercial End-User Exception to Mandatory Clearing of Swaps and Security-Based Swaps Under Title VII of the Dodd-Frank Act
March 2016 Practice Group: Investment Management, Hedge Funds and Alternative Investments Introduction to the Commercial End-User Exception to Mandatory Clearing of Swaps and Security-Based Swaps By Anthony
More informationDemystifying Dodd Frank s Impact on Corporate Hedging
Demystifying Dodd Frank s Impact on Corporate Hedging Overview Section 1: Dodd Frank on Swaps and the End User Section 2: How Companies Can prepare Section 3: What Tools are Available? 2 Section 1: End
More informationSwap Clearinghouses and Markets
Capital Markets 1 Swap Clearinghouses and Markets An objective of Title VII of the Dodd-Frank Act is to create a structure and incentives to expand preand post-execution transparency for swaps and security-based
More informationSecurity-Based Swaps: Capital, Margin and Segregation Requirements
Security-Based Swaps: Capital, Margin and Segregation Requirements SEC Proposes Rules Regarding Capital, Margin and Collateral Segregation Requirements for Security-Based Swap Dealers and Major Security-Based
More informationClient Advisory. Treasury Proposes Legislation Overhauling Regulation of Over-the-Counter Derivatives. Financial Services
Client Advisory Financial Services August 13, 2009 Treasury Proposes Legislation Overhauling Regulation of Over-the-Counter Derivatives On August 11, the U.S. Department of the Treasury (the Treasury )
More informationCFTC Federal Register Notice
Request for Public Comment on Areas of Rulemaking Under Title VII of the Dodd-Frank Act SUMMARY On August 26, 2010, the Commodity Futures Trading Commission (CFTC) issued the attached Federal Register
More informationCFTC, SEC Propose to Delay the Applicability of Certain Swap Provisions of the Dodd-Frank Act
June 17, 2011 CFTC, SEC Propose to Delay the Applicability of Certain Swap Provisions of the Dodd-Frank Act The general effective date for most provisions under Title VII of the Dodd-Frank Wall Street
More informationCFTC and Derivative Developments
2016 INVESTMENT MANAGEMENT CONFERENCE CFTC and Derivative Developments Michael W. McGrath, Partner, Boston Kenneth Holston, Of Counsel, Boston Copyright 2016 by K&L Gates LLP. All rights reserved. AGENDA
More informationRegulation of Private Funds and Their Advisers Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
Regulation of Private Funds and Their Advisers Under the Dodd-Frank Wall Street Reform and Consumer Protection Act August 3, 2010 I. INTRODUCTION On July 21, 2010, President Obama signed into law the Dodd-Frank
More informationSEC Re-Proposes Rules Establishing a U.S. Personnel Test for Application of Dodd-Frank Security-Based Swap Requirements
June 15, 2015 clearygottlieb.com SEC Re-Proposes Rules Establishing a U.S. Personnel Test for Application of Dodd-Frank Security-Based Swap Requirements On April 29, 2015, the U.S. Securities and Exchange
More informationMs. Elizabeth Murphy Secretary Securities and Exchange Commission 100 F Street NE Washington, DC 20549
Mr. David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, NW Washington, DC 20581 Ms. Elizabeth Murphy Secretary Securities and Exchange Commission 100
More informationScott Brindley Principal Consultant ACA Compliance Group. Cary J. Meer Partner K&L Gates LLP
Significant Washington Changes DC Compliance to CFTC Roundtable Regulations Seminar Impacting Private Fund Managers February April 15, 21, 2010 2012 Scott Brindley Principal Consultant ACA Compliance Group
More informationComparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation
Comparison of the Dodd Frank Act Title VII and the European Market Infrastructure Regulation May 21, 2014 Peter Green Jeremy Jennings-Mares James Schwartz 2014 Morrison & Foerster (UK) LLP All Rights Reserved
More informationWhat should be of interest in Dodd-Frank to non-u.s. banks wanting to do business in the United States?
