Prudential Banking Regulators Propose Amendments to Margin Rules for Non-cleared Swaps

Morrison & Foerster LLP
Contact

Morrison & Foerster LLP

On November 7, 2019, five U.S. prudential regulators[1] published in the Federal Register significant amendments (including the accompanying release, the “PR Amendments”)[2] that they are proposing to modify the margin rules (the “PR Rules”)[3] for non-cleared swaps[4] applicable to swap dealers that are subject to prudential banking regulation.[5] The PR Amendments would end initial margin (“IM”) requirements in inter-affiliate swaps, facilitate the continuing phase-in of IM requirements and clarify that certain amendments of legacy swaps (including to accommodate the transition away from LIBOR) may be made without jeopardizing their grandfathered status. Comments on the PR Amendments are due by December 9, 2019.

IM for Inter-Affiliate Transactions

Under the current PR Rules, swap dealers must collect IM from their affiliates in connection with inter-affiliate swaps (but are not required to post IM to their affiliates).[6] The PR Rules’ imposition of IM on inter-affiliate swaps is unusual; the CFTC, in its margin rules, does not require IM in connection with inter-affiliate transactions, nor do the rules of most major non-U.S. jurisdictions.[7]

The PR Amendments would bring the PR Rules into closer conformity with the rules of other regulatory authorities by exempting inter-affiliate swaps from IM requirements (while retaining dealers’ obligation to exchange variation margin with affiliates). In addition to providing that the requirement for swap dealers to collect or post IM does not apply with respect to any swap with a counterparty that is an affiliate, the PR Amendments would make clear the broad scope of the “affiliates” for which no IM is necessary. They would expand the applicable definition of “affiliate” to include not only entities subject to consolidation under accounting rules but also entities falling within “the established ‘catch-all’ legal standard for affiliation in banking focusing on the direct or indirect exercise of controlling influence over the management or policies of the controlled company.”[8]

The release states several reasons for proposing to end IM requirements for inter-affiliate swaps. The Agencies’ experience has shown that inter-affiliate swaps are used by swap dealers “for internal risk management purposes whereby a banking organization transfers risk to a centralized risk management function, which is considered to be a prudent risk management practice.”[9] The Agencies express concern that as IM requirements have been phased in, banking organizations have borrowed increasing amounts of cash “to fund eligible collateral, placing additional demands on their asset-liability management structure and increasing their liability exposure to depositors and other creditors in the market.”[10] Moreover, the Agencies note, because other jurisdictions and regulatory bodies may not require IM for inter-affiliate swaps, the Agencies’ IM requirements may put entities subject to the PR Rules at a competitive disadvantage.[11]

The Agencies note that certain inter-affiliate transactions are subject to the requirements of sections 23A and 23B of the Federal Reserve Act, as implemented by the Board’s Regulation W, and that the “Board continues to consider how inter-affiliate non-cleared swaps can be addressed under Regulation W.”[12]

Facilitating IM Phase-In

The PR Amendments facilitate the continuing phase-in of IM requirements by (i) delaying the date by which swap dealers must comply with IM requirements in connection with swaps with certain smaller financial end users and (ii) clarifying the date by which swap dealers must put IM documentation in place with in-scope counterparties.

Delay of Required IM for Swaps with Smaller Financial End Users

The Proposed Rules would delay by one year the date by which swap dealers must comply with IM requirements in connection with non-cleared swaps with certain smaller financial end users.

Under the existing phase-in schedule for the margin rules for non-cleared swaps, September 1, 2020 is the compliance date for IM requirements for swaps between swap dealers and financial end users[13] that, combined with their affiliates, have $0.75 trillion or less in average daily aggregate notional amount of non-cleared swaps, non-cleared security-based swaps, foreign exchange forwards and foreign exchange swaps. The PR Amendments would divide such financial end users into two groups. For one group, consisting of financial end users with more than $50 billion (but $0.75 trillion or less) in average daily aggregate notional amount of such transactions, the compliance date would remain September 1, 2020. However, for a second group, consisting of financial end users with $50 billion or less (but more than $8 billion)[14] in average daily aggregate notional amount of such transactions, the compliance date for IM requirements would be delayed by one year, until September 1, 2021.[15]

Explaining the reasoning for the proposed delay in the phase-in schedule, the PR Amendments note the operational complexity associated with IM and the difficulties associated with beginning to exchange IM with the large number of relatively small counterparties that, absent a rule change, would come into scope for IM in 2020. The Agencies further note that the extension by one year of IM requirements in connection with swaps with smaller counterparties is consistent with revisions in the international framework for margin adopted by the Basel Committee on Banking Supervision (“BCBS”) and the Board of the International Organization of Securities Commissions (“IOSCO”).[16]

