On July 1, 2020, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance...more
On March 18, the extended comment period ended for the Standardized Approach for Calculating the Exposure Amount of Derivative Contracts (“SA-CCR”) rule (the “Proposed Rule”) proposed by the Federal Reserve Board (“Board”),...more
The Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) adopted rules (together, the QFC Stay Rules) in 2017...more
In recent years, the U.S. Commodity Futures Trading Commission (CFTC) has devoted significant resources to addressing how the requirements of the Commodity Exchange Act (CEA) and the regulations thereunder apply to...more
2/28/2019
/ Bitcoin ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Cryptocurrency ,
Derivatives ,
Distributed Ledger Technology (DLT) ,
Ether ,
Liability ,
Regulatory Oversight ,
Regulatory Standards ,
Smart Contracts ,
Virtual Currency
On July 12, ISDA initiated a market-wide consultation on technical issues related to new benchmark fallbacks for derivatives referencing certain interbank offered rates, or IBORs, in response to the expected discontinuance of...more
8/24/2018
/ Benchmarks ,
Bitcoin ,
CFTC ,
Cryptocurrency ,
Derivatives ,
Digital Currency ,
Dodd-Frank ,
FinTech ,
Foreign Currency ,
Hedging ,
ISDA ,
Proposed Regulation ,
Virtual Currency ,
White Papers
English Supreme Court Brings an End to Dexia - Prato Swap Dispute -
On January 18, the English Supreme Court refused to grant Comune di Prato, an Italian local authority with responsibility for the municipality of Prato in...more
An Overview of Proposed Regulation AT -
Orrick attorneys authored an overview of Regulation Automated Trading (known as "Regulation AT") proposed by the Commodity Futures Trading Commission ("CFTC") in the May/June 2016...more
8/2/2016
/ Bitcoin ,
Blockchain ,
CFTC ,
Derivatives ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Electronic Trading ,
Financial Institutions ,
Financial Markets ,
Innovative Technology ,
IRS ,
Regulation AT ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Swap Dealers ,
Swaps
The disruptive effects of blockchain technology on the financial system may take several years to materialize. Nevertheless, in preparation, regulators are increasingly focused on understanding potential uses of blockchain...more
8/1/2016
/ Bitcoin ,
Blockchain ,
CFTC ,
Derivatives ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Financial Institutions ,
Financial Markets ,
Innovative Technology ,
Popular ,
Securities ,
Transparency ,
Virtual Currency
On July 13, 2016, the Securities Exchange Commission (“SEC”) approved certain amendments and guidance to the rules governing the reporting and public dissemination of security-based swaps (“SBS”), known as “Regulation SBSR,”...more
Novo Banco and CDS – A Post-Mortem -
The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more
4/22/2016
/ CFTC ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Dodd-Frank ,
Electricity ,
End-Users ,
Financial Markets ,
ISDA ,
Margin Requirements ,
Natural Gas ,
Recordkeeping Requirements ,
Reporting Requirements ,
Swap Dealers ,
Swaps ,
Trading Platforms
NYDFS Finalizes BitLicense Regulations -
On June 3, 2015, the New York Department of Financial Services released its final BitLicense regulations, which it described as "the first comprehensive framework for regulating...more
6/16/2015
/ BitLicense ,
CFTC ,
Department of Financial Services ,
Derivatives ,
End-Users ,
IRS ,
Mandatory Clearing Requirements ,
Payment Schedules ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Security-Based Swaps ,
SPVs ,
Trade Options
NYDFS Releases Revised BitLicense Proposal -
On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more
3/13/2015
/ American Bankruptcy Institute ,
Automatic Stay ,
Bankruptcy Code ,
BitLicense ,
CFTC ,
Chapter 11 ,
Department of Financial Services ,
Derivatives ,
Foreign Exchanges ,
Foreign Markets ,
Forward Contracts ,
Ipso Facto Clauses ,
ISDA ,
Liquidation ,
Margin Requirements ,
NDFs ,
Section 362 ,
Swaps
The Bitcoin Marketplace and Regulatory Environment: An Overview -
Startup companies and financial products focused on bitcoin continue to burgeon, resulting in various regulators recently proposing regulations, making...more
Prudential Regulators and CFTC Re-Propose Rules for Uncleared Swap Margin -
Both the Commodity Futures Trading Commission and the prudential regulators re-proposed their April 2011 proposed rules imposing initial and...more
10/30/2014
/ Banks ,
Basel Committee on Banking Supervision (BCBS) ,
CFTC ,
Cross-Border Transactions ,
Derivatives ,
Dodd-Frank ,
Extraterritoriality Rules ,
ISDA Master Agreement ,
Margin Requirements ,
Proposed Regulation ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
Swaps