The last two mandatory compliance dates under the SEC’s amendments to Exchange Act Regulation 13D-G adopted in October 2023 are fast approaching. We discussed the amendments in our SEC Update available here. Beginning on...more
New York State lawmakers this week proposed a revised champerty and sovereign debt bill (Senate Bill S5623/Assembly Bill A5290) that now includes changes to the current rate of interest provided by the New York Civil Practice...more
Sovereign debt restructurings are complex processes that involve negotiations with a sovereign’s creditors to alter the terms of existing debt, aiming to restore fiscal sustainability and ensure long-term economic stability....more
Blockchain technology, decentralized finance, and new forms of cryptoassets have a transformational impact on the financial market as we know it. Despite early adoption of cryptocurrencies in Argentina, its central bank is...more
9/12/2022
/ Argentina ,
Banking Sector ,
Blockchain ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Financial Markets ,
Payment Systems ,
Popular ,
Regulatory Requirements ,
Tax Liability ,
Webinars
Some investors have used credit default swaps in recent years to manufacture credit events and for other purposes related to activist conduct. In response to criticisms of these practices and in particular to a perception...more
This client alert addresses three aspects of security-based swap (SBS) regulations recently issued by the Securities Exchange Commission (SEC) that are relevant to commercial end users, funds, and other financial end users:...more
If you trade interest rate derivatives, it is virtually certain that your trade confirmations incorporate the 2006 ISDA Definitions. As market practice and regulation have developed over the past 15 years, the 2006...more
A newly enacted New York statute will ease the transition from U.S. Dollar LIBOR to the Secured Overnight Financing Rate (SOFR) while reducing the uncertainty and litigation risk posed by agreements that cannot be amended to...more
With 2020 now behind us, we look forward to the year ahead while noting just one of the many lessons of the past year: the difficulty of prediction. We simplify the task by limiting our focus to five topics in derivatives...more
The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol (the IBOR Fallbacks Protocol). This client alert sets out key issues counterparties may wish to consider in...more
On 14 September 2020, the Commodity Futures Trading Commission (CFTC) published a final rule in the Federal Register entitled "Cross Border Application of the Registration Thresholds and Certain Requirements Applicable to...more
The current COVID-19 pandemic has already impacted many derivatives transactions. This note sets out a checklist of key legal issues market participants may need to consider in relation to OTC derivatives contracts....more
7/4/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Business Disruption ,
Contract Termination ,
Contract Terms ,
Coronavirus/COVID-19 ,
Derivatives ,
Dispute Resolution ,
Financial Markets ,
Force Majeure Clause ,
IOSCO ,
ISDA Master Agreement ,
Market Participants ,
Material Adverse Events ,
Notice Requirements ,
Over The Counter Derivatives (OTC) ,
Popular ,
Risk Assessment
The current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions and...more
6/10/2020
/ BaFin ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements ,
Coronavirus/COVID-19 ,
European Banking Authority (EBA) ,
European Central Bank ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Investment Funds ,
IOSCO ,
Jurisdiction ,
Liquidity ,
Short Selling ,
Small and Medium-Sized Enterprises (SMEs) ,
Supervisory Guidance ,
Transparency
The current situation is fast-moving in light of the COVID-19 pandemic. Many financial supervisory and regulatory authorities as well as local governments have issued measures which are relevant for financial institutions...more
4/28/2020
/ Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements ,
EU ,
European Central Bank ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
IOSCO ,
Loans ,
Prudential Regulation Authority (PRA) ,
Regulatory Requirements ,
Short Selling ,
UK
The coronavirus COVID-19 is causing disruption across many business contexts and it would be prudent to do a check of your contractual obligations to determine if there are any consequences of the current disruption. While...more
We are delighted to present the Spring 2020 edition of Hogan Lovells’ Debt Capital Markets Global Insights. This draws together a collection of articles from across our global network, reflecting on current events and topical...more
2/24/2020
/ ABS ,
Brazil ,
Capital Markets ,
Capital Requirements Regulation (CRR) ,
Credit Default Swaps ,
Cryptocurrency ,
Debt Market ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Green Bonds ,
Investment ,
Investors ,
ISDA ,
Libor ,
Luxembourg Stock Exchange ,
Mexico ,
New Legislation ,
Non-Performing Loans (NPL) ,
Noteholders ,
Regulatory Requirements ,
Securitization ,
SFTR ,
SMCR ,
Sterling Overnight Index Average (SONIA) ,
Sterling Risk-Free Reference Rates (SRFRR) ,
UK
On February 15, 2019, the U.S. District Court for the Southern District of New York issued its ruling in the case of Aurelius Capital Master, Ltd. (“Aurelius”) against Windstream Services, LLC (“Windstream”). The origins of...more
On 30 January 2020 the Commodity Futures Trading Commission (CFTC) approved on a 3-2 vote proposed rules addressing position limits on speculative derivatives (Position Limits Proposal). The Position Limits Proposal has a...more
2/12/2020
/ Capital Markets ,
CFTC ,
Comment Period ,
Commodities ,
Financial Regulatory Reform ,
Futures ,
Investment Funds ,
Metals ,
Natural Gas ,
Position Limits ,
Regulatory Agenda ,
Rulemaking Process ,
Swaps
The new year is here and with it two important developments in the derivatives markets for nonswap dealer clients to consider. The first development is the market response to the looming discontinuation of U.S. dollar LIBOR...more
2/6/2020
/ Capital Markets ,
Dodd-Frank ,
End-Users ,
EU ,
ISDA ,
Libor ,
Margin Requirements ,
Popular ,
Secured Overnight Funding Rate (SOFR) ,
Sterling Overnight Index Average (SONIA) ,
Swaps ,
UK
On the heels of one of the worst recessions in Brazil in years, stemming from a number of political crises involving widespread corruption and related investigations (most notably, the highly publicized Lava Jato...more
International arbitration is increasingly recognized as the preferred dispute resolution mechanism for cross-border derivative transactions. The International Swaps and Derivatives Association, Inc. (ISDA) originally...more
Bitcoin and other digital assets were conceived as radical, decentralized currencies that would operate independently, outside of traditional banking systems and unencumbered by regulations....more
11/1/2018
/ Bitcoin ,
Commodities ,
Cryptocurrency ,
Derivatives ,
Digital Currency ,
Enforcement Authority ,
Financial Transactions ,
Investment Products ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
U.S. federal banking regulations that go into effect next year require certain major financial institutions to ensure that their qualified financial contracts (QFCs), such as swaps and repurchase agreements, are subject to...more
Pursuant to regulations promulgated under the Dodd-Frank Act, entities that make a market in swaps, hold themselves out as dealers in swaps or regularly enter into swaps for their own accounts are required to register as swap...more
7/27/2018
/ Banking Sector ,
CFTC ,
Comment Period ,
De Minimus Quantity Exemption ,
Dodd-Frank ,
Energy Sector ,
Financial Regulatory Reform ,
Registration Requirement ,
Swap Dealers ,
Swaps ,
Threshold Requirements
The Dodd-Frank Act requires entities that engage in swap activities to either submit their swaps for clearing with a central clearinghouse or to collect and post collateral (margin) based on the daily mark-to-market exposure...more