News & Analysis as of

Margin Calls

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

by White & Case LLP on

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...more

SEC Prevails in Another Trial

by Dorsey & Whitney LLP on

The Commission prevailed in another trial last week with a jury finding in its favor and against the defendant. This action centered on misrepresentations made by a borrower to a broker in connection with margin loans. SEC v....more

Third Circuit Affirms Dismissal Of Suit To Vacate FINRA Arbitration Award

by Carlton Fields on

This case involved an underlying arbitration before an arbitration panel operating under the Financial Industry Regulatory Authority (“FINRA”) rules, which was brought by Judith and Kenneth Goldman against their financial...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Just prior to the July 4th holiday a legend of the federal securities bar passed away. Irving Pollock, or Irv as he was known, was the father of the SEC’s Enforcement Division. A New Mexico jury handed the Commission a...more

Jury Rejects SEC’s Key Claims While Deadlocking on Others

by Dorsey & Whitney LLP on

A jury rejected most counts brought by the SEC against two senior executives of Thornburg Mortgage, Inc., the second largest independent mortgage company in the country. The charges centered on a market crisis era scheme in...more

SEC Sanctions Senior Executives Of Failed Clearing Broker

On September 17, 2015, the SEC announced charges against several senior executives of Penson Financial Services Inc., once the second-largest clearing broker-dealer in the country, and its parent corporation, Penson...more

Glossary of Important Securities Regulation Terms and Definitions

This Glossary is designed to provide law students taking Securities Regulation with a tool that will assist them in learning the basic language of securities law and achieve a working knowledge of the fundamental principles...more

SEC Files Another Settled Market Crisis Case

by Dorsey & Whitney LLP on

The market crisis may have ended years ago, but not the SEC’s supply of cases from that time period. The agency filed a settled action in which those soliciting sophisticated investors misrepresented the risks of two funds,...more

ISDA’S Standard Initial Margin Model (SIMM) For Uncleared Derivatives: Draft Documents

On June 19, 2015, the International Swaps and Derivatives Association, Inc. (ISDA) published three draft documents relating to its proprietary Standard Initial Margin Model (SIMM) for non-cleared derivatives. The SIMM project...more

UPDATE: Swap Dealers Will Face Significant Challenges from Reproposed Margin Rules for Uncleared Swaps

by Latham & Watkins LLP on

Note: This version includes an additional section on the Terrorism Risk Insurance Program Reauthorization Act of 2015, which amends certain provisions of the Dodd-Frank Act to exempt certain counterparties from the initial...more

10th Circuit Relies On Earnings Release and Compliance with Regulation S-K to Reject Claim of Material Omissions in Public...

by Morgan Lewis on

In United Food and Commercial Workers Union Local 880 Pension Fund v. Chesapeake Energy Corporation, the U.S. Court of Appeals for the Tenth Circuit affirmed a lower court’s dismissal of the complaint on a motion for summary...more

JAC Issues Guidance on Margin Funds

The Joint Audit Committee (JAC) has issued a regulatory alert regarding the receipt and disbursement of margin funds. As noted in the regulatory alert, a futures commission merchant (FCM) is generally prohibited from applying...more

Margin Call: Advanced Topics and Practice Points

by Latham & Watkins LLP on

In previous installments, we covered the basics of the margin regulations. In our final two installments, we’ll cover a few practice points and explore some of the more complex margin issues (particularly under Regulation U),...more

Margin Call, Part Two: Regulation U Basics

by Latham & Watkins LLP on

Because the vast majority of “margin calls” you are likely to get will arise under Regulation U in the context of a financing transaction by a bank (or in some cases, a non-bank lender), the ability to identify margin...more

Margin Call: The Basics of the US Margin Regulations

by Latham & Watkins LLP on

Your issuer client is getting ready to launch a high-yield debt offering. When you get to the office and check your messages, you learn that your client has a couple of questions about the representation in the purchase...more

CFTC Proposal Poses “Monumental” Challenge to FCMs  [Video]

by MarketsReformWiki on

A rule proposed by the Commodity Futures Trading Commission (CFTC) designed to strengthen safeguards for customer deposits at futures commission merchants (FCMs) is threatening to overhaul the futures brokerage system. The...more

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