News & Analysis as of

Canadian Securities Regulators Delay Implementation of Derivatives Trade Reporting

Canadian securities regulators announced today that trade reporting requirements for over-the-counter (OTC) derivatives transactions that involve “local counterparties” in the provinces of Ontario, Québec and Manitoba will...more

Over-The-Counter Derivatives and Financial Benchmarks Regulations

The first bill to implement the proposals contained within the 2014 Federal Budget for over-the-counter derivatives regulations and financial benchmarks has been introduced in Parliament. Bill C-31, titled the Economic Action...more

Financial Regulatory Developments Focus - March 18, 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Market Infrastructure - Financial Services - Consumer Protection - Enforcement - People - Events -...more

Fourth Update: Dodd-Frank Rules Impact End-Users of Foreign Exchange Derivatives - Key Recent Developments

This March 2014 update is a summary of certain recent developments under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that impact corporate end-users of over-the-counter foreign exchange (FX)...more

Financial Regulatory Developments Focus - February 2014

In this issue: - Derivatives - Regulatory Capital - Financial Services - Hearings - Excerpt from Derivatives: FSB Consults on Approaches to Aggregate OTC Derivatives Data On 4...more

EMIR Trade Reporting Requirements Come Into Effect 12 February 2014

Following the European Securities and Markets Authority’s approval and registration of the first four trade repositories (TRs) in November 2013, counterparties to all types of over-the-counter and exchange-traded derivatives...more

"EMIR Regulations Continue to Impact Derivatives Markets in 2014"

The financial crisis highlighted a number of problems in global OTC derivatives markets, including transparency, counterparty credit risk and a consequent removal of market liquidity. International concerns about these...more

Two Months to Comply With European Reporting Rules for Derivatives – What Buy-Side Entities Need To Know

Many of the 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...more

Cross-Border Application of EMIR — What Has Changed?

The European Securities and Markets Authority (ESMA) has now published its Final Report regarding the cross-­border application of European Market Infrastructure Regulation (EMIR) Regulatory Technical Standards (the ...more

2013 ISDA Arbitration Guide Published

On 9 September 2013, the International Swaps and Derivatives Association, Inc. (ISDA) published its 2013 ISDA Arbitration Guide. The decision to introduce optional arbitration clauses for the 1992 and 2002 ISDA Master...more

Basel III Framework: The Credit Valuation Adjustment (CVA) Charge for OTC Derivative Trades

The credit valuation adjustment charge in Basel III appears, at first glance, to be the preserve of quantitative analysts and the like. However, while complex, the CVA charge requires more widespread attention as it...more

IRS Finalizes Regulations on Transfers of Derivative Contracts

The IRS has issued final regulations on the transfer or assignment of certain derivative contracts. A derivative is a financial instrument that is priced upon a derivation of the value of one or several underlying assets,...more

Financial Services Quarterly Report - Third Quarter 2013: The Long Arm of U.S. OTC Derivatives Reform and Non-U.S. Fund Managers

Dodd-Frank upended the status quo of the global OTC derivatives markets, imposing a host of clearing, margin and other requirements on market participants. But as these reforms began to take effect in the United States in the...more

ESMA Publishes Advice to the Commission on Equivalence of Certain Non-EU Countries’ Regulatory Regimes Under EMIR

On September 3, the European Securities and Markets Authority (ESMA) published its advice to the European Commission (the Commission) on the equivalence of the regulatory regimes of Australia, Hong Kong, Japan, Singapore,...more

First steps on the path forward: As US swap execution facilities go live, the EU’s move to mandatory exchange trading continues....

At their September 2009 summit in Pittsburgh, G20 leaders agreed that by no later than December 2012, all standardised over-the-counter (OTC) derivatives should be traded on exchanges or electronic trading platforms ‘where...more

Forthcoming Rules Under EMIR on Dispute Resolution and Portfolio Reconciliation

The European Commission’s regulation on clearing of OTC derivatives (EMIR) requires counterparties to OTC derivative contracts that are not cleared by a central counterparty to mitigate their trading risks by using a number...more

ESMA Publishes Q&As on EMIR

On August 8, the European Securities and Markets Authority (ESMA) published Questions and Answers on the implementation of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR)....more

Actions Required Under Derivatives Reforms

The first wave of financial regulatory change affecting banks, brokers and their users is in the field of derivatives. Various deadlines for new reporting, clearing and conduct of business requirements are imminent. The...more

ESMA Consults on Non-EU Counterparties OTC Derivative Transactions

On July 17, the European Securities and Markets Authority (ESMA) launched a consultation on draft regulatory technical standards (RTS)....more

Proposed OSC Rules Regarding Reporting of Over-the-Counter Derivative Transactions

On June 6, 2013, the Ontario Securities Commission (the OSC) published for comment Proposed OSC Rules 91-506 – Derivatives: Product Determination and 91-507 – Trade Repositories and Derivatives Data Reporting (together, the...more

Meeting New OTC Swap Reconciliation Rules May Require Better Technology and Processes

Although reconciliation of the key terms has been a best practice for over-the-counter derivative trades for some time (particularly with collateralised trades), the scale of the reconciliation exercise imposed by forthcoming...more

Implementing Measures of European Market Infrastructure Regulation Take Effect

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

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

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

The Extraterritorial Reach of Derivative Regulation Under Dodd-Frank

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

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

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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