Extension of Certain Dodd-Frank No-Action Relief

The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and credit default swaps executed as part of a "package transaction."  It also recently issued a no-action letter further delaying an advisory regarding the applicability of certain Dodd-Frank requirements in connection with activities that occur in the United States.

Read more »

CFTC Establishes Expedited Process for Relief for Certain Delegating CPOs

On May 12, 2014, the CFTC issued guidance establishing the circumstances under which it intends to provide registration no-action relief through a streamlined process where a "commodity pool operator" has delegated investment management authority with respect to a commodity pool to another person registered as a CPO.  The CFTC included a form of request for no-action relief, which provides for certifications and acknowledgements to be made by both the delegating and designated CPOs regarding the criteria for relief. 

Read more »

Collateral Segregation Notices for Uncleared Swaps 

As required by a final rule issued by the CFTC last year, registered swap dealers have begun to notify counterparties prior to the execution of uncleared swaps that counterparties may require the segregation of any initial margin.

Read more »

NYS Bar Association Tax Session Issues Report on Section 871(m) Regulations

On May 20, 2014, the New York State Bar Association Tax Session issued a Report on Proposed Regulations under Section 871(m) of the Internal Revenue Code of 1986.  The report, which was co-authored by Orrick partner Peter J. Connors, addresses proposed regulations that the IRS issued in December 2013 concerning withholding on equity-linked financial instruments which reference U.S. stocks. 

Read more »

ISDA Publishes Section 2(a)(iii) Form of Amendment 

In June 2014, ISDA published a form of amendment relating to Section 2(a)(iii) of the preprinted form of ISDA Master Agreement.  Section 2(a)(iii) generally permits a contracting party to withhold performance indefinitely if an event of default or potential event of default has occurred and is continuing (or an early termination date has been designated) with respect to its counterparty. 

Read more »

 

Written by:

Published In:

Tax

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.

© Orrick, Herrington & Sutcliffe LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×