Derivatives

Lehman Reaching Beyond the Grave

by Russell Koonin, Robert Siegel | Bilzin Sumberg Mortgage Repurchase Group on 5/22/2013

As widely reported, in the latest Lehman bankruptcy “fundraiser,” managers of the Lehman estate are now demanding millions of dollars from non-profit retirement homes, colleges and hospitals. Lehman claims that it was somehow...more

U.S. Treasury Advises Against Dodd-Frank Alterations

by Elan Mendel | Shipkevich PLLC on 5/8/2013

The U.S. Treasury Department is opposing a number of proposals that would alter new derivatives regulations in the Dodd- Frank Wall Street Reform Act....more

Banks Oppose CFTC Proposal For Strict Controls Of Overseas Derivatives

by Felix Shipkevich | Shipkevich PLLC on 5/2/2013

Wall street bankers and some of the top finance ministers in the world are engaged in an intense battle with the Commodity Futures Trading Commission, as they attempt to stop the agency from extending their regulatory powers...more

Bart Chilton To Propose Derivative Transaction Fee

by Elan Mendel | Shipkevich PLLC on 5/1/2013

Bart Chilton, Commissioner of the Commodity Futures Trading Commission (CFTC), plans to propose a transaction fee for derivative markets to help fund his agency and tighten regulation....more

Tax Talk -- Volume 6, No. 1 -- April 2013

by David de Ruig, Stephen Feldman, David Goett, Thomas Humphreys, Meimay Law, Anna T. Pinedo, Remmelt Reigersman | Morrison & Foerster - State + Local Tax... on 4/30/2013

In This Issue: House Ways & Means Committee Proposal Would Require Mark-to-Market for Derivatives and Modify Certain Other Tax Rules; After Months of Anticipation, Final FATCA Regulations Released; Congress Considers...more

SEC To Propose Cross-Border Rules For Security Swaps

by Elan Mendel | Shipkevich PLLC on 4/29/2013

U.S. regulators intend to submit a proposal next week that will outline how new rules governing over-the-counter derivatives will affect cross-border transactions....more

Implementing Measures of European Market Infrastructure Regulation Take Effect

by Torsten Schwarze, William Yonge | Morgan Lewis on 4/29/2013

New clearing, risk mitigation, and reporting obligations imposed on certain derivative contracts. On 15 March, the first six implementing measures of the European Market Infrastructure Regulation (EMIR) entered into...more

Options Industry Opposes Market-To-Market Tax Proposal

by Felix Shipkevich | Shipkevich PLLC on 4/26/2013

The options industry is attempting to stop a proposal that would tax most financial derivatives on a market-to-market basis, that values positions based on their fair value....more

Key Energy-Related Tax Provisions in the 2014 Budget Proposal

by Gale Chan, Madeline Chiampou, Brian Levy, Martha Groves Pugh, Philip Tingle | McDermott Will & Emery on 4/23/2013

President Obama’s recently released budget proposal for the 2014 fiscal year contains energy-related tax provisions that include a permanent extension of the renewable energy production tax credit (PTC) and a provision making...more

Reporting, clearing and risk mitigation rules for derivatives under European law in 2013 – the impact on buy side entities

by Andrew Henderson | Ropes & Gray LLP on 4/23/2013

A few provisions of the Regulation on Derivative Transactions, Central Counterparties and Trade Repositories, known as the European Market Infrastructure Regulation 648/2012 (“EMIR”) are now in effect throughout the European...more

CME Group Applies For Trade Repository License

by Felix Shipkevich | Shipkevich PLLC on 4/23/2013

CME Group, the U.S. based derivatives exchange is in the process of applying for a license to the European Securities and Markets Authority (ESMA) in an effort to become a trade repository in Europe....more

Treasury Releases “Green Book” of Obama Administration FY 2014 Tax Priorities

by Mary Burke Baker, Michael W. Evans, Andrés Gil, Karishma Shah Page, Stefanos Roulakis, Ryan J. Severson | K&L Gates LLP on 4/18/2013

