Source: http://us.practicallaw.com/topic1-500-0080?params=true&num=20&_charset_=UTF-8&sv=0-380-8565,8-380-8566,3-500-3817,7-386-1291,1-504-6506,6-504-6504,3-504-6505,3-504-6510,7-504-6508,5-504-6509,1-504-6511,9-504-6512,7-504-6513,6-382-8278&rt=2-103-2004&sort=title
Timestamp: 2014-04-20 14:15:02
Document Index: 678773785

Matched Legal Cases: ['art 45', 'art 4', 'UKSC ', 'art 45', 'art 43', 'art 43', 'art 45', 'EWCA ']

AllPractice NotesDocumentsClausesChecklistsArticlesUpdates630
1"Small Bang" Protocol Planned for Restructuring of DebtAn update on the "Small Bang" protocol planned by credit default swap traders to standardize the settlement of contracts triggered by debt restructurings.Legal Update: archive27-Apr-2009211th Circuit Holds Prime Broker Does Not Owe Fiduciary Duty ...An update on the 11th Circuit Court of Appeals' decision in SFM Holdings, Ltd. v. Banc of America Securities, LLC, holding that a prime broker did not owe a fiduciary duty to an investor pursuant to the terms of the prime brokerage agreement between the parties.Legal Update: archive30-Mar-2010315 Large Derivatives Dealers Agree to Submit 95% of Eligible ...An update on an agreement by 15 large derivatives dealers to submit 95% of eligible credit derivatives trades to central counterparty clearinghouses.Legal Update: archive02-Sep-200942013 Dodd-Frank Agreement for Non-US Swap Transactions ...ISDA published the 2013 Dodd-Frank agreement for non-US swap transactions, which is designed to facilitate compliance with the CFTC's cross-border guidance on the application of Dodd-Frank swaps rules to certain swaps with an indirect connection to the US.Legal Update: archive21-Nov-201352013 ISDA Arbitration Guide is publishedThe International Swaps and Derivatives Association (ISDA) has published the 2013 ISDA Arbitration Guide.Legal Update: archive11-Sep-20136Additional Counterparties Settle with Lehman on Open Trade ...An update on the Lehman bankruptcy proceedings.Legal Update: archive16-Jan-20097Agencies Issue Proposed Regulations Implementing the ...On October 11, 2011, the federal banking agencies issued for public comments proposed rules implementing the Volcker Rule under Section 619 of the Dodd-Frank Act.Legal Update: archive12-Oct-20118Agreement Extending Dodd-Frank Protocol to Certain EMIR ...On September 10, 2013, ISDA published an extension agreement to its March 2013 Dodd-Frank Protocol agreement. The agreement aims to help parties comply with both the Dodd-Frank Act and EMIR regulations related to portfolio reconciliation and dispute resolution. Legal Update: archive12-Sep-20139AIG and NY Fed Enter into Agreements with AIG's CDS ...An update on the government bailout of AIG.Legal Update: archive03-Dec-200810AIG Discloses Increased Risks in Derivatives MarketAn update on disclosures to the SEC from American International Group, Inc. (AIG) announcing that it may be subject to more risk from the derivatives market than it originally thought.Legal Update: archive30-Jun-200911Alert: May 1, 2013 Deadline for SD/MSP External Business ...Final Dodd-Frank external business conduct (EBC) rules for swap dealers and major swap participants become effective on May 1, 2013. Legal Update: archive08-Apr-201312Aliant Bank Files Complaint Seeking Recovery of Collateral ...An update on the Lehman bankruptcy proceedings.Legal Update: archive25-Nov-200813Aliant Bank Withdraws Complaint Against LehmanAn update on the Lehman bankruptcy proceedings.Legal Update: archive14-Jan-200914Auctions Will Take Place to Settle Tribune Company's Loan ...An update on the Tribune Company's bankruptcy.Legal Update: archive11-Dec-200815Bank of New York Mellon Invests in NASDAQ Derivatives UnitAn update on The Bank of New York Mellon's acquisition of a minority stake in International Derivatives Clearing Group, a unit of NASDAQ OMX Group, Inc.Legal Update: archive30-Jun-200916Bankruptcy Court Approves First Stipulation Settling and ...An update on the Lehman bankruptcy proceedings.Legal Update: archive17-Dec-200817Bankruptcy Court Enters Order Approving Procedures ...An update on the Lehman bankruptcy proceedings.Legal Update: archive17-Dec-200818Bankruptcy Court Enters Order on Lehman's Open Trade ...A legal update on the Lehman bankruptcy proceedings.Legal Update: archive17-Dec-200819Bankruptcy Court Issues Supplemental Order for Lehman ...An update on the Supplemental Order issued by the Bankruptcy Court to resolve objections to the procedures for the settlement or assumption and assignment of prepetition derivative contracts in the Lehman bankruptcy proceeding.Legal Update: archive16-Jan-200920Banks Allege Foul