Timing of Documentation Requirements

The PR Amendments would dispel confusion over when IM documentation is required to be executed in any given trading relationship, clarifying that a swap dealer need not execute IM trading documentation with a counterparty prior to the time when it is required to collect or post IM with that counterparty.[17]

The PR Rules provide that a swap dealer “shall execute” trading documentation with “each” financial end user that provides the swap dealer and its counterparty with the contractual right to collect and post IM (and variation margin) in such amounts, in such form, and under such circumstances as are required by the PR Rules.[18] However, the PR Rules also provide for a $50 million initial margin threshold amount, representing an aggregate credit exposure resulting from all non-cleared swaps and non-cleared security-based swaps between a swap dealer and its affiliates, and a counterparty and its affiliates, below which a swap dealer need not collect or post initial margin from or to a financial end user.[19] The PR Amendments would clarify that, even if a counterparty is in scope for IM by reason of having both material swaps exposure and the required average daily aggregate notional amount of relevant transactions, no IM documentation must be in place until the exposure resulting from transactions between the counterparty (and its affiliates) and the swap dealer (and its affiliates) breaches the initial margin threshold amount.

The Agencies state their expectation that swap dealers will closely monitor their exposures and take appropriate steps to ensure that trading documentation is in place when IM is required to be exchanged. They also note the consistency of the PR Amendments with the approach of BCBS and IOSCO in their international framework for margin for non-centrally cleared derivatives regarding the timing of documentation.[20]

Amendments to Legacy Transactions

The PR Rules provide that they will not apply to legacy transactions entered into before the applicable compliance date of the PR Rules, but only if such legacy transactions are within a netting portfolio that contains only swaps entered into before that compliance date.[21] However, the PR Rules do not generally address the circumstances in which an amendment of an uncleared swap may be deemed to constitute a new transaction, thus potentially causing the PR Rules to apply to it and its entire netting portfolio.

The PR Amendments would address the concern that an amendment of a swap may cause the PR Rules to apply to it and its netting portfolio by providing safe harbors for certain types of amendments.

LIBOR Replacement

In view of the looming phase-outs of LIBOR and other interbank offered rates (each, an “IBOR”), the PR Amendments would provide a safe harbor for amendments to swaps made solely to accommodate the replacement of (i) an IBOR, including but not limited to one of seven enumerated IBORs[22] or (ii) another interest rate that a swap dealer “reasonably expects to be discontinued or reasonably determines has lost its relevance as a reliable benchmark due to a significant impairment.”[23] The safe harbor would also apply to a successor to an interest rate that might replace such a rate.

The PR Amendments would also permit adjustments or administrative or technical changes required to “operationalize the determination of payments” under the replacement rate, such as changes to determination dates, calculation agents, or payment dates, but they would not permit changes that would extend a swap’s maturity or increase its notional amount.[24]

Portfolio Compression Exercises

The PR Amendments would also permit the amendment of a swap by means of a portfolio compression exercise when the amendment occurs to reduce risk or stay risk-neutral. However, to fall within the safe harbor, the compression exercise must not result in the amended swap having a longer maturity or increased notional amount. Limitations on notional amount and maturity also apply to a swap entered into as a replacement reflecting the outcome of the compression exercise.[25]

Other Permitted Amendments

Other amendments for which the PR Amendments provide a safe harbor from the PR Rules include amendments to reflect (i) administrative or operational changes, provided that they do not alter the swap’s underlier, remaining maturity or notional amount and (ii) reductions in notional amount, provided that all payment obligations related to the eliminated portion of the notional amount are fully terminated or novated to a third party that complies with applicable margin rules as transferee.[26]


[1] The relevant regulators are the Board of Governors of the Federal Reserve System (the “Board”), the Farm Credit Administration, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency and the Office of the Comptroller of the Currency (collectively, the “Agencies”).

[2] Margin and Capital Requirements for Covered Swap Entities, 84 Fed. Reg. 59970 (Nov. 7, 2019), available here.

[3] Margin and Capital Requirements for Covered Swap Entities, 80 Fed. Reg. 74840 (Nov. 30, 2015).

[4] The PR Rules and the PR Amendments relate to both the “swaps” that are primarily regulated by the Commodity Futures Trading Commission (“CFTC”) and the “security-based swaps” that are primarily regulated by the Securities and Exchange Commission (“SEC”). For simplicity and readability, in this client alert we generally refer to all such transactions as “swaps.”

