Peter J. Green

Peter J. Green

Morrison & Foerster LLP

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Relief for Covered Bonds as ESMA refines the Clearing Obligation

On August 16, 2012, the European Market Infrastructure Regulation (“EMIR”) came into force, defining the obligations of in-scope entities, amongst other things, to (1) centrally clear certain over the counter derivatives...more

9/3/2014 - CCPs Covered Bonds Derivatives Clearing Organizations EMIR ESMA

Breaking the ISDA Section 2(a)(iii) Insolvency Stalemate

On 19 June 2014, the International Swaps and Derivatives Association (“ISDA”) published an amendment to the ISDA Master Agreement for use in relation to section 2(a)(iii) of that agreement, for parties who wish to amend their...more

7/2/2014 - Default Derivatives ISDA ISDA Master Agreement OTC

Structured Thoughts: Volume 5, Issue 5 - June 25, 2014

In This Issue: - The 1996 Morgan Stanley Letter: Re-imagined at the Age of 18 - Structured CDs – Goodbye Regulation DD, Hello Regulation DD - FCA Issues Fine in Relation to Structured Product...more

6/26/2014 - Banks Disclosure Requirements EDGAR ESMA Financial Products IPO Morgan Stanley Public Disclosure Regulation D SEC Securities Truth in Savings Act

Collateralising Uncleared Derivatives Trades under EMIR – Draft Regulatory Technical Standards

On April 14, 2014, the European Supervisory Authorities (“ESAs”) published the anticipated first draft regulatory technical standards (“RTS”) on risk-mitigation techniques for over the counter (“OTC”) derivatives contracts...more

5/13/2014 - Basel Committee Derivatives EMIR ESA EU IOSCO OTC Security-Based Swaps Swaps

MIFID II: Widening the net - Recently announced EU reforms introduce yet another set of compliance considerations for traders, and...

On January 14 2014, the European Parliament and European Council reached agreement in principle on the revised Markets in Financial Instrument Directive (Mifid II). The announcement signaled an important milestone in a long...more

2/24/2014 - EU European Commission Financial Regulatory Reform MiFID

Structured Thoughts: Volume 5, Issue 2 - February 20, 2014

In This Issue: Opinions and Warnings – ESMA’s Views on Complex Products; SEC Releases Draft Strategic Plan; Distributing Structured Notes from a Regulation S Platform; and Non-U.S. Equity Underliers and Exchange Rate...more

2/21/2014 - Complex Financial Products Compliance ESMA EU Financial Regulatory Reform SEC

What next for the Basel III leverage ratio framework?

Financial Services analysis: Following the publication of Basel III's leverage ratio framework and disclosure requirements, Peter Green, partner at Morrison & Foerster, analyses the likely impact of the guidance and how it...more

2/4/2014 - Basel Committee Basel III BIS

Separation Anxiety: Structural Reform of EU Credit Institutions

The march towards structural reform of the EU banking sector has taken another step forward, as the EU Commission’s (the “Commission”) legislative proposals (the “Proposals”) for a Regulation implementing certain...more

2/3/2014 - Banks EU Financial Regulatory Reform Foreign Banks UK

Structured Thoughts: News for the financial services community, Volume 5, Issue 1 -- January 7, 2014

In This Issue: “Structured Products, Meet the Volcker Rule”: The New Limitations on Proprietary Trading; SEC and FINRA Personnel Speak at Structured Products Conference; FINRA’s Annual Regulatory and Examination...more

1/8/2014 - Banks Enforcement FINRA IOSCO Proprietary Trading SEC Structured Financial Products Volcker Rule

Regulatory Reform in Europe: What to expect in 2014

European financial regulatory reform has moved no more quickly than in the U.S. in 2013, and with the need to reach consensus between 28 member states, with often very different interests, there is little chance that the pace...more

1/7/2014 - EU Financial Regulatory Reform Foreign Banks

A Regulatory Reform Glossary

After the financial crisis, have you ever asked, “What does it all mean?” Now, we have an answer for you: MoFo’s Regulatory Reform Glossary. Since the great financial crisis, financial institutions have been...more

12/17/2013 - Basel III Dodd-Frank EMIR Financial Regulatory Reform MiFID Volcker Rule

