Swaps End-Users

News & Analysis as of

Orrick's Financial Industry Week in Review

EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD - On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more

The Financial Report - Volume 4, No. 9 • May 2015 (Global)

Discussion and Analysis - Securities and investment advisory services offered through . . . That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more

"CFTC Proposes to Reduce Trade Option Reporting Requirements for Commercial End-Users"

Trade options are physically settled over-the-counter options on most deliverable commodities (e.g., agricultural, energy, or metals) where the buyer is a producer, processor, commercial user or merchant of the commodity...more

CFTC Provides Relief from the Clearing Requirement for Swaps Entered into by Eligible Treasury Affiliates

On November 26, CFTC issued a no-action letter providing additional relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act...more

Public Companies: Board Should Review End-User Swap Approvals Annually

The Dodd-Frank Act permits certain end-users to elect to use an exception to the swap clearing requirements under certain conditions, which is referred to as the end-user exception. For public companies, the ability to elect...more

Update: An End-User’s Guide to the CFTC’s Final Cross-Border Guidance

There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more

New Year Brings Changes To End User Reporting Requirements For Trade Options And Swaps

The first half of 2014 will bring changes to the end user reporting requirements for trade options and swaps—namely, (1) the commencement of the annual Form TO reporting requirement for unreported trade options and (2) a...more

An End-User's Guide to the CFTC's Final Cross-Border Guidance

Last month, the U.S. Commodity Futures Trading Commission (CFTC) issued final interpretive guidance with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank...more

CFTC Adopts Final SEF, “Available to Trade” and Block Trade Rules – Implications for End - Users

The Commodity Futures Trading Commission (CFTC) recently adopted three final rules pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act that impact the manner in which end-users’ cleared...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

What Every End-User Needs to Know About the ISDA March 2013 DF Protocol

On March 22, 2013, ISDA published the March 2013 DF Protocol, and on May 20, 2013, ISDA Amend1 became available to accept Questionnaires under the new Protocol. The March 2013 Protocol (which is completely separate from the...more

CFTC Provides No-Action Relief For Treasury Subsidiaries And Affiliates

Broc Romanek of TheCorporateCounsel.net recently described a member’s concerns that some companies were having on relying on the Dodd-Frank Act’s exemption for end-users for swaps entered into by treasury subsidiaries and...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

Legal Alert: Nearly at the Buzzer, CFTC Affords End-Users Relief from Dodd-Frank Reporting Requirements

On the brink of the compliance date for arguably one of the most burdensome requirements that end-users face under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the Commodity Futures Trading...more

New Swap Business Conduct and Record-Keeping Regulations Kick in for Municipal Bond Issuers and Borrowers

Beginning May 1, 2013, many new business conduct regulations adopted by the Commodity Futures Trading Commission (“CFTC”) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) will begin to...more

CFTC Staff Issues No-Action Letters

Commodity Futures Trading Commission staff recently released three no-action letters providing relief relating to swap data reporting requirements with respect to trade options, inter-affiliate swaps and real-time reporting...more

Corporate and Financial Weekly Digest - April 12, 2013

In this issue: - SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft - CME Block Trade Advisories Clarify Nonpublic Information Restrictions - CFTC Staff Issues No-Action...more

"CFTC Delays April 10 Compliance Date for Many Swap Data Reporting Requirements"

On April 9, 2013, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight, responding to requests from multiple interested parties, issued a no-action letter (the No-Action Letter) extending the April...more

Reminder Regarding April 10 Deadline for Identifying Number Registration by Some Swap End-Users

This is a reminder that tomorrow, April 10, 2013, is the deadline for parties to certain swap agreements to obtain a CICI identifying number. The April 10 deadline applies to any party who entered into a swap after April 25,...more

CFTC Extends Compliance Dates For End User Swap Reporting

The CFTC has issued a no-action letter that effectively extends the dates for swap counterparties who are not swap dealers (SDs) or major swap participants (MSPs) to come into compliance with the agency’s reporting rules...more

April 10 Deadline for Swap End User Legal Entity Identifier Requirement

Every swap end user (i.e., any party to an outstanding derivative contract who is not a swap dealer or major swap participant) should be aware that April 10, 2013 is the deadline for obtaining a “CFTC Interim Compliant...more

CFTC Issues Advisory Regarding Swap Reporting Requirements

The CFTC Division of Market Oversight has issued an advisory to remind market participants of the swap reporting requirements that are now, or soon to be, in effect. End users must be in compliance with the reporting rules...more

IECA Releases Amending Agreement To Facilitate End User Compliance With CFTC Regulations

The International Energy Credit Association (“IECA”) has released a standardized agreement titled the “Dodd-Frank Act Representations and Reporting Amending Agreement” to facilitate end user compliance with the CFTC’s swap...more

End Users of Swaps: Deadline Extended for Swap Documentation to Comply with New Federal Requirements

Federal authorities have extended the deadline imposed on swap dealers and major swap participants to amend swap documentation to comply with certain new legal requirements imposed by the Dodd-Frank Act. The deadline for...more

Compliance Considerations For Derivatives End-Users: A “How To Guide” to Basic Derivatives and Structured Products

In This Presentation: - Dodd-Frank Protocol - Clearing - Clearing – End-User Exception - Important: Understand the Product Please see full presentation below for more information. ...more

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