Swap Clearing

News & Analysis as of

A Practical Guide for the Buy-Side to the U.S. Margin Rules for Uncleared Swaps - What the Buy-Side Needs to Know about the OTC...

This guide is designed to provide in a concise format the principal information that the buy-side needs to know about the U.S. margin rules. The format of the guide is question-and-answer, with most answers followed by the...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

EMIR: Non-Deliverable FX Forwards and Interest Rate Swap Clearing - Non-deliverable FX forwards - ESMA confirms that EMIR clearing requirements will not apply to non-deliverable FX forwards, though reserves its...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

EU Passes New Council Directive to Implement “EU-FATCA" - The Council Directive passed by the EU on 1 December 2014 implements the OECD’s Common Reporting Standard (CRS) in Europe. The Directive has to be implemented...more

ESMA Publishes an Opinion on Draft RTS on Clearing of Interest Rate Swaps under EMIR

Article 5(2) of Regulation (EU) No 648/2012 (EMIR) requires the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards specifying, inter alia, the class of OTC derivatives that should...more

New Law Aligns Clearing and Margin Exceptions for Swaps

On January 13, President Obama signed legislation that aligns the rules relating to swap clearing and mandatory margin for uncleared swaps so that any entity that qualifies for an exemption from clearing its swaps also is...more

Corporate and Financial Weekly Digest - Volume X, Issue 2

In this issue: - New Law Aligns Clearing and Margin Exceptions for Swaps - CFTC Staff Extends No-Action Relief to Certain Reporting Counterparties Masking Identifying Information Pursuant to Non-US Law -...more

OCC Proposes Rule on Margin and Capital Requirements for Covered Swap Entities

October 6, the OCC released a notice of proposed rulemaking to establish minimum requirements for the exchange of initial and variation margin between registered swap dealers, major swap participants, security-based swap...more

Update on Timing and Scope of ESMA Clearing Obligations

On August 18, the consultation period closed for responding to the draft regulatory technical standards (RTS) published by the European Securities and Markets Authority (ESMA) for the mandatory clearing of certain interest...more

CFTC Opens Broad Inquiry Into Swap Data Recordkeeping And Reporting

Following up on its January 21, 2014, formation of an interdivisional staff working group (Working Group) to review its swap data reporting and other provisions of Part 45 of its regulations, on March 19, 2014, the Commodity...more

Governance & Securities Law Focus - October 2013

In this issue: - ASIAN DEVELOPMENTS - HKEx publishes Amended Listing Rules to Complement the New IPO Sponsor Regime - US DEVELOPMENTS - SEC Developments - Noteworthy US Securities Law...more

CFTC Issues Extension of Time-Limited No-Action Relief to Cooperatives

The Division of Clearing and Risk of the Commodity Futures Trading Commission has extended the expiration date for relief granted in an earlier no-action letter from the swap clearing requirement under Section 2(h) of the...more

CFTC Delays Effective Date for Clearing Exemption for Swaps Between Affiliates

The Commodity Futures Trading Commission recently adopted regulations relating to the clearing exemption for swaps between certain affiliated entities. Pursuant to the final regulations, the clearing exemption is available to...more

Corporate and Financial Weekly Digest - June 14, 2013

In this issue: - CFTC Expands List of Acceptable Legal Entity Identifiers - CFTC Delays Effective Date for Clearing Exemption for Swaps Between Affiliates - “Sophisticated Plaintiff” Found to Be Adequate...more

CFTC Grants No-Action Relief From Clearing Requirement for Certain Treasury Affiliates

On June 4, 2013, the Division of Clearing and Risk (the “Division”) of the US Commodity Futures Trading Commission (the “CFTC”) granted limited no-action relief from the mandatory clearing requirement for swaps entered into...more

NFA Issues Notice to Members Regarding Section 16 Financial Requirements for Cleared Swaps Customer Collateral

On May 30, the National Futures Association issued a notice to its members regarding Section 16 of the NFA Financial Requirements. ...more

ISDA March 2013 Dodd-Frank Protocol (a.k.a. Dodd-Frank Protocol 2.0)

On March 22, 2013, ISDA published the March 2013 Dodd-Frank Protocol (the “Protocol” or “Protocol 2.0”), which is designed to facilitate compliance with certain CFTC rules relating to clearing, portfolio reconciliation and...more

The New CFTC Regulatory Regime For Private Fund Managers; First Quarter 2013 Update

The enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementation by the Commodity Futures Trading Commission (“CFTC”) has ushered in a new era of...more

ICE Clear Europe Authorized to Portfolio Margin Swaps and Security-Based Swaps

The Commodity Futures Trading Commission issued an order (Order) permitting ICE Clear Europe Limited (ICE Clear Europe) and its clearing members that are registered both as broker-dealers under the Securities Exchange Act of...more

Upcoming Deadlines for Private Funds that Trade Swaps

Some of the key changes to the swaps markets contemplated by the Dodd-Frank Act are starting to take effect. Some key upcoming deadlines affecting private investment funds are highlighted below. ...more

DOL Issues Guidance for ERISA Plans to Engage in Cleared Swaps

On February 7, 2013, the US Department of Labor (DOL) issued Advisory Opinion 2013-01A (the “Advisory Opinion”), which provides guidance under the Employee Retirement Income Security Act of 1974 (ERISA) for employee benefit...more

"Department of Labor Paves the Way to Clearing Swaps for ERISA Plans"

The Department of Labor (DOL) recently issued a long-awaited advisory opinion (the Advisory Opinion) clarifying and confirming the ability of central counterparties (CCPs) and their clearing members (Clearing Members) to...more

DOL Clarifies Application of ERISA Rules to Cleared Swaps

New guidance defers to the Dodd-Frank/CFTC framework for regulating the swaps clearing process. On February 7, the U.S. Department of Labor (DOL) issued an advisory opinion on the application of the ERISA fiduciary rules...more

Legal Alert: DOL Resolves Important ERISA Issues About Cleared Swap Transactions

In Advisory Opinion 2013-01A (February 7, 2013), the Department of Labor (DOL) issued an important advisory opinion addressing the treatment under the Employee Retirement Income Security Act of 1974, as amended (ERISA), of...more

Legal Alert: ISDA Accepting Comments on Draft Dodd-Frank "Protocol 2.0"

Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act (Dodd-Frank), the Commodity Futures Trading Commission (CFTC) has adopted a number of final regulations that require swap dealers (SDs)...more

Swap Clearing and the Commercial End User Exception: Corporate Governance and Risk Management Issues for Commercial Companies

Central clearing of over-the-counter derivatives is a central pillar of the financial services reforms that are embodied in the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). The presumption...more

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