Sea of Change Regulatory reforms charting a new course

Transcription

1 Breaking through: Implementing EU & US Derivatives Reforms November 2012

2 Contents 1. Agenda 2. Introduction 3. Panel One Key Issues in implementing reforms 4. Panel Two Sectoral impact of the reforms 5. Speaker CVs

3 Agenda EU and US regulators are finally breaking through into the open water before full implementation of the derivatives reform programme. The first major round of draft technical standards implementing the EU Regulation on OTC derivatives, central counterparties and trade repositories (EMIR) has now been published and could be in effect as early as the first quarter of In the US, the rulemaking process under the Dodd- Frank Act (DFA) is far advanced and the deadline of 31 December 2012 for swap dealer registration is fast approaching. Other measures will not be far behind, including proposals for regulating margin on uncleared trades and the scope of the clearing obligation. Time: 8:00am Registration and coffee 8:30am Introduction Where are we now with the reform programme? 9:00am Panel One Key issues in implementing the reforms: extraterritoriality, risk mitigation, documentation, issues for clearing members and impact on futures business 10:15am Coffee break 10:35am Panel Two Sectoral impact of the reforms: corporates, pension funds and insurance companies, asset managers, SPVs and sovereigns and multilateral development banks 11:50am Closing remarks 12:00 noon Seminar ends 3

4 Introduction

5 Introduction 5

6 Introduction 6

7 Introduction 7

8 Introduction 8

9 Introduction The new EU regulation on OTC derivatives 9

10 Introduction 10

11 Panel One Key Issues in implementing the reforms

12 Panel One slides 12

13 Panel One slides 13

14 Panel One slides 14

15 Panel One slides 15

16 Panel One slides 16

17 Panel One slides 17

18 Panel One slides 18

19 Panel One slides 19

20 Panel One slides 20

21 Panel One slides 21

22 Panel One slides 22

23 Panel One slides 23

24 Panel One slides 24

25 Panel One slides 25

26 Panel One slides 26

27 Panel One slides 27

28 Panel One slides 28

29 Panel One slides 29

30 Panel One slides 30

31 Panel Two Sectoral impact of the reforms

32 Panel Two slides 32

33 Panel Two slides 33

34 Panel Two slides 34

35 Panel Two slides 35

36 Panel Two slides 36

37 Panel Two slides 37

38 Panel Two slides 38

39 Panel Two slides 39

40 Speaker CVs Chris Bates Partner T: E: Chris Bates Partner, London Chris Bates is a partner and head of the financial regulation group at in London. He advises banks, securities firms and other financial institutions on issues associated with the regulatory response to the financial crisis, the impact of the EU single market programme, financial services regulation and regulatory capital, as well as advising on derivatives transactions and securities offerings and mergers and acquisitions in the financial sector. He is also an active participant in industry committees and working groups on regulatory issues. He is currently a member of the International Regulatory Strategy Group advising the City of London and TheCityUK on regulatory issues. Simon Crown Partner, London Simon Crown Partner Simon joined in 1998 and is a Partner specialising in financial regulation. Simon s focus is in the areas of M&A involving financial institutions, funds and asset management, prudential regulation (including Basel III), market infrastructure, client money and client assets regulation, financial services outsourcing, payments and transaction services, and European Directives relating to financial services, with a current focus on the Alternative Investment Fund Managers Directive. T: E: Caroline Dawson Senior Associate London Caroline Dawson Senior Associate Caroline Dawson is a senior associate in the financial regulation group in Clifford Chance s London office, specialising in advising financial institutions and other market participants on financial market regulation, mergers and acquisitions in the financial sector and securities and derivatives transactions. She also participates in industry committees and working groups on financial regulatory issues. She joined in 2006 and was seconded to the EMEA equities team at Goldman Sachs in T: E: The new EU regulation on OTC derivatives 40

41 CVs (continued) David Felsenthal Partner, New York David Felsenthal Partner David Felsenthal's practice focuses on trading, structured transactions and financial regulation. He has worked on a wide variety of financial transactions, including structured securities, funds, repos and securities lending. He has also worked extensively on a range of derivatives, including derivatives linked to credit, foreign exchange, interest rates, and equities. Mr. Felsenthal advises clients on the interpretation and implementation of applicable regulations, including those issued under the Dodd-Frank Act. T: E: Caroline Meinertz Senior Associate Caroline Meinertz Senior Associate, London Caroline is a Senior Associate in the financial regulation group at in London. Caroline advises many of the world's leading financial institutions on the implications of financial services regulation and law on their businesses. Caroline has been previously seconded to Morgan Stanley (London) and BNP Paribas (Paris). She is a fluent German and French speaker. T: E: Rezah Stegeman Senior Associate T: E: Rezah Stegeman Senior Associate, Amsterdam Rezah is a Senior associate in the financial regulation group at in Amsterdam. He specialises in financial markets law and regulation, clearing and derivatives. Rezah occasionally lectures on derivatives documentation for the postgraduate Dutch Academy for Applied Sciences. He has authored a number of pieces, including on the EMIR proposal and a book analysing the reforms for OTC derivates under EMIR and the Dodd-Frank Act and an article analysing the SwapClear Client Clearing documentation. Rezah is a regular speaker at clients and conferences, speaking on EMIR and client clearing documentation, Rezah advises buy-side clients, including pension funds and asset managers, on OTC derivatives and clearing documentation. The new EU regulation on OTC derivatives 41

42 CVs (continued) Dermot Turing Partner Dermot Turing Partner, London Partner in the financial regulation group at in London. Dermot specialises in bank and investment firm regulation including licensing, conduct of business rules, the EU passport, market abuse and bank / investment firm structure, regulatory capital and Basel III, risk management, counterparty risk, netting, collateral and insolvency, clearing and settlement systems and international surveys. Dermot is author of Managing Risk in Financial Firms (2009) and chapters on operational risk, set-off, insolvency of banks, and settlement finality in other books. T: E: Jeremy Walter Partner, London Jeremy Walter Partner Jeremy Walter has been a Partner in 's Derivatives & Structured Products Group since 1998, heading up the group's practice in Asia from He specialises in derivatives, structured products, structured capital markets work and counterparty risk management (including collateral and netting structures). Mr. Walter has worked extensively on a variety of industry standard derivatives documentation for the derivatives markets. T: E: William Winterton Senior Associate, London William is a Senior Associate in the Derivatives and Structured Products group in London, having spent several years with the group in Tokyo and Hong Kong. He specialises in derivatives, structured products and structured capital markets work, as well as advising on counterparty risk management and collateral issues, for both sell and buy-side clients. William Winterton Senior Associate T: E: The new EU regulation on OTC derivatives 42

43 , 10 Upper Bank Street, London, E14 5JJ LLP 2012 LLP is a limited liability partnership registered in England and Wales under number OC Registered office: 10 Upper Bank Street, London, E14 5JJ We use the word 'partner' to refer to a member of LLP, or an employee or consultant with equivalent standing and qualifications UK v2A