Eligible Contract Participant

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A Simple Framework for Determining Whether Dodd-Frank Applies to Your Energy Trade

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) authorizes the Commodity Futures Trading Commission (“CFTC”) to comprehensively regulate energy trading activities. Dodd-Frank is...more

CFTC Issues Guidance Regarding Swap Execution Facilities

On November 14, the Commodity Futures Trading Commission’s Divisions of Clearing and Risk, Market Oversight and Swap Dealer and Intermediary Oversight (the Divisions) issued guidance to swap execution facilities (SEFs) and...more

SEC Adopts Retail Foreign Exchange Rule in Order to Prevent Dodd-Frank Amendment from Disrupting the Retail Forex Markets

The U.S. Securities and Exchange Commission (“SEC”) on July 11, 2013 adopted Rule 15b12-1 (“Final Rule”) under the Securities Exchange Act of 1934 as amended (“Exchange Act”) in order to allow market participants to continue...more

CFTC Adopts Final SEF, “Available to Trade” and Block Trade Rules – Implications for End - Users

The Commodity Futures Trading Commission (CFTC) recently adopted three final rules pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act that impact the manner in which end-users’ cleared...more

ECP Guarantor Provisions In Corporate Credit Agreements

Many corporate credit agreements are supported by subsidiary guarantees. Those guarantees often include not only the guaranty of the obligations under the credit agreement but also any related swap agreements. The CFTC has...more

NFA Amends FCM Capital Requirements for Forex Transactions with ECPs

The National Futures Association (NFA) has amended the financial requirements applicable to member futures commission merchants (FCMs) acting as counterparties in foreign exchange (forex) transactions...more

Federal Reserve Adopts Retail Forex Rules

Standards for banking organizations regulated by the Federal Reserve for Retail Forex are generally comparable to rules adopted by other regulators. ...more

CFTC's No-action Relief on Guarantor Swap Requirements Ends March 31, 2013

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act") requires that swaps (as defined in 7 U.S.C. § 1a(47)) be entered into on designated contract markets unless the parties to the swap...more

Impact of Dodd-Frank Swap Regulations on Guaranties and Loan Documentation

Often in connection with commercial loans, borrowers will enter into hedging transactions (“swaps”) for the purpose of mitigating interest rate, commodity or currency risk. Such swaps will frequently be entered into directly...more

CFTC Issues Guidance in Conjunction with "Swap" Definition Effective Date

In light of the numerous regulatory changes triggered by the definition of “swap” taking effect on October 12, Commodity Futures Trading Commission staff released a series of no-action letters and interpretations late last...more

CFTC Affords Relief and Guidance in Light of Final Swap Definition’s Effective Date

On October 12, 2012, the Commodity Futures Trading Commission’s (CFTC) and Securities and Exchange Commission’s (SEC) final rules to further define the term “swap” (among other terms) became effective. The effective date of...more

The CFTC’s No-Action Letter Relating to Eligible Contract Participants and Swap Guarantee Arrangements

In a no-action letter issued on October 12, 2012 (the “No-Action Letter”), the Office of the General Counsel (“OGC”) of the Commodity Futures Trading Commission (the “CFTC”) clarified a number of matters relating to the...more

CFTC Addresses Definition of Eligible Contract Participant

Section 723(a)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended Section 2(e) of the Commodity Exchange Act, or CEA to provide that “it shall be unlawful for any person, other than an [eligible...more

Focus on Private Equity -- Issue 2, October 2012

In This Issue: Excerpt from Year-End Tax Planning Steps for Private Equity The last time the Bush tax cuts were set to expire at the end of 2010, we saw numerous clients scrambling to execute end-of-the-year...more

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