Play on Default Swapped Bonds Called by ...A group of banks including JPMorgan Chase & Co. claim that a fund may have acted improperly in calling bonds on which it sold default swap protection to the banks.Legal Update: archive15-Jun-200921Banks Clear Toxic Assets as CDO Liquidations RiseAn update on large numbers of collateralized debt obligations (CDOs) being liquidated, helping banks clear their books of toxic assets.Legal Update: archive23-Sep-200922BCBS finalises capital requirements for bank exposures to ...The Basel Committee on Banking Supervision (BCBS) has issued a document setting out capital requirements for bank exposures to central counterparties (BCBS282).Legal Update: archive10-Apr-201423BCBS finalises standardised approach for measuring ...The Basel Committee on Banking Supervision (BCBS) has issued a document setting out the standardised approach for measuring counterparty credit risk exposures (BCBS279).Legal Update: archive31-Mar-201424BCBS issues final text of Basel III leverage ratio framework ...The Basel Committee on Banking Supervision has issued the final text of Basel III's leverage ratio framework and disclosure requirements.Legal Update: archive14-Jan-201425BCBS issues interim risk capital rules for cleared derivatives ...The Basel Committee on Banking Supervision (BCBS) has issued the final version of its interim Basel III rules on the capitalisation of bank exposures to central counterparties (CCPs), ahead of further work planned in 2013.Legal Update: archive25-Jul-201226BCBS oversight body endorses Basel III proposals on ...The Bank for International Settlements (BIS) has published a press release announcing that the Basel Committee on Banking Supervision's (BCBS) Group of Governors and Heads of Supervision (GHOS) has endorsed a number of proposals relating to completion of post-crisis regulatory reforms.Legal Update: archive13-Jan-201427BCBS second consultation on the capitalisation of bank ...The Basel Committee on Banking Supervision has published a second consultation on the capitalisation of bank exposures to central counterparties.Legal Update: archive02-Nov-201128BCBS' finalised guidance for managing risk associated with ...The Bank for International Settlements (BIS) has published finalised guidance (BCBS241) for managing risk associated with the settlement of foreign exchange (FX) transactions, produced by the Basel Committee on Banking Supervision (BCBS).Legal Update: archive15-Feb-201329Belmont Park: Lehman "Flip Clause" Back in CourtA new group of investors in certain synthetic CDOs issued by affiliates of Lehman Brothers filed suit in the US Bankruptcy Court for the Southern District of New York seeking to enforce, on grounds of judicial comity, conditional payment provisions that were ruled unenforceable by the same court in 2010.Legal Update: archive15-Feb-201230Bill Introduced in House to Tax OTC DerivativesAn update on a bill introduced in the House of Representatives to impose a 0.25% tax on over-the-counter (OTC) derivatives.Legal Update: archive29-Jul-200931BIS report on access to central counterparties in OTC ...The Bank for International Settlements has published a report by its Committee on the Global Financial System on the macrofinancial implications of alternative configurations for access to central counterparties in over-the-counter derivatives markets.Legal Update: archive18-Nov-201132BIS Report Shows Derivative Market Slid for First Time in 2008An update on the record decline in the derivatives market in the second half of 2008.Legal Update: archive19-May-200933Capital and Margin Rules for Security-based Swap Dealers ...The SEC proposed rules on capital, margin and segregation requirements for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs), as required under Title VII of the Dodd-Frank Act.Legal Update: archive25-Oct-201234Carolina First Bank Files Complaint Seeking Recovery of ...An update on the Lehman bankruptcy proceedings.Legal Update: archive19-Nov-200835CDS-Protected Bondholders Less Accommodating in ...An update on a report by Moody's Investors Service which found that bondholders protected by credit default swaps (CDSs) are less accommodating in negotiating workouts with distressed issuers than unprotected bondholders.Legal Update: archive08-Jun-200936Certain Affiliate Financial Entity Transactions Exempted from ...The CFTC issued a no-action letter exempting from mandatory swap clearing requirements swaps entered into by financial entities (known as "treasury affiliates") that would otherwise be subject to clearing but need not be cleared because the financial entity is entering