News & Analysis as of

Counterparties

MiFID II for Non-EU Investment Banks and Brokers

by Shearman & Sterling LLP on

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal...more

Trading in Opaque Markets: Fraud, Materiality and Compliance

by Dorsey & Whitney LLP on

This is the third segment of an occasional series regarding a group of criminal and civil securities fraud actions involving trading in opaque markets and the lessons that can be drawn them. Litvak II - Before Shapiro...more

It Is Not A Duck! $535 million pipeline verdict reversal portends new era of joint venture conflicts.

On July 18, 2017, the Dallas Court of Appeals reversed a 2014 jury verdict that resulted in a $535 million judgment in favor of Energy Transfer Partners, L.P. (“ETP”) against its counterparty (appellate decision linked here)....more

Proposed EMIR II – Key Points for Derivatives Markets Participants

by Morrison & Foerster LLP on

On 4th May 2017, the European Commission announced its proposals to amend the current European Market Infrastructure Regulation (Reg. No. 648/2012) (“EMIR”). The proposals stem from its public consultation and Call for...more

European Commission Adopts Proposal to Amend EMIR

On 4 May 2017, the European Commission (the “Commission”) adopted a proposal for a Regulation amending Regulation (EU) No 648/2012 (“EMIR”) as regards the clearing obligation, the suspension of the clearing obligation, the...more

EU Final Secondary Legislation on Margin for Uncleared Derivatives

by Shearman & Sterling LLP on

A Commission Delegated Regulation outlining Regulatory Technical Standards supplementing the European Market Infrastructure Regulation on risk mitigation techniques for uncleared OTC derivatives was published in the Official...more

Corporate and Financial Weekly Digest - Volume XI, Issue 48

by Katten Muchin Rosenman LLP on

SEC/CORPORATE - SEC Division of Corporation Finance Issues 35 New C&DIs Regarding Foreign Private Issuers, QIBs and Offshore Offerings - On December 8, the staff (Staff) of the Securities and Exchange Commission’s...more

Federal Reserve Bank of New York Releases Operating Policy on Market Operations Counterparties

by Shearman & Sterling LLP on

The New York Fed released a statement of its policies towards managing its open market operations counterparty relationships with private entities, which includes primary dealers in US Treasury securities. Generally, the New...more

European Commission Adopts Technical Standards on Margin for Uncleared Derivatives

by Shearman & Sterling LLP on

The European Commission adopted Regulatory Technical Standards on risk mitigation techniques for uncleared OTC derivatives. The European Market Infrastructure Regulation requires counterparties to uncleared OTC derivative...more

Default interest gets washed out of the waterfall

by Reed Smith on

The degree to which certain elements of a recovery right under a contract, including a debt instrument, are assignable or transferable to a third party has been questionable under English law for some time. “Litigation...more

Bail-In and Contractual Recognition: The Impact on US and Other Non-EU Counterparties and the Potential Impact of Brexit

Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more

ISDA Publishes Variation Margin Protocol

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol is intended as a tool to help market participants that will...more

The importance of the arbitration notice: make sure it is sent to the right person

by Reed Smith on

Sino Channel Asia Ltd v. Dana Shipping and Trading Pte Singapore and Another [2016] EWHC 1118 (Comm) - A recent English High Court decision serves as a reminder of the importance of taking great care in relation to...more

Security Interest v. License Agreement: Low Tech Precautions for the High Tech Investment

by Dorsey & Whitney LLP on

In this exciting age of startups, the market is brimming with opportunities for individuals and entities alike to invest in emerging companies. Today’s rapid rate of technology development justifies investors’ eagerness to...more

Amended FINRA Rule Will Require Margin for TBA Transactions

by Ropes & Gray LLP on

On June 15, 2016, the Securities and Exchange Commission (the “SEC”) approved the Financial Industry Regulatory Authority, Inc.’s (“FINRA”) proposed amendment to FINRA Rule 4210, which will require U.S. registered...more

Brexit Update: What’s Next for the Global Marketplace

by McDermott Will & Emery on

In Depth - UK Withdrawal Process - The United Kingdom will continue to be an EU member until procedures are completed for exiting the European Union, which is likely to be a long process. Under EU Treaty rules,...more

Dodd-Frank Implementation Update: Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related...

by WilmerHale on

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

Canadian Derivatives Trade Reporting Amendments Impact Dealers and End-Users

On May 12, 2016, securities regulators in Ontario, Quebec and Manitoba announced changes to existing derivatives trade reporting requirements that will be of interest to both derivatives dealers and “end-users” of...more

MiFID II: Access to EU Markets for Third Country Investment Firms

by Shearman & Sterling LLP on

This note discusses the MiFID II regime for access by financial institutions located outside the EU to EU customers and markets. Full harmonisation of the access regime for third country firms has not been achieved. Instead...more

US Commodity Futures Trading Commission Approves Final Rule on Amendments to the Swap Portfolio Reconciliation Requirement

by Shearman & Sterling LLP on

The Commodity Futures Trading Commission approved a final rule to amend a requirement found in CFTC Regulation 23.500(i) that swap dealers and major swap participants exchange the terms of swaps with their counterparties for...more

International Swaps and Derivatives Association Publishes Updated Asset Classification Letter

by Shearman & Sterling LLP on

The International Swaps and Derivatives Association published an updated ISDA European Markets Infrastructure Regulation Classification Letter. The purpose of the Classification Letter is to assist market participants in...more

Consultation on Guidelines for Prudential Treatment of Problem Assets

by Shearman & Sterling LLP on

The Basel Committee on Banking Supervision published a consultation document on guidelines for the prudential treatment of problem assets focusing on credit categorization definitions. In the context of the financial crisis,...more

Development in practice on recovery of an organization’s tax debts from related parties

by Dentons on

On March 17, 2016, the Commercial Court of Moscow handed down a decision in the OOO Expoholod case, No. ?40-227535/15-107-1863 (the “Decision”). The Decision established the intent of actions taken by two entities deemed...more

Final European Standards for Derivatives Collateralisation

by Morrison & Foerster LLP on

On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more

Amendments to EU Technical Standards on Supervisory Reporting Published

by Shearman & Sterling LLP on

Commission Implementing Regulation was published in the Official Journal of the European Union, which amends the Implementing Technical Standards on supervisory reporting by providing for additional monitoring metrics for...more

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