The European Securities and Markets Authority (ESMA) has published two final reports with final draft regulatory technical standards (RTS) mandated under the review of the European Market Infrastructure Regulation (EMIR 3)....more
On January 30, 2026, the Commodity Futures Trading Commission (CFTC) issued Staff Letter 26‑03 (Staff Letter), providing clarity for swap market participants regarding the treatment of certain legacy swaps with two Morgan...more
On November 27, 2025, the UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint policy statement finalizing amendments to the bilateral margin requirements for non-centrally cleared...more
The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have published a joint report reviewing the implementation of their margin requirements framework for...more
On December 9, 2025, the Market Participants Division, the Division of Clearing and Risk, and the Division of Market Oversight (the “Divisions”) of the U.S. Commodity Futures Trading Commission (“CFTC”) issued Staff Letter...more
On December 9, 2025, the staff of the Commodity Futures Trading Commission (“CFTC”) issued no-action relief to harmonize how the regulatory requirements for swaps are applied to trades involving certain non-US persons (“NAL...more
The UK Prudential Regulatory Authority (PRA) and the UK Financial Conduct Authority (FCA) have published a policy statement finalising amendments to the Binding Technical Standards (BTS 2016/2251) on margin requirements for...more
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/30 on changes to its binding technical standards (BTS) on the intragroup exemption regime under the UK European Market Infrastructure Regulation...more
In early July 2025, South Korea’s top crypto exchanges—Upbit and Bithumb—ignited a speculative firestorm by rolling out high-leverage crypto lending products that allowed users to borrow up to 400% of their collateral. The...more
This Legal Update explores why, in order for an underlying loan to be included in a warehouse facility’s borrowing base, the underlying loan cannot be margin stock....more
On August 6, 2025, the Staff of the Division of Trading and Markets of the Securities and Exchange Commission (SEC) released an updated set of Frequently Asked Questions (FAQs) addressing the application of Rule 15c3-3a to...more
The U.K. Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) recently launched a joint consultation on proposed amendments to the margin requirements for non-centrally cleared derivatives.1...more
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have opened a consultation on margin requirements for non-centrally cleared derivatives. The proposals are to: - Make permanent the current...more
Recently, FINRA accepted a Letter of Acceptance, Waiver, and Consent (AWC) issued by a large New York-based member firm with a general securities business. The AWC addressed allegations that the firm failed to collect initial...more
Most net asset value (NAV) loans to fund borrowers do not include publicly traded positions in the collateral package because borrowers usually use NAV loans to finance against illiquid positions (and publicly traded...more
In CQ4-2023, the Restaurant Index grew 3.40%, trailing the S&P 500's 11.31% rise. Annually, 2023 showed gains aligning with the S&P. Despite challenges, brands emphasized global expansion and digital innovation. The...more
On July 26, 2023, the CFTC approved a proposal to amend the margin regulations for uncleared swaps (the “Proposed Amendments”). The Proposed Amendments, if finalized, would relieve registered swap dealers and major swap...more
In Consultation Paper 13/23 (CP 13/23), the UK’s Prudential Regulation Authority (“PRA”) sets out its “Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251.”...more
Please join Seward and Kissel's Blockchain & Cryptocurrency Group on Thursday, May 4, 2023 for the S&K Blockchain Symposium: Navigating the Storm. The event will feature multiple panels, with industry leaders who will...more
As we near the close of the second quarter, eagerly look forward to next week’s 6th Annual FFA European Fund Finance Symposium in London and keep a watchful eye on the macroeconomic environment, we thought it would be helpful...more
Russia's invasion of Ukraine has disrupted the supply of many commodities. Prices of a number of commodities increased substantially from December 2021 to March 2022: crude oil prices and wheat prices increased by more than...more
This updated guide lays out the margin requirements for uncleared derivative transactions in a user-friendly comparative table. ...more
The European Securities and Markets Authority has opened a consultation in which it proposes to amend the requirements on EU CCPs relating to an additional charge related to the procyclicality of margin. Responses to the...more
My colleague Leah Edelboim and I had the pleasure of presenting a webinar on “Hot Topics in Fund Finance” earlier this week. Special thanks to Mondaq for hosting us. Below is a brief summary of some of the trends and market...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