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EMIR Review: A New Extraterritorial Expansion to Third-Country Funds?

Last week, the European Commission published proposals to amend the European Market Infrastructure Regulation (EMIR), which is the main piece of EU legislation governing derivatives markets. Among the amendments proposed is a...more

Derivatives Regulation in the New Administration

How will derivatives regulation change in the Trump Administration? During the campaign and since the election, President-elect Trump and his advisors, as well as key Congressional Republicans and other market participants,...more

SEC Proposes New Rule Requiring Investment Advisers to Adopt Business Continuity and Transition Plans Issues Guidance on Business...

A rule proposed by the US Securities and Exchange Commission under the Investment Advisers Act of 1940 would require SEC-registered investment advisers to adopt and implement written business continuity and transition plans...more

Brexit for Fund Managers: Time for Cool Heads

The UK electorate voted to leave the European Union (EU) in the “Brexit” referendum held on 23 June 2016. This note looks at the practical impact of a Brexit for fund managers, including possible solutions in the event that...more

7/6/2016  /  AIFMD , EEA , EU , MiFID II , UCITS , UK , UK Brexit

SEC Increases Qualified Client Net Worth Threshold

Every five years, the US Securities and Exchange Commission is required to adjust for inflation the agency’s dollar-based qualification tests for when an SEC-registered investment adviser can receive compensation based on...more

CFTC Adopts Final Rules Regarding the Cross-Border Application of Its Swap Margin Requirements

On May 24, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) adopted a final rule defining the cross border application of its margin requirements for uncleared swaps. The final rule covers all swap dealers and...more

SEC To Increase Qualified Client Net Worth Threshold

Every five years, the U.S. Securities and Exchange Commission is required to adjust for inflation the agency’s dollar-based qualification tests for when an SEC-registered investment adviser can receive compensation based on...more

US Financial Stability Oversight Council Focuses on Asset Management Products and Activities

On April 18, 2016, the US Financial Stability Oversight Council issued an update on its multi-year review of potential financial stability risks in the asset management industry. This note highlights takeaways from that...more

Update on Third Country Equivalence Under EMIR

The European Commission has adopted an “equivalence” decision on the derivatives regulatory regimes for derivatives clearing organisations in the United States. This follows the decisions adopted in November 2015 for Canada,...more

EU Clearing Obligation for Interest Rate Swaps Set for June 2016

The obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation will apply from June 2016. A Delegated Regulation that imposes a mandatory clearing obligation for interest rate swap...more

The United States Bankruptcy Court for the Southern District of New York Deals Loss to Lehman in Interpreting Loss Under ISDA...

In a blow to the Lehman Chapter 11 estates, the United States Bankruptcy Court for the Southern District of New York held on September 16, 2015 that Intel Corporation’s Loss calculation resulting from a failed transaction...more

EU Clearing Obligation for Interest Rate Swaps Looms

Implementation of the obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation now seems imminent. The European Commission has adopted a Delegated Regulation that would impose a...more

SEC Moves Closer to Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants

On August 5, 2015, the US Securities and Exchange Commission (“SEC”) took several incremental steps toward completing its regulatory framework for security-based swap dealers and majority security-based swap participants...more

CFTC Proposes New Approach to the Cross-Border Application of Margin Requirements

The US Commodity Futures Trading Commission (“CFTC”) has taken another step in refining its framework for cross-border activities, with a new set of proposed rules applicable to the cross-border application of margin...more

India: Recent Developments Regarding Minimum Alternate Tax

Over the past few months, several foreign portfolio investors registered in India have received notices from the Indian tax authorities demanding payment of Minimum Alternate Tax in respect of transactions which took place...more

Bank Recovery and Resolution Directive – Implications for Repo and Derivative Counterparties

The Bank Recovery and Resolution Directive (BRRD) introduces an EU-wide regime for recovery and resolution planning for, and for resolution action to be taken in respect of, banks and large investment firms (typically the...more

Scotland: The Succession Event Question

In this note we analyse some of the consequences for sovereign CDS resulting from a vote for Scottish independence. Scotland: The Succession Event Question - A vote for an independent Scotland will have many...more

9/16/2014  /  CDS , Scotland , UK

Scotland: Legal Issues on Proposed Independence

On 18 September 2014, the referendum on Scottish independence will take place. Opinion polls suggest that the outcome is too close to call. This note highlights various legal issues related to the referendum and Scottish...more

New York Adopts Rule Allowing Parties to Agree to 'Accelerated Adjudication' of Lawsuits in the Commercial Division of New York...

The New York state court has adopted a rule that will allow parties to agree to have a Commercial Division lawsuit heard on an expedited basis. The rule permits parties to agree in a contract that any lawsuit arising out of...more

Initial Swap Trading Requirements Come into Effect—Limited Relief for Packaged Trades and Some EU Facilities

The Commodity Futures Trading Commission has imposed for the first time a requirement that certain swaps be traded on a regulated market. Beginning February 15, 2014, certain cleared interest rate swaps and index credit...more

Actions Required For Hedge Funds Under Derivatives Reforms – Europe Update

The European Market Infrastructure Regulation (EMIR1) imposes new reporting, clearing, collateral and conduct of business requirements on all derivatives market participants which are based in the EU or deal with EU...more

Volcker Unbound

The regulation that will implement the Volcker Rule was finally issued on December 10, 2013. Major financial institutions around the world will have to review a host of activities and investments in order to comply with the...more

1/2/2014  /  Banks , Dodd-Frank , Volcker Rule

The Final Volcker Rule Begins to Emerge

We issued a client memorandum on December 9 listing the major topics to look for when the five financial regulatory agencies agreed to finalize the Volcker Rule, which generally prohibits banking organizations from engaging...more

The Volcker Rule: A Comparison

On December 10 2013, the final regulation implementing the Volcker Rule was adopted by the five US federal bank regulatory agencies. This comes over two years after the publication of the proposed regulation. The text below...more

Ready for the Volcker Rule? What to Look For

Over two years after publication of a proposed regulation, a final regulation implementing the so-called “Volcker Rule” is expected to be adopted tomorrow by the five US Federal financial regulatory agencies. Two of them —...more

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