Dodd-Frank Update Full title of the law is The Dodd-Frank Wall Street Reform and Consumer Protection Act Public Law 111-203 was signed into law on July 21, 2010 Major changes made to financial regulation
More informationOverview of Regulatory Framework for Derivatives:
Agenda Overview of Regulatory Framework for Derivatives Overview of Trade Execution & On-Boarding Overview of Clearing and Protection of Customer Funds Clearing: When is it Required, What are the Choices
More informationCFTC Adopts Internal Business Conduct Rules
CFTC Adopts Internal Business Conduct Rules CFTC Adopts Final Rules on Swap Dealer Major Swap Participant Recordkeeping and Reporting, Duties, and Conflicts of Interest Policies and Procedures; Futures
More informationDodd-Frank Title VII Rule Compliance Schedules A Matrix
Legal Update January 19, 2012 Dodd-Frank Title VII Rule Compliance Schedules A Matrix The CFTC s recent release of several final rules, including rules regarding registration of swap dealers and major
More informationKey Dodd-Frank Regulatory Issues for International Banks: Over-the-Counter Derivatives and the Volcker Rule
Key Dodd-Frank Regulatory Issues for International Banks: Over-the-Counter Derivatives and the Volcker Rule Lisa M. Ledbetter December 7, 2016 1 Presenter Lisa M. Ledbetter Partner, Jones Day Financial
More informationSTROOCK SPECIAL BULLETIN
STROOCK & STROOCK & LAVAN LLP STROOCK SPECIAL BULLETIN CFTC Cross-Border Margin Proposal July 20, 2015 On June 29, 2015, the Commodity Futures Trading Commission ( CFTC ) issued a proposed rule 1 (the
More informationTrade Repository Regulation and Framework
Trade Repository Regulation and Framework Introduction As current regulatory discussions focus on central clearing and trade repositories, this white paper will focus on the possible approach and set up
More informationClient Update CFTC Adopts Margin Rules for Non-Cleared Swaps
1 Client Update CFTC Adopts Margin Rules for Non-Cleared Swaps NEW YORK Byungkwon Lim blim@debevoise.com Emilie T. Hsu ehsu@debevoise.com Peter Chen pchen@debevoise.com Aaron J. Levy ajlevy@debevoise.com
More informationthe Trust Indenture Act of 1939 for those security-based swaps that prior to July 16, 2011 were
SECURITIES AND EXCHANGE COMMISSION 17 CFR PARTS 230, 240 and 260 [Release Nos. 33-9545; 34-71482; 39-2495; File No. S7-26-11] RIN 3235-AL17 EXTENSION OF EXEMPTIONS FOR SECURITY-BASED SWAPS AGENCY: Securities
More informationProposed Treasury Exemption for Foreign Exchange Swaps and Forwards
Proposed Treasury Exemption for Foreign Exchange Swaps and Forwards Treasury proposes to exempt foreign exchange swaps and foreign exchange forwards from the definition of swap under the Commodity Exchange
More informationARNOLD & PORTER UPDATE
ARNOLD & PORTER UPDATE Something Old; Something New Amendments to the SEC s Auditor Independence Rules March 2003 Just two years after adopting controversial and sweeping changes to its auditor independence
More informationWhat End-Users of Derivatives Need to Know About the Dodd-Frank Act
What End-Users of Derivatives Need to Know About the Dodd-Frank Act Prepared By: The Securities and Futures Regulation Group Many companies, both large and small, enter into over-the-counter (OTC) derivatives
More informationCFTC Exemptive Relief Upon Effective Date of Title VII of Dodd-Frank
CFTC Exemptive Relief Upon Effective Date of Title VII of Dodd-Frank CFTC Issues Proposed Order to Provide Relief from Certain Provisions of Title VII That Would Be Effective on July 16, 2011 SUMMARY On
More informationDodd Frank and inter affiliate trading of derivatives
Financial Accounting Advisory Services Dodd Frank and inter affiliate trading of derivatives Impact of new derivatives regulations becomes clearer, but key questions remain New regulations in the US under
More informationEU and US developments in the regulation of funds and derivative trading
EU and US developments in the regulation of funds and derivative trading FIRMA 28 th National Risk Management Training Conference Orlando, Florida Mark Compton Jerome Roche Partner Partner +44 (0)20 3130
More informationAugust 13, De Minimis Exception to the Swap Dealer Definition (RIN 3038 AE68)
2001 Pennsylvania Avenue NW Suite 600 I Washington, DC 20006 T 202 466 5460 F 202 296 3184 Via Electronic Submission and Email Christopher Kirkpatrick Secretary of the Commission U.S. Commodity Futures
More informationPractical guidance at Lexis Practice Advisor
Lexis Practice Advisor offers beginning-to-end practical guidance to support attorneys work in specific transactional practice areas. Grounded in the real-world experience of expert practitioner-authors,
More informationRe: Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants / 17 CFR Part 23 / RIN 3038 AC96
April 11, 2011 Mr. David A. Stawick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21 st Street, NW Washington, DC 20581 Via agency website Re: Swap Trading Relationship Documentation
More informationDerivatives Market Regulatory Reform: Where To Now?
