Derivatives

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Blog: Corp Fin Issues New CDIs Providing Guidance On Rule 701 Primarily In The Merger Context

Corp Fin has just issued some new CDIs providing guidance on Rule 701, with all but one of the CDIs addressing the application of Rule 701 in the context of merger transactions. The new CDIs are summarized below...more

The Delta Report - June 2016

White & Case LLP is proud to introduce the first edition of our derivatives newsletter, The Delta Report. In each issue, we will highlight recent key regulatory developments across the Americas, Europe and Asia and discuss...more

UK Financial Regulatory Developments - June 2016 #12

EBA publishes RTS on specialised lending exposures - EBA has published its final draft RTS on how institutions should take into account and treat several factors when assigning risk weights to specialised lending...more

European Commission Adopts Regulatory Technical Standards on the Direct, Substantial, and Foreseeable Effect of Derivative...

The European Commission adopted a Commission Delegated Regulation supplementing the Markets in Financial Instruments Regulation. Under MiFIR, a new trading obligation is introduced for shares and other sufficiently liquid...more

Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

Goldman Trial in London – See Any FCPA Issues?

It has been known for some time that the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have been investigating investment banks over their dealings with the Libyan sovereign wealth fund, known as...more

CFTC Proposes to Apply Clearing Requirement to Additional Interest Rate Swaps

On June 9, 2016, the Commodity Futures Trading Commission (CFTC) proposed to require additional interest rate swaps to be centrally cleared. Since December 2012, the CFTC has required four classes of interest rate swaps...more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

Update: Quebec Derivatives Regulation Amendments Now in Effect

Effective June 5, 2016, changes to the Quebec Derivatives Regulation (QDR) came into force. The changes: - Expand the scope of the standardized derivatives exemption, such that it now affords relief from both the...more

MJW to FSOC:  We’re On It

In a keynote address before the Investment Company Institute on May 20, 2016, SEC Chair Mary Jo White signaled to the Financial Stability Oversight Counsel (FSOC) that the SEC is “working hard” to finalize rules that address...more

Court Of Chancery Lets New Board Review Complaint

Normally it is the board in place at the time the derivative suit is filed that is evaluated to determine if demand is excused....more

Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign...

Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets - On May 26, 2016, the Foreign Exchange Working Group...more

European Commission Adopts Further Technical Standards Under MiFID II

The European Commission adopted two Delegated Regulations with Regulatory Technical Standards which will supplement the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. ...more

Between Bridges (May 27, 2016): CFTC Proposes to Authorize Exchanges to Grant Physical Commodity Users Non-Enumerated Hedging...

Yesterday, the Commodity Futures Trading Commission proposed modifications and additions to its 2013 proposed regulations and guidance related to speculative position limits in order to potentially authorize relevant...more

Recent Investment Management Developments - May 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

EU Technical Standards on the Valuation of Derivatives for Bail-in Adopted by the European Commission

The European Commission adopted Regulatory Technical Standards on the valuation of derivatives for the purpose of bailing-in derivative liabilities. The Bank Recovery and Resolution Directive provides that a resolution...more

Law And Accounting Committee Summary Of Current FASB Developments

In March, 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Account. This update simplifies accounting for share-based...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

CORPORATE PPAs Market Trends and Opportunities

Corporations have dramatically increased their purchases of renewable energy in recent years. This trend has shifted the traditional power purchase market away from reliance upon utilities, and presents a tremendous growth...more

Finding The Perfect Derivatives Risk Manager

The Securities and Exchange Commission proposed in December a rule addressing the use of derivatives by registered investment companies. As part of the proposal, boards overseeing funds that invest in more than a limited...more

UK Financial Regulatory Developments - May 2016 #6

Industry associations agree cyber principles - ISDA, the European Banking Federation and the Global Financial Markets Association have published a set of common principles they hope will encourage effective global policy...more

Update: Proposed Rules Will Limit Buy-Side Remedies in a Financial Institution Failure

The Board of Governors of the Federal Reserve System (the “Board”) has proposed rules (the “Proposed Rules”) that represent a significant shift in the terms of over-the-counter derivatives, repurchase agreement and securities...more

International Organization of Securities Commissions Recommends the Development of Guidelines to Combat Issues Arising from the...

The International Organization of Securities Commissions published its final report on the impact of storage infrastructures on the integrity of the price formation process of physically-delivered commodity derivatives...more

MoFo Tax Talk - Volume 9, No. 1

IRS Publishes Proposed section 305(c) Regulations - On April 12th, the IRS published proposed regulations under Section 305(c) that address the treatment of deemed dividends to holders of stock and rights to acquire...more

Court Of Chancery Denies Second Chance To New Derivative Plaintiff

This decision illustrates the importance of putting your best foot forward in derivative litigation. Here, a different plaintiff had his complaint dismissed for failure to satisfy the demand excused rules. When this plaintiff...more

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