Stephen M. Quinlivan

Stephen M. Quinlivan

Stinson Leonard Street

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Banking Regulators Adopt End-User Exemption for Swap Margin Requirements

New Margin Requirements - The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse. This action is...more

10/23/2015 - Banking Sector Banks CFTC Commodities Exchange Act Compliance Dodd-Frank Farm Credit Administration FDIC Federal Reserve FHFA Financial Institutions Financial Markets Hedge Funds Margin Requirements Obama Administration OCC Regulatory Agenda Risk Mitigation SEC Securities Exchange Act Swap Dealers Swaps Terrorism Insurance

SEC Says Fantasy Stock Trading Violates Securities Laws; Charges Others for Selling Illegal Security-Based Swaps

The SEC issued an Investor Alert which says fantasy stock trading for small amounts of money can violate provisions of securities laws implemented by the Dodd-Frank Act. I bet the Congressional drafters of these provisions...more

6/18/2015 - Bitcoin Business Valuations Derivatives Dodd-Frank Investors IPO Popular SEC Securities Securities Exchange Act Security-Based Swaps Startups Stock Trades Stocks Swaps Virtual Currency

New Legislation Exempts Swap End Users From Margin Requirements

The House and Senate have passed legislation which provides that swap end-users do not have to provide initial and variation margin for uncleared swaps as previously required by the Dodd-Frank Act. The provision is...more

1/12/2015 - Dodd-Frank Exemptions Margin Requirements New Legislation Swaps TRIA

ISDA Survey Finds End Users Uncertain About New Margin Requirements

Derivatives end users are concerned about the impact of new margin requirements for non-cleared derivatives, with a large number unsure whether they will even have to comply with the rules, according to a survey published by...more

1/7/2015 - CFTC Derivatives ISDA Margin Requirements Proposed Standards Swaps

What Really Happened to the Swap Pushout Rule and Dodd-Frank Sleepers From Cromnibus

The swap pushout rule was originally embodied in Section 716 of the Dodd-Frank Act. Among other things, it prohibited “federal assistance” to any “swaps entity.” Insured depository institutions were subject to this...more

12/18/2014 - Appropriations Bill Banks Dodd-Frank Financial Institutions Swaps

Hedge Fund and its Partner and Lawyer Fail on Motion to Dismiss for Breach of Fiduciary Duty

A case against a hedge fund, and one of its partners and in-house counsel, related to actions at a portfolio company and alleging breach of fiduciary duties survived a motion to dismiss. The portfolio company, alleged to be...more

10/6/2014 - Breach of Duty Credit Default Swaps Fiduciary Duty Hedge Funds Swaps

Bank Regulators Propose Relaxed Margin Requirements for Corporate End Users of Uncleared Swaps

Five federal agencies have taken a second stab at a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as...more

9/10/2014 - Bank Holding Company Act Banking Sector Banks Dodd-Frank Major Swap Participants Margin Requirements Proposed Regulation Security-Based Swaps Swap Dealers Swaps

SEC Proposes Communications Exemption for Certain Security Based Swaps

The Dodd-Frank Act amended the Securities Act of 1933 and the Securities Exchange Act of 1934 to include “security-based swaps” in the definition of “security” for purposes of those statutes. As a result, “security-based...more

9/9/2014 - SEC Securities Act of 1933 Securities Exchange Act Security-Based Swaps Swaps

SDRs Announce Procedures To Elect Swap End-User Exception

Three swap data repositories, or SDRs, have announced procedures to make filings for the swap end-user exception. Apparently you file with the SDR that the swap is reported to. The three SDRs are...more

9/2/2013 - Dodd-Frank ICE Swaps

CFTC Provides No-Action Relief For Treasury Subsidiaries And Affiliates

Broc Romanek of recently described a member’s concerns that some companies were having on relying on the Dodd-Frank Act’s exemption for end-users for swaps entered into by treasury subsidiaries and...more

6/5/2013 - Affiliates CFTC Dodd-Frank End-Users No-Action Relief Subsidiaries Swaps

ECP Guarantor Provisions In Corporate Credit Agreements

Many corporate credit agreements are supported by subsidiary guarantees. Those guarantees often include not only the guaranty of the obligations under the credit agreement but also any related swap agreements. The CFTC has...more

4/30/2013 - CFTC Credit Agreements Eligible Contract Participant Guarantors Swap Agreements Swaps

ISDA: Be Ready For May 1 And Standard Swap Confirmation

By May 1, all counterparties must have provided their registered swap dealers with legal classifications and representations to allow the swap dealers to comply with the CFTC’s External Business Conduct Rule (EBCR). After the...more

4/24/2013 - CFTC Deadlines ISDA Swap Dealers Swaps

CFTC Approves Final Regulations Governing Exemption From Required Clearing For Inter-Affiliate Swaps

The CFTC has issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under the Commodity Exchange Act, or CEA, and CFTC regulations. ...more

4/2/2013 - CFTC Commodities Exchange Act Mandatory Clearing Requirements Reporting Requirements Swap Data Repositories Swaps

CFTC Provides Relief For Partial Swap Terminations

The CFTC’s Division of Clearing and Risk has issued a no-action letter that provides relief from required clearing for a limited set of “stub swaps” that remain after the partial novation or partial termination of an original...more

3/25/2013 - CFTC Mandatory Clearing Requirements No-Action Relief Novation Stub Swaps Swaps Termination

CFTC Reminds All Swap Counterparties Of April 10 Deadline To Obtain A CICI Identifier

The Division of Market Oversight, or DMO, and Office of Data and Technology, or ODT of the CFTC have issued an advisory reminding all swap counterparties of the imminent April 10, 2013, deadline for each counterparty to...more

3/21/2013 - CFTC CICIs DMO Dodd-Frank Swaps

CFTC’s Initial Attempts At Data Collection Fail

Since the beginning of 2013, the CFTC has required certain market participants to report their interest rate and credit index swap trades to a swap data repository, or SDR. CFTC Commissioner Scott D. O’Malia recently...more

3/21/2013 - CFTC Data Collection Recordkeeping Requirements Reporting Requirements Swaps

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