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
When and where is PG&E expected to file for bankruptcy?
Currently, PG&E is expected to file for bankruptcy on January 29, 2019, likely in the United States Bankruptcy Court for the Northern District of California in San...more
On November 8, 2018, the Department of Labor published an Opinion Letter (FLSA2018-27) reissuing its January 16, 2009 guidance (Opinion Letter FLSA2009-23) and reversing the agency’s Obama-era position on the 20% tip credit...more
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
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
Prudential Regulators Approve Final Uncleared Margin Rules -
In October, the prudential regulators approved a final version of the September 2014 re-proposed rule generally imposing initial and variation margin...more
What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle -
On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more
3/12/2015
/ Bankruptcy Court ,
Bankruptcy Preferences ,
Chapter 11 ,
Chapter 9 ,
Commercial Bankruptcy ,
Debt Market ,
Debt Recovery Programs ,
Distressed Debt ,
EU ,
France ,
Insolvency ,
Lehman Brothers ,
Municipalities ,
Pension Funds ,
Puerto Rico ,
Restructuring ,
Safe Harbors ,
SCOTUS ,
Tax Liability ,
UK ,
Venue ,
Wellness International Network v Sharif
On Friday February 6, the Puerto Rico Federal District Court ruled the Debt Enforcement and Recovery Act (the “Recovery Act”) unconstitutional. Franklin Calif. Tax-Free Trust, et al. v. Comm. Of Puerto Rico et al., (D.P.R.,...more
2/14/2015
/ Bankruptcy Code ,
Chapter 9 ,
Contracts Clause ,
Debt ,
Debt Relief ,
Mootness ,
Municipal Bankruptcy ,
Preemption ,
PREPA ,
Puerto Rico ,
Ripeness ,
Supremacy Clause ,
Takings Clause
Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer’s financial toolkit. Post-crisis, they have been a thorn in the side of many issuers, resulting in expensive...more
6/17/2013
The United States Court of Appeals for the Second Circuit held, on June 10, 2013, that payments made by a company to purchase notes issued by an affiliate were transfers made in connection with a “securities contract,” and...more