Swaps, CEA | JD Supra Law News

Skadden, Arps, Slate, Meagher & Flom LLP

Impending Swap Reporting Requirements to Impact All Swap Market Participants

by Maureen A. Donley, Joyce Penn Farnsworth, Ann Hawkins, Theodore M. Kneller, Daniel S. Konar II, Yossi Vebman, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 4/5/2013

All swap market participants, including commercial end-users, should be aware of the upcoming April 10 deadline for Commodity Futures Trading Commission (CFTC) swap reporting and recordkeeping requirements under Parts 43, 45...more

Wager, Insurance, Bucketing or Swap?

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 3/5/2013

In yesterday’s post, I mentioned Professor Joan Heminway’s recent essay on crowdfunding. She notes that some crowd funding arrangements may “may look less like investment instruments commonly known as common stock or...more

Impact of Dodd-Frank Swap Regulations on Guaranties and Loan Documentation

by Steven Grieco, W. Kent Ihrig | Shumaker, Loop & Kendrick, LLP on 3/4/2013

Often in connection with commercial loans, borrowers will enter into hedging transactions (“swaps”) for the purpose of mitigating interest rate, commodity or currency risk. Such swaps will frequently be entered into directly...more

DOL Issues Guidance for ERISA Plans to Engage in Cleared Swaps

by Guy C. Dempsey, Jr., Gary Howell, Marilyn Selby Okoshi | Katten Muchin Rosenman LLP on 2/26/2013

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

CFTC Announces Revised Compliance Schedule For Required Clearing

by Elan Mendel | Shipkevich PLLC on 2/26/2013

The CFTC’s Division of Clearing and Risk (DCR) today announced a revised compliance schedule for required clearing of iTraxx CDS Indices. The CFTC received notice from ICE Clear Credit LLC that it has begun offering customer...more

Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

by Rachel Cash, David Elliott, Kristin Peters, Jordan Teague | Burr & Forman on 1/25/2013

In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more

CFTC Issues Exemptive Order to ICE Clear Credit Permitting Commingling and Portfolio Margining of Cleared Credit Default Swaps and...

by Kevin M. Foley, Kenneth M. Rosenzweig, Adam J. Spector | Katten Muchin Rosenman LLP on 1/23/2013

The Commodity Futures Exchange Commission has issued an exemptive order (Order) that permits the commingling and portfolio margining of cleared credit default swaps (CDS) and security-based swaps (SB CDS)...more

"CFTC Issues Final Exemptive Order on Cross-Border Application of Certain Swap Regulations"

by Maureen A. Donley, Ryan Elsey, Theodore M. Kneller, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 1/12/2013

Swaps trade in a global market. Title VII of the Dodd-Frank Act amended the Commodity Exchange Act (CEA) to impose a panoply of regulation on the swaps market mostly through regulations adopted by the Commodity Futures...more

Final Exemptive Order Regarding Compliance With Certain Swap Regulations; Further Proposed Guidance

by Ian Cuillerier, Claire Hall, Steven K. Ross, Yvette D. Valdez | White & Case LLP on 1/3/2013

On December 21, 2012, the Commodity Futures Trading Commission (the “Commission” or “CFTC”) approved an exemptive final order (the “Final Order”) providing time-limited relief from certain cross-border applications of the...more

SEC Permits Portfolio Margining of Credit Default Swaps

by P. Georgia Bullitt, Mark D. Fitterman, Robert C. Mendelson, Michael M. Philipp, Michael A. Piracci, Ignacio A. Sandoval, Dana D.C. Westfall | Morgan Lewis on 12/31/2012

Order grants exemptive relief from Exchange Act requirements; parallel CFTC relief expected soon. On December 14, the Securities and Exchange Commission (SEC) issued an order granting exemptive relief (Exemptive Order)...more

SEC Issues Exemptive Order in Connection with Portfolio Margining of Cleared Swaps and Security-Based Swaps

by Kenneth M. Rosenzweig, Tanja Samardzija | Katten Muchin Rosenman LLP on 12/27/2012

Provisions of the Securities Exchange Act of 1934 (Exchange Act) and the Commodity Exchange Act (CEA) preclude market participants from portfolio margining collateral and other property that is required by the Exchange Act...more

Treasury Department Issues Final Determination Exempting Foreign Exchange Swaps and Certain Foreign Exchange Forwards from the...

