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Financial Regulatory Developments Focus - April 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Services - Financial Crime - Excerpt from Derivatives: European Commission Consults on Definition...more

Orrick's Derivatives in Review - January 2014

Industry Groups File Lawsuit Challenging Cross-Border Guidance - On December 4, 2013, the Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, Inc., and the...more

The Financial Report - Volume 2, No. 22 • December 12, 2013 (Global)

OSC to hold derivatives reporting seminar. The Ontario Securities Commission announced that it will hold a seminar on January 15, 2014, on the reporting requirements under the new Derivatives Trade Repositories and...more

2013 ISDA Arbitration Guide Published

On 9 September 2013, the International Swaps and Derivatives Association, Inc. (ISDA) published its 2013 ISDA Arbitration Guide. The decision to introduce optional arbitration clauses for the 1992 and 2002 ISDA Master...more

CFTC Re-Proposes Position Limits On Physical Commodity Derivatives

Yesterday, the CFTC voted to approve a new position limits rule that resembles the agency’s previous short-lived rule (vacated and now abandoned after court challenge), albeit with certain significant changes. ...more

Financial Services Quarterly Report - Third Quarter 2013: The Long Arm of U.S. OTC Derivatives Reform and Non-U.S. Fund Managers

Dodd-Frank upended the status quo of the global OTC derivatives markets, imposing a host of clearing, margin and other requirements on market participants. But as these reforms began to take effect in the United States in the...more

Regulatory Developments: BCBS-IOSCO’s Margin Requirements for Non-Centrally Cleared Derivatives

Background - On September 2, 2013, the Basel Committee on Banking Supervision and the International Organization of Securities Commissions (“BCBS-IOSCO”), in consultation with the Committee on Payment and Settlement...more

Cross-Border Regulation of Swaps Update from ISDA's Robert Pickel (Part 1) [Video]

Robert Pickel is the CEO of the International Swaps and Derivatives Association (ISDA). Since joining ISDA in 1997, Pickel has worked to promote and advocate for OTC market participants and work with international regulatory...more

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

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

First steps on the path forward: As US swap execution facilities go live, the EU’s move to mandatory exchange trading continues....

At their September 2009 summit in Pittsburgh, G20 leaders agreed that by no later than December 2012, all standardised over-the-counter (OTC) derivatives should be traded on exchanges or electronic trading platforms ‘where...more

Orrick's Derivatives in Review - August 2013

Featured in this month's edition: - "U.S. Person" Definitions Under the Final Exemptive Order and the Final Guidance, Application to Certain Foreign Branches, and Determination for Collective Investment Vehicles -...more

CFTC Adopts Final Cross Border Swaps Guidance

On Friday, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted final guidance regarding the cross border application of the new derivatives requirements under the Dodd-Frank Wall Street Reform and Consumer...more

Financial Services in Transatlantic Trade and Investment Partnership

Inclusion of Financial Services in TTIP Negotiations - As a result of continuing challenges to economic growth, the European Union (EU) and the United States (US) have agreed to launch negotiations for a Transatlantic...more

U.S. House of Representatives Passes Derivatives Legislation

The House recently passed four discrete bills that address particular issues with the derivatives provisions of Dodd-Frank, including legislation to ensure there is a clear end-user exemption and legislation to address the...more

Lehman Derivative Litigation Still Looms Large

The market’s attention is fixed firmly on the future of derivatives. Questions about the implementation and impact of the Dodd Frank requirements, and to what extent the use of swaps in structured finance and other...more

Proposed OSC Rules Regarding Reporting of Over-the-Counter Derivative Transactions

On June 6, 2013, the Ontario Securities Commission (the OSC) published for comment Proposed OSC Rules 91-506 – Derivatives: Product Determination and 91-507 – Trade Repositories and Derivatives Data Reporting (together, the...more

Meeting New OTC Swap Reconciliation Rules May Require Better Technology and Processes

Although reconciliation of the key terms has been a best practice for over-the-counter derivative trades for some time (particularly with collateralised trades), the scale of the reconciliation exercise imposed by forthcoming...more

CFTC Adopts Final Rules Requiring Execution of Swaps on Organized Facilities

On May 16, 2013, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted several rules relating to swap execution. These much-anticipated rules make three significant changes to the regulatory framework of...more

The Extraterritorial Reach of Derivative Regulation Under Dodd-Frank

In the wake of the financial crisis, global regulators have endeavored to undertake significant regulatory reform of the swaps markets. In 2009, the members of the G-20 agreed that: (i) the OTC derivatives contracts should be...more

2013 Mutual Funds and Investment Management Conference

In this presentation: - General Counsel’s Address - Keynote Address - General Session — It’s a Small World After All: How Non-U.S. Regulators Affect Your Business - General Session — Closer to...more

ISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere

On 8 March 2013, The International Swaps and Derivatives Association, Inc (“ISDA”) published the ISDA 2013 EMIR NFC Representation Protocol (the “Protocol”). Adherence to the Protocol provides parties to ISDA Master...more

Burr Alert: CFTC Issues New Guidelines Concerning Eligibility Of Swap Guarantors

In secured lending transactions, lenders frequently allow, and even require, borrowers to enter into swap agreements and other financial derivatives to hedge against different business risks, including fluctuations in...more

Corporate and Financial Weekly Digest - February 22, 2013

In this issue: - International Regulators Publish “Near-Final” Draft of Uncleared Swap Margin Rules - CFTC and IOSCO to Host Roundtable on IOSCO Financial Benchmarks Report - SDNY Favors the SEC in Foreign...more

Imminent Dodd-Frank Compliance Issues for Users of Swaps and Derivatives

Implementation of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) affecting users of swaps and derivatives has been moving forward. Numerous rules of the Commodity Futures...more

Swapping Uncertainty for Clarity – U.S. Department of Labor Issues ERISA Opinion on Swaps

Much of the investment capital in the U.S. market is in retirement plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Over the years, an important element of a number of plans’ investment...more

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