Dodd Frank Update: Impact on Gas & Power Transactions (Presentation)

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TABLE OF CONTENTS

I. Who Does the Dodd-Frank Act Impact? ...1

A. Major Swap Participants...1

1. Category 1: Substantial Position in Swap Categories ...1

2. Category 2: Substantial Counterparty Exposure ...2

3. Category 3: Highly-Leveraged Financial Entities...3

B. Swap Dealers...3

1. Statutory Definition and CFTC Guidance...3

2. Exclusions to the Definition of “Swap Dealer”...4

C. End Users that Enter Into Swaps...4

1. Who is an “End User”?...5

2. What is a “Swap”?...6

3. How Are End Users Impacted by the Act? ...7

II. What Should Energy Traders Do to Prepare for the Act?...13

A. Evaluate Internal Systems, Processes and Personnel...13

B. Analyze the Cost of Compliance With the Act...13

C. Analyze the Cost of Alternatives to Compliance With the Act ...14

III. Where Will the Act End Up? ...15

A. Implementation Delays ...15

1. Delayed Effective Date for Certain Swap Regulations ...15

2. Timeline of Final CFTC Rules ...16

B. Legal Challenges....17

1. Court of Appeals Strikes Down SEC Rule Under Dodd-Frank ...18

2. CFTC Rethinks Cost-Benefit Analysis ...18

C. Other Factors...19

1. Budget Fights in Washington ...19

2. Derivatives Attorney as New CFTC Director ...20

IV. Conclusion ...20

Please see full presentation below for more information.

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Topics:  CEA, CFTC, Compliance, Derivatives Clearing Organizations, Dodd-Frank, Major Swap Participants, Recordkeeping Requirements, Reporting Requirements, SEC, Swap Dealers, Swaps

Published In: Administrative Agency Updates, Energy & Utilities Updates, Finance & Banking Updates, Securities Updates

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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