by Ropes & Gray LLP on 11/26/2012

On November 16, 2012, the United States Department of the Treasury (the “Treasury Department”) issued a final determination (the “Final Determination”) regarding the treatment of foreign exchange swaps and certain foreign...more

Regulatory Developments: Treasury Publishes Final Determination Exempting Foreign Exchange Swaps and Forwards from Regulation as...

by White & Case LLP on 11/21/2012

On November 16, 2012, the Department of the Treasury issued a final determination exempting both foreign exchange swaps ("FX swaps") and foreign exchange forwards ("FX forwards") from regulation as "swaps" under the Commodity...more

The CFTC’s Interpretive Letters Regarding Securitizations, REITs and the Definition of “Commodity Pool”

by Morrison & Foerster LLP on 11/1/2012

In two interpretive letters issued on October 11, 2012 (collectively, the “Interpretive Letters”), the Division of Swap Dealers and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (the...more

Financial Services Bulletin: Action at the SEC, DC Circuit Court, and the CFTC

by Perkins Coie on 10/25/2012

In This Issue: - SEC Proposes Security-Based Swap Rules - Court Challenge Filed to the SEC's "Conflict Mineral" Rules - CFTC Proposes Security-Based Swap Rules...more

CFTC Affords Relief and Guidance in Light of Final Swap Definition’s Effective Date

by Sutherland Asbill & Brennan LLP on 10/22/2012

On October 12, 2012, the Commodity Futures Trading Commission’s (CFTC) and Securities and Exchange Commission’s (SEC) final rules to further define the term “swap” (among other terms) became effective. The effective date of...more

The CFTC’s No-Action Letter Relating to Eligible Contract Participants and Swap Guarantee Arrangements

by Morrison & Foerster LLP on 10/18/2012

In a no-action letter issued on October 12, 2012 (the “No-Action Letter”), the Office of the General Counsel (“OGC”) of the Commodity Futures Trading Commission (the “CFTC”) clarified a number of matters relating to the...more

CFTC Addresses Definition of Eligible Contract Participant

by Leonard, Street and Deinard - Dodd-Frank and... on 10/15/2012

Section 723(a)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended Section 2(e) of the Commodity Exchange Act, or CEA to provide that “it shall be unlawful for any person, other than an [eligible...more

Court Vacates New CFTC Position Limit Regulations

by K&L Gates LLP on 10/12/2012

In a widely reported decision, on September 28, 2012 the federal District Court for the District of Columbia vacated the Commodity Futures Trading Commission’s (“CFTC”) regulations imposing position limits on speculative...more

ISDA and SIFMA Win Summary Judgment on Challenge to CFTC Position Limits Rule

by Katten Muchin Rosenman LLP on 10/10/2012

The United States District Court for the District of Columbia granted summary judgment for plaintiffs International Swaps and Derivatives Association (ISDA) and Securities Industry and Financial Markets Association (SIFMA),...more

Judicial Developments: CFTC Position Limits Rule Struck Down by the Courts

by White & Case LLP on 10/8/2012

On September 29, 2012, the US District Court for the District of Columbia struck down the position limits rule promulgated by the Commodity Futures Trading Commission ("CFTC") that would have gone into effect October 12,...more

"Court Vacates CFTC Position Limit Rules"

by Skadden, Arps, Slate, Meagher & Flom LLP on 10/2/2012

On September 28, 2012, Judge Robert Wilkins of the U.S. District Court for the District of Columbia granted the summary judgment motion of the International Swaps and Derivatives Association and Securities Industry and...more

Court Vacates CFTC Position Limits Rules

by Dechert LLP on 10/1/2012

Last Friday, September 28th, the U.S. Federal District Court in Washington, D.C. (“Court”) struck down the commodity speculative position limit rulemaking that the U.S. Commodity Futures Trading Commission (“CFTC”) had...more

Court Vacates CFTC’s Position Limits Rule

by Leonard, Street and Deinard - Dodd-Frank and... on 10/1/2012

The CFTC’s final rule on position limits with respect to derivative contracts in 28 different physical commodities has been vacated and remanded back to the agency. Spot month limits under the rule had been set to go into...more

Swap Definitions Rules Finalized by the SEC and the CFTC under Dodd-Frank

by K&L Gates LLP on 9/25/2012

Introduction - On July 18, 2012, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC” and, together with the SEC, the “Commissions”) jointly published several final rules...more

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