New Trends in How the CFPB Gathers Information - The Consumer Finance Podcast
JONES DAY TALKS®: Derivatives Market Volatility Brings New Concerns and More Regulatory Scrutiny
SEC Activity with Fixed Income and Credit Funds
On October 16, 2023, the Division of Examinations of the U.S. Securities and Exchange Commission (the “Division” and the “SEC,” respectively) announced its examination priorities for 2024. While the Division typically...more
Amendments to swap data reporting rules are expected to be implemented by the Commodity Futures Trading Commission (CFTC) in December 2022. The Canadian Securities Administrators (CSA) have issued guidance to market...more
Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more
A turbulent global economy leaves financial institutions and other market participants in challenging positions as they try to hedge and protect their interests in an increasingly uncertain environment. Jones Day partner...more
Summary - On 6 April 2022, the European Commission announced that is has adopted the regulatory technical standards to be used by financial market participants when disclosing sustainability-related information under the...more
The credit derivatives determinations process has, for some time, been clouded in relative mystery. As credit default swap (CDS) strategies have grown more complex and gray-area issues have become more commonplace, advocacy...more
More than a year ago the world fell victim to a global pandemic that would change life in ways that could never have been predicted. In the early stages of the pandemic, we published a White Paper directed at financial...more
The International Swaps and Derivatives Association (ISDA) is launching and publishing the ISDA U.S. Renewable Energy Certificate Annex (REC Annex) to enable market participants to efficiently sell and purchase renewable...more
Europcar Drives CDS Down a Familiar Path - When Europcar defaulted on its debt, buyers of approximately $100 million of credit default swap (CDS) protection expected significant payouts due to the anticipated low recovery on...more
The FCA has recently completed a review of the way in which UK issuers disclose changes to their total voting rights to the market and the resulting effect on major shareholding notifications. ...more
The end of March has welcomed Spring, and this year it marks a new era for the financial markets, particularly for loans and financial products which would usually use Sterling LIBOR as the benchmark for calculation of...more
In a year of increased volatility across the world’s financial markets, prosecutors, regulators and exchanges on both sides of the Atlantic sharpened their focus on “spoofing” – i.e., bidding or offering without the intent 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
On June 26, 2020, the Chair of the Securities and Exchange Commission, joined by the Directors of the Divisions of Corporation Finance, Investment Management and Trading & Markets of the SEC, provided a statement summarizing...more
On May 27, 2020, the US Alternative Reference Rates Committee (ARRC) published updated best practices guidance, including a summary factsheet, complete best practices guidance and a graphical timeline. ...more
On May 27, 2020, the Alternative Reference Rates Committee (“ARRC”) published recommended best practices for preparing for the end of USD LIBOR (the “Best Practices”). The Best Practices aim to provide appropriate target...more
Introduction - On 15 April 2020, the Council of the European Union published a press release stating that it had reached political agreement on the regulation on the establishment of an EU-wide framework designed to...more
On 11 March 2020 ESMA has issued a public statement in relation to the impact of COVID-19 outbreak on financial markets in the European Union. As a result, issuers will have to take action in order to cope with the current...more
Many Commodity Futures Trading Commission registrants and other market participants are responding to the coronavirus (COVID-19) pandemic by implementing business continuity plans that move personnel from their “normal...more
With the continuing spread of the COVID-19 pandemic across the globe, its full implications remain unknown. For OTC derivatives market participants, COVID-19 raises a number of considerations that firms should take into...more
The EU watchdog, The European Securities and Markets Authority (ESMA), which coordinates securities market supervision across the 27 countries of the European Union, announced on March 11 that it was prepared to use its...more
The Financial Conduct Authority (FCA) has published a call for input (CFI) on the use and value of data and advanced analytics in wholesale financial markets, now and in the future. ...more
On 5 December 2019 the Bank of England (Bank), UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) published coordinated consultation papers and policy on new requirements to strengthen...more
1. What is LIBOR and why is it going away? The London Interbank Offered Rate, or “LIBOR,” is a reference rate commonly used in a broad range of financial contracts. In fact, it serves as a reference rate for tens of...more
Over the past several years, a number of transactions in the credit default swap (CDS) market have been scrutinized by the public, market participants and regulators. These transactions — which we have labeled as...more