Derivatives

News & Analysis as of

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

EU Technical Standards on Additional Collateral Outflows for Derivative Transactions Published

A Commission Delegated Regulation, in the form of Regulatory Technical Standards, on additional liquidity outflows corresponding to collateral needs resulting from the impact of an adverse market scenario on an institution's...more

The Delta Report – Derivatives Newsletter: January 2017

In this first issue of The Delta Report for 2017, we cover crucial updates on developments in the derivatives space in Europe and Asia. In the UK, Brexit-related issues continue to take the spotlight. The Article 50 challenge...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

European Commission to Publish Legislative Proposal to Revise the Regulation on OTC Derivatives, Central Counterparties and Trade...

On January 31, 2017, the European Commission published a speech by Valdis Dombrovskis, Commission Vice President, on finance for growth in manufacturing. The speech included the Commission’s recent review of EMIR, the...more

Your Daily Dose of Financial News

RBS has agreed to pay $85 million to the CFTC to resolve allegations that its traders “manipulated the ISDAfix benchmark rate over a period of five years to benefit the bank’s derivatives positions”....more

Key Issues for Derivative Transactions under the BRRD

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

Alberta Securities Commission Replaces Key Blanket Order for Over-the-Counter Derivatives

On January 30th, 2017, the Alberta Securities Commission (the "ASC") announced in its weekly notice that, effective as of February 1st, 2017, it is replacing Blanket Order 91-506 entitled Over-the-Counter Trades in...more

ESMA issues common principles for UCITS share classes

The European Securities and Markets Authority (“ESMA”) published on 30 January 2017 an opinion on the use by EU UCITS funds of share classes, outlining four key principles that all UCITS funds must follow when setting up...more

IRS Releases New Regulations Regarding Dividend Equivalents

On January 19, 2017, the Internal Revenue Service (the “IRS”) issued final, temporary, and proposed regulations (the “Regulations”) under section 871(m) of the Internal Revenue Code of 1986, as amended (the “Code”). Code...more

New German Insolvency Code Amends Legal Basis for Contractual Close-out Netting

The German legislature has passed an amendment to the German Insolvency Code providing clarity on the status of netting arrangements in financial transactions which was cast into doubt by the German Federal Court of Justice...more

MiFID II/MiFIR Update

This update provides a snapshot of events in 2016 which has led to the current status of MiFID II and MiFIR. MiFID II/MiFIR Delayed - 17 June 2016: Council adopted legislation extending the deadline for the...more

European leveraged debt - 2016 in review: Refinancing rules debt as issuers look to take advantage of circumstances

HEADLINES: ? Issuance improves in Europe after Q1 slump ? US issuance also sees post-Brexit bounce, but still down year-on-year ? Refinancing rules debt as issuers look to take advantage of circumstances ? Slow...more

SEC Simplifies Filing of Broker-Dealer Annual Reports on EDGAR

The SEC has previously provided guidance on the filing of annual and supplemental reports required under Rule 17a-5 or Rule 17a-12 by broker-dealers or over-the-counter derivatives dealers on the SEC EDGAR system. However,...more

HKMA issues guideline on exercising disciplinary power to order pecuniary penalty under the Securities and Futures Ordinance...

The Securities and Futures Ordinance (Chapter 571) ("SFO") regulates the financial products, securities and futures market and industry in Hong Kong. The SFO also provides a comprehensive civil and criminal regime to address...more

First Department Confirms Hedge Funds Did Not Act in Bad Faith and Affirms Multi-Million Dollar Judgment Against CDS Counterpart

In Good Hill Master Fund L.P. v. Deutsche Bank AG, No. 600858/10-2188B, 2017 BL 19363 (App. Div. 1st Dep’t Jan. 24, 2017), the First Department unanimously affirmed a judgment entered in the Commercial Division of over $90...more

European Margin Rules for Non-cleared OTC Derivatives – The Margin Big Bang

After a six-month delay, the rules governing the mandatory posting of collateral for uncleared derivatives entered into force on 4 January 2017. By 1 March 2017, all in-scope counterparties will be obliged to post variation...more

Canadian Regulators Finalize Mandatory OTC Derivatives Clearing Rules

On January 19, 2017, the Canadian Securities Administrators (CSA) published National Instrument 94-101 – Mandatory Central Counterparty Clearing of Derivatives and Companion Policy 94-101 (collectively, the Clearing...more

Implementation of tax free system in Russia

A pilot project to refund value-added tax (VAT) to foreign tourists is due to be launched in Russia in the second quarter of 2017. This will allow non-residents of the Eurasian Economic Union to recover a portion of the VAT...more

"House Bill to Shake Up CFTC Rulemakings"

Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more

EMIR: Intra-group Exemptions from Uncleared Margin Requirements – FCA Opens Application Process

On 4 January 2017, the FCA opened its application process for the intra-group transaction ("IGT") exemption to the EU’s new requirements to exchange margin for uncleared OTC derivative contracts (as set out in Commission...more

EU Final Secondary Legislation on Margin for Uncleared Derivatives

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

Singapore Legal Update - January 2017

MAS Amends the Requirements for Related Party Transactions for Banks - On 21 November 2016, the MAS issued an amended Notice 643 to Banks on Transactions with Related Parties. It will take effect in two years, on 18...more

ESMA Publishes New Methodology for Mandatory Peer Reviews of CCPS Authorization and Supervision Under EMIR

On January 5, 2017, the European Securities and Markets Authority (“ESMA“) published its methodology (ESMA71-1154262120-155) for mandatory peer reviews relating to the authorization and supervision of central counterparties...more

Final EU Equivalence Decisions on Regulatory Regimes Under the European Market Infrastructure Regulation Published

Ten decisions on the equivalence of third country regulatory regimes under the European Market Infrastructure Regulation were published in the Official Journal of the European Union. ...more

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