into the swap on behalf of a non-financial affiliate hedging commercial risk.Legal Update: archive11-Jun-201337Certain Dodd-Frank Swap Rules to Apply to CPOs and CTAsAn update on the CFTC's proposed amendments to its regulations governing commodity pool operators (CPOs) and commodity trading advisors (CTAs) designed to subject them to Commodity Exchange Act (CEA) swap rules created by the Dodd-Frank Act.Legal Update: archive28-Feb-201138CFTC Adopts Final Rules on Registration and Regulation of ...An update on the CFTC's final rules regarding registration and regulation of swap data repositories (SDRs) under Title VII of the Dodd-Frank Act.Legal Update: archive04-Aug-201139CFTC Adopts Final Rules on Swap Data Repositories under ...The CFTC adopted final rules under the Dodd-Frank Act regarding registration standards and compliance obligations of swap data repositories.Legal Update: archive16-Aug-201140CFTC Adopts Final Rules Prohibiting Market Manipulation ...An update on the final rules adopted by the CFTC that prohibit market manipulation in connection with non-security-based swaps and sales of commodities under the Dodd-Frank Act.Legal Update: archive11-Jul-201141CFTC Advisory: Deadline for CICIs and Swap Data Reporting ...The CFTC has issued an advisory reminding market participants that the final default date for swap data reporting under all final CFTC swap data reporting rules is April 10, 2013, and that all parties to swaps for which data must be reported must obtain a CICI by that date.Legal Update: archive21-Mar-201342CFTC and EU Reach Accord on Derivatives Regulation; CFTC ...The CFTC and the European Commission (EC) have agreed to harmonize cross-border derivatives reform, and the CFTC granted temporary relief to non-US firms from compliance with Dodd-Frank rules for swap dealers and major swap participants that were to begin to apply to non-US entities on July 12, 2013. The CFTC also issued guidance on when it will subject non-US entities to its Dodd-Frank swaps rules under its "substituted compliance" rules.Legal Update: archive16-Jul-201343CFTC and European Commission Agree on Swap Exchange ...The CFTC and the European Commission (EC) have issued a joint statement announcing the progress made towards harmonizing a regulatory framework for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs), as envisaged in the Path Forward Statement issued by the CFTC and the EC in July 2013. The CFTC also issued two no-action letters providing related relief.Legal Update: archive13-Feb-201444CFTC and SEC Clarify Key Dodd-Frank Swaps DefinitionsAn update on new joint proposed rules from the CFTC and SEC further defining key Dodd-Frank swap terms such as "swap," "security-based swap" and "security-based swap agreement" under Title VII of the Dodd-Frank Act.Legal Update: archive27-Apr-201145CFTC and SEC Heads Indicate Derivatives Rules Under Dodd ...An update on CFTC Chairman Gary Gensler's and SEC Chairman Mary Schapiro's statements regarding the forthcoming derivatives regulation under the Dodd-Frank Act.Legal Update: archive01-Oct-201046CFTC and SEC Propose Joint Rules Further Defining Key ...An update on new proposed rules by the CFTC and SEC further defining key terms under Title VII of the Dodd-Frank Act, which covers OTC derivatives.Legal Update: archive06-Dec-201047CFTC Announces New Compliance Date for Dodd-Frank Non ...The CFTC has proposed extending the effective date of Dodd-Frank non-security-based swaps regulations to December 31, 2012.Legal Update: archive16-May-201248CFTC Approves DTCC as SDR but Is Expected to Delay Swap ...The CFTC provisionally approved an application by DTCC Data Repository, LLC to establish and operate a multi-asset class swap data repository (SDR) in the US. Also, the CFTC plans to delay the initial compliance date for swap data reporting to January 1, 2013.Legal Update: archive27-Sep-201249CFTC Approves Final Position Limits for Physical Commodity ...On October 18, 2011, the CFTC approved final rules under the Dodd-Frank Act setting position limits for physical commodity futures contracts and economically equivalent futures, options and swaps.Legal Update: archive20-Oct-201150CFTC Chairman Gensler Outlines Regulatory Framework for ...An update on Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler's testimony before the Senate Agriculture Committee, in which he outlined the CFTC's proposal for a comprehensive regulatory framework for over-the-counter (OTC) derivatives.Legal Update: archive08-Jun-200951CFTC Chairman Says He Does Not Plan on Merging the ...An update on CFTC Chairman Gary Gensler's statement that