Yvette Valdez

Yvette Valdez

Latham & Watkins LLP

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CFTC Brings Significant Enforcement Action Against Online Cryptocurrency Exchange

The action reflects the CFTC’s expanded jurisdiction and provides further clarity on what constitutes “actual delivery” in cryptocurrency trading. On June 2, 2016, the US Commodity Futures Trading Commission (CFTC)...more

6/21/2016 - CFTC Civil Monetary Penalty Commodities Commodities Exchange Act Cryptocurrency Dodd-Frank Enforcement Actions FCMs Hong Kong Registration Requirement

Cryptocurrency: A Primer

What is cryptocurrency? There is no one standard definition of cryptocurrency. At the most basic level cryptocurrency—or digital currency or virtual currency—is a medium of exchange that functions like money (in that it...more

3/10/2016 - Bitcoin Block Chain Cryptocurrency Digital Currency Financial Institutions Financial Sector Financial Services Industry Virtual Currency

Dodd-Frank Almost 6 Years Later: Where Are We Now? Energy-Related Derivatives Regulation

In the almost six years since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the US Commodity Futures Trading Commission (CFTC) has, in large part, finalized its rulemakings...more

3/2/2016 - Aggregation Rules CFTC Derivatives Dodd-Frank Energy Sector Margin Requirements Position Limits Recordkeeping Requirements Reporting Requirements Swaps Trade Options Uncleared Swaps

CFTC Extends Trade Option Reporting Deadline to April 1, 2016

The CFTC provides the market additional time to submit Form TO while considering further amendments to trade option reporting rules. On February 18, 2016, the US Commodity Futures Trading Commission's (the CFTC) Division...more

2/23/2016 - CFTC Deadlines Market Participants No-Action Letters Reporting Requirements Trade Options

CFTC Uncleared Swap Margin Rules to Take Effect in September

While the US gears up for compliance with uncleared swap margin rules, cross-border application of the CFTC rules remains unclear. The US Commodity Futures Trading Commission (the CFTC) finalized its margin requirements...more

2/22/2016 - CFTC Cross-Border Derivatives EMIR EU Margin Requirements Market Participants Prudential Regulation Authority SEC Swaps Uncleared Swaps

SEC Proposes Rules on the Use of Derivatives by Funds

The proposal would place restrictions on certain investment funds to limit their use of derivatives and require certain risk management procedures. On December 11, 2015, the US Securities and Exchange Commission (SEC)...more

2/4/2016 - Derivatives Disclosure Requirements Investment Funds Proposed Regulation Reporting Requirements Risk Management SEC

Enforcement Trends in Cryptocurrency

Cryptocurrency is on the rise...and so are enforcement actions. In less than a decade, cyptocurrencies have grown from a novelty reserved for those dealing in the illicit into a robust platform embraced by financial...more

12/9/2015 - Anti-Money Laundering Bitcoin BitLicense CFTC Cryptocurrency Dodd-Frank Enforcement Actions FinCEN FTC Popular SEC Young Lawyers

Dodd-Frank 5 Years Later: Where Are We Now? Derivatives Regulation for Asset Managers

Assessing the practical implications of derivatives regulations for investment advisers and investment funds of: position limits and aggregation rules, uncleared swaps margin rules, etc. Since the enactment of the...more

12/1/2015 - Asset Management CFTC Derivatives Dodd-Frank EU Japan Margin Requirements Popular SEC Uncleared Swaps

Prudential Regulators Are First to Finalize Uncleared Swap Margin Rules

While the rules provide some clarity, the global market still awaits the finalization of the CFTC and the European margin rules. With the clock ticking on the countdown to finalization of uncleared swap margin rules...more

11/20/2015 - Dodd-Frank Margin Requirements Prudential Regulation Authority Uncleared Swaps

Cryptocurrencies Are Commodities: CFTC’s First Bitcoin Enforcement Action

In the absence of specific CFTC regulations regarding Bitcoin, the order helps clarify the CFTC’s positions on cryptocurrency derivatives. On September 17, 2015, the US Commodity Futures Trading Commission (CFTC) issued...more

9/21/2015 - Bitcoin CFTC Commodities Commodities Exchange Act Cryptocurrency DCMs Enforcement Actions SEFs Swaps

CFTC Proposes Cross-Border Application of Margin Requirements for Uncleared Swaps

The CFTC has proposed rules that would define the reach of Dodd-Frank Act margin requirements in cross-border swap transactions. On June 29, 2015, the US Commodity Futures Trading Commission (CFTC) proposed regulations...more

