News & Analysis as of

Swaps Swap Market

Orrick's Financial Industry Week In Review

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more

Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

by Pepper Hamilton LLP on

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

Update: CFTC Delays Compliance Deadline for New Swap Margin Rules

by Pepper Hamilton LLP on

Although the letter technically does not delay the effective date of March 1, 2017, from the perspective of the buy side, the letter functions as a “grace period,” and the compliance date has been moved to September 1, 2017....more

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

by Pepper Hamilton LLP on

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

Insurance Companies Need to Prepare for Swap Margin Rules in Effect on March 1, 2017

by Holland & Knight LLP on

March 1, 2017, is the scheduled implementation date applicable for all insurance companies for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules. Although the...more

CFTC Extends Swap Dealer De Minimis Phase-In Period

As has been rumored in recent weeks, the CFTC has adopted an order establishing December 31, 2018 as the swap dealer registration de minimis threshold phase-in termination date. With this approval, the de minimis threshold...more

CFTC Chief Supports Extension of Swap Dealer De Minimis Exemption

Under current CFTC rules, market participants who exceed $8 billion in gross notional swap dealing activity over a twelve-month period are required to register with the CFTC as swap dealers during the phase-in period...more

Prudential Regulators Release Final Margin Rules for Swaps

On October 22, 2015, the Federal Deposit Insurance Corporation held an open meeting at which it voted to adopt: (i) final rules governing margin and capital requirements for uncleared swaps and (ii) an interim final rule to...more

CFTC Issues Proposed Amendments to Swap Data Recordkeeping and Reporting Requirements for Cleared Swaps

On August 19, The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments to existing rules relating to swap data reporting in connection with cleared swaps. The amendments are aimed at providing additional...more

The SEC Commissioners Speak: Part I

by Dorsey & Whitney LLP on

The SEC Speaks conference has traditionally been a forum in which the agency reviewed significant recent undertakings and indicated its future direction. This year was no different. Four of the five Commissioners addressed...more

Margin for Uncleared Swaps: A Critical Look at the CFTC and Prudential Regulators Proposals

by Morrison & Foerster LLP on

Last fall both the Commodity Futures Trading Commission (“CFTC”) and five U.S. prudential banking regulators (the “Prudential Regulators”) released proposed rules for margin requirements for uncleared swap transactions for...more

Financial Services Bulletin: Action at Federal Agencies

by Perkins Coie on

The Federal Reserve Board Proposes Repeal of Unfair or Deceptive Acts Rules - On Friday, August 22, 2014, the Federal Reserve Board (the "Board") requested comments on its proposal to repeal its Regulation AA, which...more

Regulators Re-Propose Minimum Margin Requirements for Uncleared Swaps

by Ropes & Gray LLP on

U.S. Federal banking regulators (the “Prudential Regulators”) recently re-proposed rules providing for minimum margin requirements for uncleared swaps and security-based swaps executed by swap dealers, security-based swap...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million. The agency also filed a series of actions this week....more

Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps

On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap...more

The CFTC’S Cross-Border Application of the Dodd-Frank Act

by Morrison & Foerster LLP on

After years of anticipation, the U.S. Commodity Futures Trading Commission in July 2013 issued more than 300 pages of “guidance” ostensibly to assist market participants in understanding the breadth of the extraterritorial...more

CFTC Extends No-Action Relief for Certain Transaction-Level Requirements for Non-US Swap Dealers

On June 4, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter extending the relief provided by CFTC Letter No. 14-01...more

Orrick's Financial Industry Week in Review

European Banking Authority Publishes Opinion on European Commission's Proposed Amendments to ITS - On April 16, the European Banking Authority (EBA) published via its website an opinion dated April 4, 2014 on...more

CFTC Delays Transaction-Level Requirements for Certain Non-US SD Transactions

by Katten Muchin Rosenman LLP on

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) has delayed until January 14, 2014 the effectiveness its Advisory 13-69 issued on November 14 in which it took the position...more

Upcoming Deadlines for Private Funds that Trade Swaps

by Proskauer Rose LLP on

Some of the key changes to the swaps markets contemplated by the Dodd-Frank Act are starting to take effect. Some key upcoming deadlines affecting private investment funds are highlighted below. ...more

Impending Swap Reporting Requirements to Impact All Swap Market Participants

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

CFTC Issues First Set of Mandatory Clearing Determinations and Time-Limited No-Action Relief

On November 28, the Commodity Futures Trading Commission (CFTC) issued final clearing determinations (Final Determinations) with respect to four classes of interest rate swaps (IRS) and two classes of credit default swaps...more

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

by Perkins Coie on

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

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