On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more

Derivative Transaction Reporting - Baker & McKenzie

by Bill Fuggle, Astrid Raetze | Baker & McKenzie Australia on 4/17/2013

The Australian Securities & Investments Commission (ASIC) recently released Consultation Paper 205 Derivative transaction reporting (CP 205) seeking feedback on its proposals to implement a derivative transaction reporting...more

Financial Services Legislative and Regulatory Update -- April 15, 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 4/16/2013

In This Issue: Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Congress returned from a two-week recess and the...more

The Extraterritorial Reach of Derivative Regulation Under Dodd-Frank

by Eileen Bannon | Holland & Knight LLP on 4/15/2013

In the wake of the financial crisis, global regulators have endeavored to undertake significant regulatory reform of the swaps markets. In 2009, the members of the G-20 agreed that: (i) the OTC derivatives contracts should be...more

Financial Services Bulletin: Action At The CFTC, SEC, And Fed

by Perkins Coie on 4/12/2013

On Thursday, March 28, 2013, the Commodity Futures Trading Commission (the "CFTC") approved a final order that exempts certain non-financial energy derivative transactions between and amongst government-owned electric...more

2013 Mutual Funds and Investment Management Conference

by Ropes & Gray LLP on 4/10/2013

In this presentation: - General Counsel’s Address - Keynote Address - General Session — It’s a Small World After All: How Non-U.S. Regulators Affect Your Business - General Session — Closer to...more

Bundesbank Opens Deutsche Bank Investigation

by Orrick - Structured Finance Group on 4/10/2013

The German central bank, the Bundesbank, has launched an investigation into Deutsche Bank following claims that it lost billions on credit derivatives during the financial crisis. Investigators from the Bundesbank are...more

ISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere

by Stephen Moller | K&L Gates LLP on 4/2/2013

On 8 March 2013, The International Swaps and Derivatives Association, Inc (“ISDA”) published the ISDA 2013 EMIR NFC Representation Protocol (the “Protocol”). Adherence to the Protocol provides parties to ISDA Master...more

Financial Services Quarterly Report - First Quarter 2013: The UCITS Agenda

by Barbara Cronin, Declan O’Sullivan | Dechert LLP on 3/30/2013

The first item on the UCITS agenda for 2013 – the ESMA Guidelines on ETFs and Other UCITS Issues (the “Guidelines”) – has gone live. This article provides an update and clarity around the recently finalised Guidelines2 since...more

Asian Regulatory RoundUp - March 2013

by Angelyn Lim | Dechert LLP on 3/21/2013

In This Issue: - Greater China - Hong Kong - Taiwan - Singapore - India...more

Burr Alert: CFTC Issues New Guidelines Concerning Eligibility Of Swap Guarantors

by Adam Sonenshine | Burr & Forman on 3/21/2013

In secured lending transactions, lenders frequently allow, and even require, borrowers to enter into swap agreements and other financial derivatives to hedge against different business risks, including fluctuations in...more

SEC Approves OBS Supplemental Schedule

by Janet M. Angstadt, James M. Brady | Katten Muchin Rosenman LLP on 3/20/2013

The Securities and Exchange Commission approved the adoption of a supplemental schedule for derivatives and other off-balance sheet items. ...more

Dodd-Frank Swap Data Overlooked In JPMorgan Whale Mess

by Felix Shipkevich | Shipkevich PLLC on 3/20/2013

Dodd-Frank derivatives rules have failed to give regulators a complete perspective of the swaps market, which includes the recent loss similar to the JPMorgan Chase & Co.’s London Whale trades....more

EMIR Technical Standards Published in the Official Journal of the European Union

by Tim Aron | Katten Muchin Rosenman LLP on 3/7/2013

Technical Standards which clarify certain aspects of Regulation 648/2012 on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories (generally known as the European Markets Infrastructure...more

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