Corporate and Financial Weekly Digest - June 15, 2012


In this issue:

- “Obey-the-Law” Injunction Too Vague in Sham Transaction Case

- Government May Not Use Work Product Protected Communications Made to a Cooperator

- SEC Issues “Roadmap” for the Remaining Security-Based Swaps Rules

- Agencies Seek Comment on Regulatory Capital Rules and Finalize Market Risk Rule

- UK Banking Reform White Paper Published

- European Commission Proposes Bank Recovery and Resolution Framework

An excerpt from "SEC Issues “Roadmap” for the Remaining Security-Based Swaps Rules"

On June 11, the Securities and Exchange Commission issued a policy statement on the sequencing of issuance and compliance dates for the remaining Dodd-Frank Wall Street Reform and Consumer Protection Act rules related to security-based swaps. The SEC’s statement discusses issues related to and presents a general sequence for the following five categories of rules: rules defining “security-based swap,” security-based swap agreement,” and “mixed swap” (Definitional Rules) and the rules concerning treatment of cross-border security-based swap transactions and certain activities of non-U.S. persons (Cross-Border Rules); rules pertaining to the registration and regulation of swap data repositories (SDRs), the reporting of security-based swap transactions, and the public dissemination of security-based swap transaction data; rules related to the mandatory clearing process of security-based swap transactions, clearing agency standards, and the end-user exemption from mandatory clearing; rules pertaining to the registration and regulation of security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs); and rules related to the mandatory trading of security-based swap transactions, including registration and regulation of security-based swap execution facilities (SEFs).

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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