Structured Thoughts -- Volume 4, Issue 14 -- December 2, 2013

In This Issue: Launching an Exempt Structured Products Program in the United States: Issues for Non-U.S. Banks to Consider; “Big-Boy Letters” Revisited: Pharos Decision Upheld by the Sixth Circuit.; SEC Addresses...more

12/3/2013 - Banks Big-Boy Letters CPO Disclosure Requirements Dodd-Frank EMIR EU Fiduciary Duty FINRA Foreign Banks LinkedIn MiFID Misrepresentation Nasdaq OCC Regulation D Rule 144A SEC Securities Act of 1933

Harmonised European Principles for Oversight of Financial Products Development

On November 28, 2013, the European Supervisory Authorities (“ESAs”) issued a joint paper (the “Joint Position”) setting out eight high level principles, intended to form a harmonised, cross-sector approach to the regulation...more

12/3/2013 - EU Financial Products Investors Manufacturers MiFID NCAs PRIP Transparency

UK Implementation of AIFMD: FCA Notification Forms

With the Alternative Investment Fund Managers Directive (the “AIFMD”) implementation deadline of July 22, 2013 fast approaching, the UK Financial Conduct Authority (the “FCA”) and UK’s HM Treasury have been ramping up their...more

7/11/2013 - AIFMD Financial Conduct Authority Investors Marketing Private Placements Treasury UK

UK Implementation of AIFMD: UK Private Placement Regime and non-EU Fund Managers

By July 22, 2013, EU member states must adopt the provisions of the Alternative Investment Fund Managers Directive (the “AIFMD”). On May 13, 2013, the UK’s HM Treasury further clarified how AIFMD will affect alternative...more

7/5/2013 - AIFM AIFMD Economic Development EU Fund Managers Investment Funds Private Placements

IOSCO Consultation Report on Financial Benchmarks

Background - As we have previously reported, a Task Force of the International Organization of Securities Commissions (“IOSCO”) published a consultation on financial benchmarks on 11 January 2013 in response, in part,...more

5/7/2013 - Benchmarks Consultation EU Governance Standards IOSCO Libor

Structured Thoughts -- Volume 4, Issue 5 -- April 12, 2013

In This Issue: FINRA’s 2013 Communication Rules and Revisions to MSDAs; Regulation R and Bank Sales of Structured Products; FCA Temporary Product; and Intervention Rules: Nipping It in the Bud. Excerpt from...more

4/15/2013 - Broker-Dealer Distribution Rules Financial Conduct Authority FINRA FSMA Gramm-Leach-Blilely Act Product Intervention Rules Public Communications Regulation R Structured Financial Products

A European Financial Transaction Tax

In September 2011, the European Commission initially proposed that a financial transaction tax (“FTT”) be implemented by all 27 EU Member States, although it soon became clear that a significant proportion of the Member...more

3/18/2013 - EU European Commission Financial Transaction Tax Proposed Legislation

Protecting the CCP Egg Basket

Originally published in Derivatives Intelligence on February 25, 2013. The implementation of EMIR and the Dodd-Frank Act will mutualize large volumes of counterparty risk and, together with new requirements for trade...more

3/12/2013 - CCPs Dodd-Frank EMIR EU European Commission Risk Management

Avoiding Armageddon: Resolution Regimes for Central Clearing Counterparties

The September 2009 resolutions of the G20 nations at their Pittsburgh summit, as to the compulsory centralised clearing of standardised over-the-counter (OTC) derivatives, paved the way for the creation of some of the biggest...more

2/5/2013 - Derivatives Derivatives Clearing Organizations Dodd-Frank EMIR EU European Commission FSB IOSCO OTC

Out of the Shadows and Into the Light

For the last four years, regulators and law makers have been focusing extraordinary efforts on ensuring that financial regulation is adequate to protect the financial system from risks emanating from the banking sector....more

12/28/2012 - Basel III EU European Commission FSB Money Market Funds Securitization Shadow Banking

Structured Thoughts -- Volume 3, Issue 14 -- December 18, 2012

In This Issue: Dividend Adjustments on the Way; Federal Court Decision Supports Use of “Big-Boy Letters”; FINRA Updates Its Suitability Questions and Answers; FINRA Rule 5123 Excludes Some, But Not All, Options;...more

12/19/2012 - Big-Boy Letters Commodity Pool Dividends ETFs FINRA Fiscal Cliff GFMA

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