Portfolio Media, Inc. 860 Broadway, 6 th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@portfoliomedia.com Derivatives Market Regulatory Reform: Where
More informationThe Treasury Report s Recommendations for Derivatives Regulation
Client Alert October 26, 2017 The Treasury Report s Recommendations for Derivatives Regulation In a previous client alert, available here, we provided an overview of the recent report, the second of four,
More informationOTC Derivatives US/EU comparison EIFR, 18 December 2013
OTC Derivatives US/EU comparison EIFR, 18 December 2013 Laurence Caron-Habib Head of Public Affairs September 6 th, 2013 G-20 requirements on OTC derivatives Commitment on 4 principles at September 2009
More informationKPMG TaxWatch Webcast: Taxation of Derivatives and Hedging Transactions and Developments in the Derivatives Markets
KPMG TaxWatch Webcast: Taxation of Derivatives and Hedging Transactions and Developments in the Derivatives Markets October 16, 2013 Notices ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN
More informationIntroduction. Reporting The Future: The CFTC s Final Rule On Real-Time Public Reporting Of Swap Data. January 17, 2012
Reporting The Future: The CFTC s Final Rule On Real-Time Public Reporting Of Swap Data Introduction January 17, 2012 On December 20, 2011, the Commodity Futures Trading Commission (the Commission) unanimously
More informationClearing Exemption for Inter-Affiliate Swaps
CFTC Proposes Rule to Exempt Swaps between Certain Affiliated Entities from the Clearing Requirement under Dodd-Frank SUMMARY On August 16, 2012, the CFTC issued a proposed rule to exempt swaps between
More informationCFTC Proposes First Clearing Mandate and Finalizes Phased Compliance Rules
AUGUST 10, 2012 DERIVATIVES UPDATE CFTC Proposes First Clearing Mandate and Finalizes Phased Compliance Rules On July 24, 2012, the Commodity Futures Trading Commission ( CFTC ) proposed its first clearing
More informationReview of Swap Data Recordkeeping and Reporting Requirements (RIN 3038-AE12)
1300 L St., N.W. Suite 1020 Washington, DC 20005 Tel 202-842-0400 Fax 202-789-7223 www.commoditymkts.org Ms. Melissa Jurgens Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21
More informationCongress Proposals for Over-the-Counter Derivatives Legislation
Derivatives October 13, 2009 Congress Proposals for Over-the-Counter Derivatives Legislation On October 2, 2009, House Financial Services Committee Chairman Barney Frank circulated a discussion draft of
More informationDERIVATIVES & STRUCTURED PRODUCTS
DERIVATIVES & STRUCTURED PRODUCTS A Corporate End User s Handbook for Dodd-Frank Derivatives Compliance 31 JANUARY 2018 IN THIS ISSUE: I. Introduction II. Eligible Contract Participant Requirement III.Mandatory
More informationRe: Initial Response to District Court Remand Order in SIFMA et al. v. CFTC (RIN 3088-AE27)
May 11, 2015 Mr. Christopher Kirkpatrick Secretary Commodity Futures Trading Commission Three Lafayette Centre 1155 21st Street, N.W. Washington, DC 20581 Re: Initial Response to District Court Remand
More informationVolcker Rule: Hedging, Market Making and Regulatory Oversight January 14, 2014 Presented By Julian E. Hammar
2014 Morrison & Foerster LLP All Rights Reserved mofo.com Volcker Rule: Hedging, Market Making and Regulatory Oversight January 14, 2014 Presented By Julian E. Hammar Background On December 10, 2013, the
More informationR.J. O BRIEN & ASSOCIATES, LLC DIRECT CLIENT DISCLOSURE STATEMENT 2
In accordance with the provisions of Article 5(1) of the Indirect Clearing RTS, 1, this Direct Client Disclosure Statement is being made available to our clients that may be entitled to the protections
More informationMAJOR NEW DERIVATIVES REGULATION THE SCIENCE OF COMPLIANCE
Regulatory June 2013 MAJOR NEW DERIVATIVES REGULATION THE SCIENCE OF COMPLIANCE Around the world, new derivatives laws and regulations are being adopted and now implemented to give effect to a 2009 agreement
More informationINVESTMENT MANAGEMENT ALERT
INVESTMENT MANAGEMENT ALERT August 1, 2013 SEC Adopts Final Rules on Amendments to Rule 506 Private Placement Exemption: Impact on Private Funds and Other Issuers Authors: Peter J. Bilfield (203) 324-8151
More information