News & Analysis as of

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

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

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

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

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

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

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

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

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

Financial Services – Update on UK and European Regulatory Developments

This update summarises current regulatory developments impacting the asset management sector in the UK and throughout the European Union. In this issue: - Part A – Regulation of Financial Markets - Part B –...more

CFTC Issues First Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps

On November 28, 2012, the CFTC issued its final clearing determination requiring certain credit default swaps and interest rate swaps be cleared by registered derivatives clearing organizations (DCOs). This is the CFTC’s...more

Dodd-Frank Protocol Carries Burdens and Benefits for Pension Plans

The Commodity Futures Trading Commission has issued new “know your customer” and external business conduct rules to give effect to certain provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Unintended Consequences Avoided? CFTC Provides Relief for Certain Securitization Vehicles

Last Thursday, the U.S. Commodity Futures Trading Commission (“CFTC”) responded to ASF’s and SIFMA’s requests for relief from the new CFTC rules which implemented certain Dodd-Frank amendments that brought swaps within the...more

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

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

Focus on Private Equity -- Issue 2, October 2012

In This Issue: Excerpt from Year-End Tax Planning Steps for Private Equity The last time the Bush tax cuts were set to expire at the end of 2010, we saw numerous clients scrambling to execute end-of-the-year...more

District Court Rejects CFTC Rule on Position Limits, for Now

On September 28, 2012, in the case of International Swaps and Derivatives Association v. U.S. Commodity Futures Trading Commission, the District Court for the District of Columbia (the "Court") ruled that the Commodity...more

"Court Vacates CFTC Position Limit Rules"

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

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

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

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

CFTC Tightens Hold on Swap Participants

On September 10, 2012, the CFTC issued rules mandating new record-keeping and registration requirements for swap dealers and major swap participants in the $700 trillion derivative global market. The rules were published in...more

CFTC Marathon Rulemaking Team Sprints Past the August "Tsunami Date" and Hurdles Toward the October 2012 Effective Date

During the past two months, the Commodity Futures Trading Commission (“CFTC”) announced rules, statutory interpretations, proposed rules, interim final rules, no action letters, orders and proposed orders, all of which will...more

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