End-Users

News & Analysis as of

The Delta Report – Derivatives Newsletter: September 2016

In this issue of The Delta Report, we bring you further updates on developments in the global derivatives space. In Europe, the focus is on Brexit and the newly-released EU final regulatory standards on the valuation of...more

ISDA Launches 2016 Variation Margin Protocol to Facilitate Compliance With Margin Rules

On August 16, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2016 Variation Margin Protocol (VM Protocol). The VM Protocol will help market participants implement the new variation...more

Second Circuit: Aluminum End Users Lack Antitrust Standing; Price Manipulation Claims Against Traders and Warehouses Foiled

Last week, in In re Aluminum Warehousing Antitrust Litigation, the US Court of Appeals for the Second Circuit (“Second Circuit”) rejected a claim by certain downstream end-users of aluminum that their price manipulation...more

Pokémon Go Faces More Criticism

Pokémon Go is a location-based augmented reality game in which players use their mobile device to catch Pokémon in the players’ real-world surroundings by utilizing the camera, GPS, and gyroscope features of the mobile...more

Second Circuit Weighs in on Antitrust Injury

Antitrust standing is one of the most beguiling concepts in antitrust law, but it is a hurdle that a plaintiff must negotiate if its claim can proceed. This week, the Second Circuit provided some clarity to the doctrine when...more

CFTC Unanimously Approves Supplemental Proposal on Position Limits

On May 26, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved a proposed supplement (“Supplemental Proposal”) to its December 2013 proposal to establish position limits on futures and economically...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

New York Public Service Commission’s ESCO Order Set for Preliminary Injunction Hearing

On May 20, 2016, a state Supreme Court judge in New York is tentatively set to hear arguments regarding a request for preliminary injunctive relief with regard to the “Order Resetting Retail Energy Markets And Establishing...more

Derivatives in Review - April 2016

Novo Banco and CDS – A Post-Mortem - The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more

"CFTC Eliminates End-User Trade Option Reporting Requirements and Addresses Applicability of Position Limits"

The Commodity Futures Trading Commission (CFTC or Commission) adopted a final rule effective March 21, 2016, that eliminates the reporting and recordkeeping requirements under the CFTC’s existing trade option exemption for...more

CFTC Finalizes Relief from Trade Option Reporting and Recordkeeping Requirements for Commercial End Users

On March 16, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) approved a final rule that eliminates the reporting and recordkeeping requirements in current CFTC regulations for trade option counterparties that are...more

Don’t Forget About Your Affiliates and Customers as Technology License End Users

Your business may license many different types of software and technology in the ordinary course of operations. These licenses range from software installed on your internal network to use-rights in software-as-a-services...more

CFTC Approves Final Rule to Amend the Trade Option Exemption by Eliminating Certain Reporting and Recordkeeping Requirements for...

On March 16, the U.S. Commodity Futures Trading Commission approved a final rule that eliminated certain requirements “for trade option counterparties that are neither swap dealers nor major swap participants[.]”...more

CFTC Adopts Final Trade Option Rule

On March 16, 2016, the Commodity Futures Trading Commission (“CFTC”) unanimously approved amendments to the rules applicable to certain physically-settled options referred to as “trade options.” This final rule substantially...more

CFTC Approves Amendment to Trade Options Exemption

The CFTC recently amended its trade option exemption to exclude certain reporting and recordkeeping requirements if a party to the option is a commercial end user of the underlying commodity. The broadened exemption provides...more

CFTC Eliminates Certain Trade Option Reporting and Recordkeeping Requirements for End Users

The CFTC approved a final rule today that removes trade option* reporting and recordkeeping requirements applicable to non-swap dealer/major swap participant counterparties (“Non-SD/MSPs” or “end users” for purposes of this...more

Prudential Regulators and CFTC: Final Margin Rules for Uncleared Swaps

The Prudential Regulators and the CFTC release final initial and variation margin rules for uncleared swaps and security-based swaps. On October, 22 2015, the Prudential Regulators released final rules and accompanying...more

CFTC rule change brings record-keeping relief for commodity dealers and end-users

Aiming to reduce needless regulatory costs on America’s farmers, grain elevators and other commercial end-users of the commodity markets, the U.S. Commodity Futures Trading Commission (CFTC) recently amended a record-keeping...more

Access to Point of Presence Not Subject to Sales Tax: Pennsylvania Commonwealth Court

In a unanimous decision, the Pennsylvania Commonwealth Court held that Level 3’s wholesale Internet access services were not subject to Pennsylvania sales and use tax. Reed Smith state tax lawyers argued the case for Level 3....more

EPC consults on SEPA scheme management internal rules

EPC is consulting on a draft revised version of the Single Euro Payment Area (SEPA) scheme management internal rules. The proposed amendments will increase transparency and the involvement of end-users and technical players...more

Patent Owner’s Licensing Program Was Fatal to Its Patent Infringement Theory - JVC Kenwood Corporation v. Nero, Inc.

Addressing whether an accused defendant infringed patents through the distribution of its software, the U.S. Court of Appeals for the Federal Circuit upheld the district court’s summary judgment that the defendant did not...more

“Notes” Update Shows Facebook’s Continued Efforts to Increase Already Impressive User Engagement

As the number of social media platforms continues to grow, users’ online activity is becoming increasingly divided, requiring social media companies to prove to potential advertisers that they not only have a lot of...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Goofy Haircut

Under the Margin Rules, swap dealers and major swap participants that do not have a prudential regulator (Covered Swap Entities, or CSEs) would be required to collect and post initial margin for uncleared swaps with financial...more

Standard Essential Patents Unenforceable on Theory of Indirect Infringement

A recent decision by the Federal Circuit in JVC Kenwood Corp. v. Nero, Inc., decided August 17, 2015, involves nuanced details of standard-essential patents, but arrived at a common sense result: either the patents at issue...more

No Liability for Inducing Non-Infringement

In JVC Kenwood Corporation v. Nero, Inc., 2014-1011 (August 17, 2015), the Federal Circuit held that if what the end user is doing does not constitute infringement (because of standards essential patents licensed to the end...more

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