8/13/2015 - CFTC Cross-Border Transactions Dodd-Frank Margin Requirements Proposed Regulation Prudential Regulation Authority Swaps

Updated: CFTC Clarifies Regulation of Forward Contracts with Embedded Volumetric Optionality

With recent release, the CFTC hopes to eliminate market uncertainty on forward contracts with embedded volumetric optionality. UPDATE (June 18, 2015): On May 12, 2015, the CFTC adopted the Proposal as proposed (as used...more

6/23/2015 - Amended Regulation CFTC Commodities Commodities Exchange Act Commodity Futures Contracts Counterparties Dodd-Frank Forward Contract Exclusion Forward Contracts Swaps

Regulatory Notes on Bitcoin and Other Cryptocurrency Derivatives

Six things every investor, start-up, financial institution and payment processor should know about the future regulation of Bitcoin and other cryptocurrency derivatives. With the quickly developing market for...more

6/2/2015 - Administrative Authority Bitcoin Block Chain CFTC Corporate Counsel Cryptocurrency Derivatives Financial Institutions Investors Popular Regulatory Agenda Startups Young Lawyers

SEC Proposes Additional Cross-Border Rules for Security-Based Swaps

If finalized, the proposed rule would be the SEC’s second major step toward finalizing the cross-border rules for security-based swaps under the Dodd-Frank Act. On April 29, 2015, the US Securities and Exchange...more

5/28/2015 - CFTC Cross-Border Transactions Dodd-Frank Reporting Requirements SEC Security-Based Swaps Swaps

Regulation SBSR: The Compliance Guide to Reporting Security-based Swaps

SEC has published reporting obligations for SBS without a finalized compliance schedule. Reporting rules for cleared and platform-executed SBS and certain cross-border transactions have not yet been finalized. On...more

3/25/2015 - Final Rules SEC Security-Based Swaps Swaps

UPDATE: Swap Dealers Will Face Significant Challenges from Reproposed Margin Rules for Uncleared Swaps

Note: This version includes an additional section on the Terrorism Risk Insurance Program Reauthorization Act of 2015, which amends certain provisions of the Dodd-Frank Act to exempt certain counterparties from the initial...more

1/27/2015 - Basel Committee CFTC Commodities IOSCO Margin Calls Swap Dealers Swaps

CFTC Proposes to Clarify Regulation of Forward Contracts with Embedded Volumetric Optionality

With recent release, the CFTC hopes to eliminate market uncertainty on forward contracts with embedded volumetric optionality. The comment period recently closed for a proposed interpretation (the Proposal) to further...more

1/13/2015 - CFTC Forward Contracts Major Swap Participants Proposed Regulation Swaps

Swap Dealers Will Face Significant Challenges from Reproposed Margin Rules for Uncleared Swaps

Dealers and major industry participants may be subject to new margin requirements beginning as early as December 1, 2015. Regulators are expected to finalize rules regarding margin requirements for uncleared swaps...more

1/9/2015 - Basel Committee CFTC Covered Entities International Harmonization Major Swap Participants Margin Requirements New Regulations Prudential Regulation Authority Prudential Standards Securities Swap Dealers Swaps

The New 2014 ISDA Credit Derivatives Definitions

The revision of the 2003 International Swaps and Derivatives Association (ISDA) Credit Derivatives Definitions is likely the biggest overhaul of the definitions in more than a decade. The new 2014 ISDA Credit Derivatives...more

9/9/2014 - Compliance Credit Default Swaps Derivatives Dodd-Frank Financial Regulatory Reform ISDA

SEC Finalizes Partial Framework for the Cross-Border Application of its Derivatives Regulations

The SEC Final Rule is the SEC’s first major step toward implementing its final regulatory regime under Title VII of the Dodd-Frank Act. On June 25, 2014, the Securities and Exchange Commission (SEC) approved a final...more

7/31/2014 - Compliance Cross-Border Derivatives Dodd-Frank SEC Title VII

SEC Proposed Rules: Recordkeeping and Reporting for SBSDs, MSBSPs and BDs; Capital Rules for Certain SBSDs

The SEC has proposed recordkeeping and reporting rules and capital charges for security-based swap dealers based on the current broker-dealer reporting and recordkeeping regime. Market participants in the derivatives...more

6/6/2014 - Broker-Dealer Compliance MSBSPs Recordkeeping Requirements SEC Security-Based Swaps Stand-Alone SBSDs Swap Dealers Swaps

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