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News & Analysis as of

Application of the European Market Infrastructure Regulation to Alternative Investment Fund Managers

European investment managers of non-UCITs funds will have to be authorised as an alternative investment fund manager (known as an “AIFM” under AIFMD) under the Alternative Investment Fund Managers Directive (“AIFMD”) from 22...more

Breaking the ISDA Section 2(a)(iii) Insolvency Stalemate

On 19 June 2014, the International Swaps and Derivatives Association (“ISDA”) published an amendment to the ISDA Master Agreement for use in relation to section 2(a)(iii) of that agreement, for parties who wish to amend their...more

Compliance Date for New OTCQB Marketplace Standards Fast Approaching

OTC Markets Group (OTCQX: OTCM) (OTC Markets) has established new eligibility standards for companies to be able to trade on the OTCQB® Venture Stage Marketplace (the OTCQB). These new standards are aimed at improving...more

EMIR Reporting – Further Reporting Obligations Apply in August 2014

Our clients are already complying with the requirement in the European Regulation on Derivative Transactions, Central Counterparties and Trade Repositories (known as the European Market Infrastructure Regulation (“EMIR”))...more

Looking For The List Of OTC Margin Stocks? You’ll Find It In California’s New LLC Act

When originally enacted, the Securities Exchange Act of 1934 banned brokers and dealers from extending margin credit on over-the-counter (OTC) securities. This changed in 1969 when the Exchange Act was amended. The Federal...more

California Tax Developments - A Reed Smith Quarterly Update (1st Quarter 2014)

Case Updates - Superior Court deems Comcast and QVC are not unitary; determines early termination fee is business income. On March 6, 2014, a Los Angeles Superior Court issued its final decision in Comcon Production...more

Collateralising Uncleared Derivatives Trades under EMIR – Draft Regulatory Technical Standards

On April 14, 2014, the European Supervisory Authorities (“ESAs”) published the anticipated first draft regulatory technical standards (“RTS”) on risk-mitigation techniques for over the counter (“OTC”) derivatives contracts...more

Margin Call: Advanced Topics and Practice Points

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

Cross-Border RTS Starts Countdown For EMIR Obligations For Non-EU Counterparties

OTC derivative contracts which have a counterparty located outside of the European Union (“EU”) may now be subject to the requirements of the European Market Infrastructure Regulation(“EMIR”). ...more

Canadian Securities Regulators Delay Implementation of Derivatives Trade Reporting

Canadian securities regulators announced today that trade reporting requirements for over-the-counter (OTC) derivatives transactions that involve “local counterparties” in the provinces of Ontario, Québec and Manitoba will...more

OTC Derivatives Regulators Group Issues Report to G20

On March 31, the OTC Derivatives Regulators Group (ODRG) issued a report that identifies remaining over the counter (OTC) derivatives cross-border implementation issues...more

Over-The-Counter Derivatives and Financial Benchmarks Regulations

The first bill to implement the proposals contained within the 2014 Federal Budget for over-the-counter derivatives regulations and financial benchmarks has been introduced in Parliament. Bill C-31, titled the Economic Action...more

ESMA Updates Q&A on EMIR Implementation

On March 20, ESMA published an updated version of its questions and answers document (Q&A) on the implementation of EMIR (the Regulation on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade...more

Financial Regulatory Developments Focus - March 18, 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Market Infrastructure - Financial Services - Consumer Protection - Enforcement - People - Events -...more

Fourth Update: Dodd-Frank Rules Impact End-Users of Foreign Exchange Derivatives - Key Recent Developments

This March 2014 update is a summary of certain recent developments under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that impact corporate end-users of over-the-counter foreign exchange (FX)...more

Margin Call, Part Two: Regulation U Basics

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

OTC Markets Proposes Amendments to OTCQX Rules and New Rules for US Banks

On February 13, OTC Markets Group (OTC) proposed amendments to the OTCQX Rules for both US and international companies. The OTCQX is the highest market tier for over-the-counter trading on the OTC Markets. These proposed...more

Corporate and Financial Weekly Digest - Volume IX, Issue 8

In this issue: - OTC Markets Proposes Amendments to OTCQX Rules and New Rules for US Banks - SEC Approves Changes to FINRA BrokerCheck Disclosure Rule 8312 - SEC to Examine Never-Before Examined...more

Financial Regulatory Developments Focus - February 2014

In this issue: - Derivatives - Regulatory Capital - Financial Services - Hearings - Excerpt from Derivatives: FSB Consults on Approaches to Aggregate OTC Derivatives Data On 4...more

EMIR Trade Reporting Requirements Come Into Effect 12 February 2014

Following the European Securities and Markets Authority’s approval and registration of the first four trade repositories (TRs) in November 2013, counterparties to all types of over-the-counter and exchange-traded derivatives...more

"EMIR Regulations Continue to Impact Derivatives Markets in 2014"

The financial crisis highlighted a number of problems in global OTC derivatives markets, including transparency, counterparty credit risk and a consequent removal of market liquidity. International concerns about these...more

Speech on FCA Priorities Relating to Asset Management, MiFID II and EMIR

On September 12, the FCA published a speech by Martin Wheatley, FCA Chief Executive, on the FCA’s plans for 2014, which focus on issues relating to asset management, MiFID II and EMIR (the Regulation on OTC derivatives,...more

Two Months to Comply With European Reporting Rules for Derivatives – What Buy-Side Entities Need To Know

Many of the provisions of the Regulation on Derivative Transactions, Central Counterparties and Trade Repositories, known as the European Market Infrastructure Regulation 648/2012 (“EMIR”), are now in effect throughout the...more

The Extra-territorial Impact of EMIR on Non-EU Swap Counterparties

On November 18, 2013, the European Securities and Markets Authority (“ESMA”) published its final report on technical standards detailing how the regulation of over-the-counter (“OTC”) derivative contracts in the European...more

The Financial Report - Volume 2, No. 21 • November 2013 (Global)

Discussion and Analysis - This week, the Oxford Dictionaries chose “selfie” as the word of the year. It beat out a number of other relatively new Internet and social-media related terms, including “bitcoin.” In...more

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