News & Analysis as of

Mandatory Clearing Requirements

European Securities and Markets Authority Opines on Exemption for Spanish-Based Pension Schemes From the Clearing Obligation

by Shearman & Sterling LLP on

The European Securities and Markets Authority published an Opinion on Spanish-based pension schemes that are to be exempted from the clearing obligation under the European Market Infrastructure Regulation. The Opinion was...more

"House Bill to Shake Up CFTC Rulemakings"

Less than two weeks into the new congressional session, the U.S. House of Representatives passed by a vote of 239 to 182 the Commodity End-User Relief Act1 (the Bill or House Bill), marking the first step by the new...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

AIFMD – ESMA Updates Q&As and Re-Visits View of Application of Delegation Rules - ESMA issued updated Q&As on 16 November on AIFMD including two new questions and answers on the cross-border marketing of AIFs, clarifying...more

European Commission to Further Assess Issues on Implementation of the European Market Infrastructure Regulation

by Shearman & Sterling LLP on

The European Commission published a Report assessing the issues arising from the implementation of the requirements of the European Market Infrastructure Regulation. EMIR imposes reporting and clearing obligations, risk...more

US Commodity Futures Trading Commission Expands Interest Rate Swap Clearing Requirement

by Shearman & Sterling LLP on

The CFTC expanded the existing clearing requirement to interest rate swaps through an amendment to regulation 50.4(a), requiring that market participants submit a covered swap for clearing by a derivatives clearing...more

The Delta Report – Derivatives Newsletter: September 2016

by White & Case LLP on

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

European Proposals to Delay Clearing Obligation for Financial Counterparties with Limited Derivatives Trading Activity

by Shearman & Sterling LLP on

The European Securities and Markets Authority launched a consultation on proposals to delay the application of the clearing obligation for financial counterparties and alternative investment funds with a limited volume of...more

European Margin Rules for Non-Cleared OTC Derivatives – Final Draft RTS are adopted by the European Supervisory Authorities

by White & Case LLP on

On 8 March 2016, the European supervisory authorities (the "ESAs") adopted the long-awaited final draft RTS on margin requirements for non-cleared derivatives (the "Margin Rules"). The Margin Rules constitute the risk...more

OTC Derivatives Reporting and Clearing in Singapore – An Update on the Regulatory Reforms

by White & Case LLP on

Since 2012, in line with its commitment to the G20 and Financial Stability Board ("FSB") reform objectives, the Monetary Authority of Singapore (the "MAS") has undertaken a comprehensive review of the Securities and Futures...more

CFTC Proposes to Expand Mandatory Clearing to Include Additional Classes of Interest Rate Swaps

On June 9, the Commodity Futures Trading Commission (CFTC) released a notice of proposed rulemaking regarding an expansion of CFTC Regulation 50.4(a). If adopted, additional classes of interest rate swaps will become subject...more

CFTC Proposes to Apply Clearing Requirement to Additional Interest Rate Swaps

On June 9, 2016, the Commodity Futures Trading Commission (CFTC) proposed to require additional interest rate swaps to be centrally cleared. Since December 2012, the CFTC has required four classes of interest rate swaps...more

No-Action Relief from CFTC Rule 3.10(c)(3) Clearing Requirement

by White & Case LLP on

CFTC grants no-action relief regarding the application of the exemption in CFTC Rule 3.10(c)(3) to swaps that are not subject to a clearing requirement. On February 12, 2016 the Commodity Futures Trading Commission...more

CFTC Staff Issues No-Action Relief from Mandatory Swaps Clearing for Small Bank Holding Companies, Small Savings and Loan Holding...

by Morrison & Foerster LLP on

On January 8, 2016, the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters providing relief from the mandatory clearing requirement for swaps under Section...more

EU Clearing Obligation for Interest Rate Swaps Set for June 2016

by Shearman & Sterling LLP on

The obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation will apply from June 2016. A Delegated Regulation that imposes a mandatory clearing obligation for interest rate swap...more

CFTC Extends No-Action Relief for Swaps Executed as Part of Certain Package Transactions

On October 14, 2015, the Division of Market Oversight (“DMO”) for the U.S. Commodity Futures Trading Commission (“CFTC”) issued an additional extension of no-action relief for swaps executed as part of “package” transactions....more

The Financial Report - Volume 4, No. 16 • August 2015 (Global)

by DLA Piper on

CSA proposes harmonized reporting for the exempt market. The Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 45-106 Prospectus Exemptions that would introduce a new...more

European Commission Publishes Delegated Regulation on Mandatory Clearing for OTC Interest Rate Derivatives

On August 6, the European Commission (EC) adopted new rules in the form of a delegated regulation (Delegated Regulation) requiring the mandatory clearing of certain over-the-counter (OTC) interest rate derivatives contracts...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Know Thyself

by McGuireWoods LLP on

To clarify our intended audience, in the Financial Entity Update we will address issues germane to entities that trade swaps but are neither dealers nor commercial end users. This includes a broad and diverse group of...more

EMIR Pensions Exemption

by Dentons on

EMIR: Pension funds have been granted a further two-year exemption from central clearing requirements, but what difference does it make in practice? - The European Market Infrastructure Regulation (EMIR) came into...more

Orrick's Derivatives in Review - June 2015

NYDFS Finalizes BitLicense Regulations - On June 3, 2015, the New York Department of Financial Services released its final BitLicense regulations, which it described as "the first comprehensive framework for regulating...more

CFTC Issues Interpretive Letter Clarifying Eligibility for End-User Exception to the Clearing Requirement

On May 4, CFTC Division of Clearing and Risk published a letter clarifying that a securitization SPV that is wholly-owned by, and consolidated with, a captive finance company under Section 2(h)(7)(C)(iii) of the Commodity...more

Implementation of Non-Cleared Derivatives Margin Rules Deferred

The Basel Committee on Banking Supervision and IOSCO have extended the implementation date for the Non-Cleared Derivatives Margin Rules, originally scheduled to start from December 1, 2015....more

Mandatory Clearing in Europe May Still Be “A Ways Off”: ESMA Responds to Proposed Amendments on Interest Rate Swaps Clearing RTS...

The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement...more

ESMA Determines Not to Propose a Clearing Obligation for NDFs

On February 4, the European Securities and Markets Authority (ESMA) published a feedback statement declaring its current intentions not to propose a clearing obligation for non-deliverable forwards (NDFs) under the European...more

2015 CFTC Regulatory Agenda

by Reed Smith on

As 2015 is now underway, we wanted to highlight some of the potential regulatory developments from the CFTC that may arise in the new year. Overall we expect 2015 to be a year of continued CFTC implementation of the...more

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