[5] The PR Rules and the PR Amendments contain rules that apply to the registered swap dealers and major swap participants that are subject to regulation by the CFTC and to the registered security-based swap dealers and major security-based swap participants that are subject to regulation by the SEC if, in each case, such entity is also subject to prudential banking regulation. Given the rarity of major swap participants, and given that there are not yet any registered security-based swap dealers or major security-based swap participants, in this client alert we refer to all such prudentially regulated parties as “swap dealers.” The margin rules of the CFTC apply to swap dealers and major swap participants that are not prudentially regulated (see Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 81 Fed. Reg. 636 (Jan. 6, 2016)) and the margin rules of the SEC apply to security-based swap dealers and major security-based swap participants that are not prudentially regulated (see Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants, 84 Fed. Reg. 43872 (Aug. 22, 2019)).

[6] The rules governing the calculation of IM amounts for inter-affiliate transactions differ somewhat from rules for IM generally. See PR Rules at § _.11 (“Special rules for affiliates”), 80 Fed. Reg at 74909.

[7] See generally industry letter to the Agencies dated May 13, 2019, available here.

[8] PR Amendments, 84 Fed. Reg. at 59976. Specifically, the PR Amendments would add to the definition of “affiliate” for purposes of the IM exemption “[a]ny company that controls, is controlled by, or is under common control with the covered swap entity through the direct or indirect exercise of controlling influence over the management or policies of the controlled company.” We would expect that the “controlling influence” analysis would track the analysis required under the particular Agency’s definition of “control” used for other purposes. In general, the analysis of whether one company exercises a controlling influence over another company is complex and involves an assessment of the totality of the relationship between the two companies, including consideration of total equity (including non-voting), business relationships, board representation and restrictive covenants, among other things.

[9] Id.

[10] Id.

[11] Id.

[12] 12 U.S.C. §§ _371c and 371c-1; 12 CFR part 223; PR Amendments at 59976.

[13] The term “financial end user” is defined at length in § _.2 of the PR Rules. See 80 Fed. Reg. at 74900-01. Generally the PR Rules apply to transactions either between two different swap dealers or between swap dealers and certain financial end users. By reason of the rules’ phase-in schedule, which commenced on September 1, 2016, swap dealers are generally already subject to IM requirements in connection with transactions with other swap dealers. The phase-in period for variation margin requirements under the PR Rules ended in 2017.

[14] The Agencies’ IM requirements apply to swaps between swap dealers and only those financial end users with “material swaps exposure,” generally defined to mean an average daily aggregate notional amount of non-cleared swaps, non-cleared security-based swaps, foreign exchange forwards and foreign exchange swaps that exceeds $8 billion. Swap dealers are required to both collect IM from, and post IM with, such financial end users.

[15] See PR Amendments at 59977, 59984.

[16] Id. at 59977.

[17] See id. at 59977, 59984.

[18] PR Rules at § _.10, 80 Fed. Reg. at 74908.

[19] See PR Rules at §§ _.2 (defining “initial margin threshold amount”) and .3 (“Initial margin”), 80 Fed. Reg. at 74901, 74902.

[20] PR Amendments at 59977.

[21] § _.5(a)(3) of the PR Rules, 80 Fed. Reg. at 74903.

[22] The seven enumerated interbank offered rates are the London Interbank Offered Rate (LIBOR), the Tokyo Interbank Offered Rate (TIBOR), the Bank Bill Swap Rate (BBSW), the Singapore Interbank Offered Rate (SIBOR), the Canadian Dollar Offered Rate (CDOR), Euro Interbank Offered Rate (EURIBOR) and the Hong Kong Interbank Offered Rate (HIBOR). PR Amendments at 59984.

[23] PR Amendments at 59984.

[24] Id.

[25] Id.

[26] Id.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

Morrison & Foerster LLP
Contact
more
less

Morrison & Foerster LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at www.jdsupra.com) (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at privacy@jdsupra.com.

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at www.jdsupra.com) (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit legal.hubspot.com/privacy-policy.
  • New Relic - For more information on New Relic cookies, please visit www.newrelic.com/privacy.
  • Google Analytics - For more information on Google Analytics cookies, visit www.google.com/policies. To opt-out of being tracked by Google Analytics across all websites visit http://tools.google.com/dlpage/gaoptout. This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit http://www.aboutcookies.org which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.