News & Analysis as of

Swaps Banking Sector

Goodwin

Agencies Issue Final Guidance on Third-Party Risk Management

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Agencies Issue Final Guidance on Third-Party Risk Management - On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more

Latham & Watkins LLP

“SOFR First” Initiative Takes Flight

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As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December...more

Katten Muchin Rosenman LLP

Tax Implications of LIBOR Reform

LIBOR (London Interbank Offered Rate) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale-unsecured funds. It is used in numerous financial instruments such as loans,...more

Holland & Knight LLP

Libor Discontinuation: Update for Floating Rate Borrowers

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This alert provides a brief summary of a recent development that may impact borrowers that hedge floating rate debt. ...more

Troutman Pepper

Regulatory Considerations in the Death of LIBOR — Recent Guidance Suggests a Partial Stay of Execution

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Who Needs to Know - Lenders and borrowers involved in financing transactions, any companies using LIBOR swap or derivative transactions. ...more

Latham & Watkins LLP

CFTC Provides Additional No-Action Relief to Smooth IBOR Transition

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The relief removes regulatory obstacles and provides additional flexibility for market participants. On August 31, 2020, three divisions of the US Commodity Futures Trading Commission (CFTC) issued revised no-action...more

Goodwin

Financial Services Weekly: Amendments To SEC Proxy Solicitation Rules Approved By A 3-1 Vote

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In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more

Seyfarth Shaw LLP

Undeterred by the COVID-19 Pandemic, ARRC Publishes on April 8, 2020 a Methodology for Addressing Differences between LIBOR and...

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On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”) agreed to align itself with the International Swaps and Derivatives Association, Inc. (“ISDA”), in recommending to the market a “spread adjustment”...more

ArentFox Schiff

The End of LIBOR: SOFR Updates

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Previous Repos - In the last Client Alert, it was reported that the New York Fed recently infused approximately $220 billion into the banking system – $70 billion of overnight repos and $150 billion in term repos....more

Morrison & Foerster LLP

Prudential Banking Regulators Propose Amendments to Margin Rules for Non-cleared Swaps

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On November 7, 2019, five U.S. prudential regulators published in the Federal Register significant amendments (including the accompanying release, the “PR Amendments”) that they are proposing to modify the margin rules (the...more

Dorsey & Whitney LLP

Preparing for LIBOR Substitution - Commercial and Consumer Lending Considerations

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As of December 31, 2021 (the “Effective Date”), the use of LIBOR as an index for commercial and consumer loans will likely cease - which presents lenders and other industry participants with the challenges to address: (a) the...more

Goodwin

Financial Services Weekly News: Agencies Finalize Community Bank Leverage Ratio And Amend Swap Margin Rule

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In This Issue. The Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) (together, the federal banking agencies) finalized...more

Opportune LLP

LIBOR Phase-Out: Considerations for Oil & Gas Companies

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With over $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization. Many...more

A&O Shearman

Landmark benchmark manipulation claim fails

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Marme v Natwest Markets & Others - The High Court today (25 February 2019) handed down judgment in the case of Marme Inversiones v Natwest Markets plc & Others([2019] EWHC 366 (Comm)), dismissing Marme's misrepresentation...more

Jones Day

AFG Supports New ISDA French Law Documentation

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The endorsement of Europe's largest asset management association should promote use of the new 2002 ISDA Master Agreement (French law) on the European OTC derivatives market....more

Jones Day

Ziggo: Another Definitional Split in the Credit Default Swap Market

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A recent decision reminds credit swap market participants that thorough knowledge of the documentation and definitions relating to a particular credit default swap is critical....more

Hogan Lovells

U.S. federal regulators propose making permanent threshold for swap dealer registration potentially benefitting energy companies...

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Pursuant to regulations promulgated under the Dodd-Frank Act, entities that make a market in swaps, hold themselves out as dealers in swaps or regularly enter into swaps for their own accounts are required to register as swap...more

Kramer Levin Naftalis & Frankel LLP

LIBOR Replacement to Begin Publication

The Alternative Reference Rate Committee (ARRC) of the New York Federal Reserve Bank announced that the Secured Overnight Financing Rate (SOFR), a broad Treasury repo financing rate that is the ARRC’s recommended alternative...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

SEC Proposes Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure - On October 11, 2017, the Securities and Exchange Commission (SEC) proposed amendments "to modernize and simplify disclosure...more

Hogan Lovells

FCA Announces Discontinuation of LIBOR

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As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more

Skadden, Arps, Slate, Meagher & Flom LLP

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

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

Cadwalader, Wickersham & Taft LLP

English Court of Appeal Confirms Primacy of Choice of Governing Law Clause in ISDA Master Agreements

On 15 June 2017 the English Court of Appeal handed down a significant judgment in Dexia Crediop S.p.A. v Comune di Prato. The Court’s unanimous judgment confirmed that the nature of an agreement made pursuant to an ISDA...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation - On February 16, 2017, the New York Department of Financial Institutions...more

A&O Shearman

Playing by whose rules? The application of mandatory rules of Italian law to interest rate swaps

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Dexia Crediop S.p.A. (Dexia) v Comune di Prato (Prato) [2016] EWHC 2824 (Comm), 10 November 2016 - In the second and final part of his judgment, Walker J held that further mandatory provisions of Italian law apply to and...more

Cadwalader, Wickersham & Taft LLP

The Trump Administration: Change By Appointment

The election of Donald J. Trump as the 45th President of the United States, along with the Republican control of the majority of both the House of Representatives and the Senate, will likely result in significant changes in...more

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