Thomson Reuters Session 1: Investment Management, Hedge Funds and Registered Mutual Funds: What's Happening Now?
In 2013, the International Swaps and Derivatives Association (“ISDA”) started publishing the General Disclosure Statement for Transactions document (“General Disclosure”) with annexes containing disclosures of risks that are...more
The first in-person ISDA annual general meeting (“AGM”) after the COVID-19 pandemic is wrapping up today in Madrid, Spain. This conference follows the Futures Industry Association Law and Compliance (“FIA L&C”) annual...more
On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more
With 2020 now behind us, we look forward to the year ahead while noting just one of the many lessons of the past year: the difficulty of prediction. We simplify the task by limiting our focus to five topics in derivatives...more
In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more
SEC/CORPORATE - SEC Stays Implementation of New NYSE Direct Listing Rules - As discussed in the August 31, 2020 edition of the Corporate & Financial Weekly Digest, on August 26, the Securities and Exchange Commission...more
Thomas Cook Takeaways - For credit default swap (CDS) protection buyers with protection on Thomas Cook Group Plc, a U.K. scheme of arrangement paving the way for a £1.6 billion debt-to-equity exchange imposed on all debt...more
BROKER-DEALER - FINRA Warns Investors of Potential Stock Fraud in Wake of Hurricane Dorian - The Financial Industry Regulatory Authority (FINRA) recently released an investor alert cautioning investors of potential...more
The U.S. Commodity Futures Trading Commission, U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority have issued a joint statement regarding the use of "opportunistic strategies" in the credit...more
In response to a request from the International Swaps and Derivatives Association, the Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight issued no-action relief that will permit swap...more
BROKER-DEALER - SEC Adopts Rules and Interpretations To Enhance Protections and Preserve Choice for Retail Investors - On June 5, the Securities and Exchange Commission voted to adopt a package of rules and...more
ISDA proposes "de facto" category of original issue indebtedness as part of its CDS definitional reforms. On May 24, 2019, the International Swaps and Derivatives Association ("ISDA") published another credit default swap...more
BROKER-DEALER - SEC Chairman Clayton and Trading and Markets Director Redfearn Call for a Reassessment of Regulation NMS - On March 8, US Securities and Exchange Commission chairman Jay Clayton and director, Division...more
BROKER-DEALER - SEC Adopts Transaction Fee Pilot for NMS Stocks - On December 19, the US Securities and Exchange Commission announced that it had voted to conduct a Transaction Fee Pilot in national market system (NMS)...more
On July 12, ISDA initiated a market-wide consultation on technical issues related to new benchmark fallbacks for derivatives referencing certain interbank offered rates, or IBORs, in response to the expected discontinuance of...more
On July 19, 2018, the International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA) published a white paper entitled "Initial Margin for Non-Centrally Cleared...more
Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more
CFTC Delays Reduction in Swap Dealer De Minimis Exception Threshold - On October 13, 2016, the Commodity Futures Trading Commission approved an Order delaying for one year the reduction of the threshold for determining...more
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
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
This alert focuses on the European Market Infrastructure Regulation (or "EMIR" as it is better known) which was introduced as the equivalent of the Dodd-Frank Act of 2010, to address a wide range of issues, many of which were...more
NYDFS Releases Revised BitLicense Proposal - On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more
Derivatives end users are concerned about the impact of new margin requirements for non-cleared derivatives, with a large number unsure whether they will even have to comply with the rules, according to a survey published by...more
In this issue: - ISS Launches New Equity Plan Data Verification Portal - ISDA Publishes Protocol for 2014 Credit Derivatives Definitions - FinCEN Issues Advisories for US Financial Institutions -...more
The Derivatives in Review highlights important legal, regulatory and other newsworthy developments in the area of derivatives....more