he does not plan on merging the CFTC with the SEC.Legal Update: archive04-Feb-200952CFTC Chairman States Dodd-Frank Swap Rules Apply to ...An update on a speech by CFTC Chairman Gary Gensler indicating that swap regulations implemented under Dodd-Frank will apply to foreign banks doing business in the US.Legal Update: archive22-Oct-201053CFTC Clarifies Deadlines for Dodd-Frank Swap Data ...The CFTC issued a no-action letter clarifying that swap data reporting requirements do not apply until the earlier of the date on which a swap dealer (SD) must register with the CFTC as an SD, or April 10, 2013. The CFTC also provided a grace period for certain historical swap data reporting obligations.Legal Update: archive28-Nov-201254CFTC Clarifies Most Commodity Options Are Swaps Subject to ...The CFTC released FAQs clarifying that commodity options are generally regulated as swaps under Title VII of the Dodd-Frank Act, but that physical commodity options embedded in forward contracts and trade options may fall outside the scope of Dodd-Frank swaps regulation.Legal Update: archive03-Oct-201355CFTC Clarifies Procedure for Dodd-Frank SD/MSP CCO and ...The CFTC announced how swap dealers (SDs) and major swap participants (MSPs) must submit the Risk Exposure Reports and Chief Compliance Officer (CCO) Annual Reports required under the Dodd-Frank Act.Legal Update: archive28-Mar-201356CFTC Clears CME Group to Begin Clearing Certain ...An update on the Commodity Futures Trading Commission issuing an exemption to the Chicago Mercantile Exchange in order for it to begin clearing certain agricultural swaps.Legal Update: archive25-Mar-200957CFTC Closes Cross-border Swaps Compliance LoopholeThe CFTC's Division of Swap Dealer and Intermediary Oversight issued a staff advisory clarifying that swaps arranged, negotiated or executed by persons in the US must comply with CFTC transaction-level requirements if one of the parties to the swap is a swap dealer registered with the CFTC, regardless of the jurisdiction of organization or location of the counterparty.Legal Update: archive19-Nov-201358CFTC Commodity Position Limits Rules Vacated by DC ...The US District Court for the District of Columbia issued a ruling vacating the CFTC's final Dodd-Frank commodity position limits rules.Legal Update: archive04-Oct-201259CFTC Creates Swaps Enforcement SquadsThe CFTC's Division of Enforcement has created specialized enforcement squads for swap regulations and manipulative and disruptive trading practices.Legal Update: archive22-Mar-201260CFTC Defines Cross-border Reach of Dodd-Frank Swaps ...The CFTC has issued proposed interpretive guidance on the extraterritorial application of the swaps provisions of Title VII of the Dodd-Frank Act.Legal Update: archive06-Jul-201261CFTC Delays Compliance with External Business Conduct ...The CFTC extended the date for compliance with certain external business conduct standards for swap dealers (SDs) and major swap participants (MSPs) in their dealings with their customers with which they enter into swaps.Legal Update: archive30-Aug-201262CFTC Disallows Use of FIA-ISDA Cleared Derivatives ...The CFTC issued final rules which effectively disallow the use of the FIA-ISDA Cleared Derivatives Execution Agreement.Legal Update: archive09-Apr-201263CFTC Dodd-Frank CPO Fund Registration Rule Upheld by DC ...On December 12, 2012, the US District Court for the District of Columbia upheld a CFTC rule issued under the Dodd-Frank Act that requires certain funds that participate in the futures and swaps markets to register as commodity pool operators (CPOs). Legal Update: archive20-Dec-201264CFTC Excludes Utility Swaps from Swap Dealer CalculationsThe CFTC has issued a no-action letter that permits the exclusion of utility operations-related swaps from de minimis swap dealer threshold calculations.Legal Update: archive03-Apr-201465CFTC Expands CPO Registration Exemption for ABS Issuers ...On December 7, 2012, the CFTC issued an interpretation and no-action letter expanding the exemption for securitization vehicles from the CEA's "commodity pool" definition. The letter also extends until March 31, 2013 the deadline for registration as commodity pool operators (CPOs) for operators of nonconforming securitization vehicles.Legal Update: archive20-Dec-201266CFTC Extends Comment Period on Uncleared Swap Margin ...The CFTC extended to September 14, 2012 the comment period for its proposed rules on margin collateral requirements relating to the uncleared swaps of swap dealers and major swap participants.Legal Update: archive18-Jul-201267CFTC Extends Further Relief to EU Derivatives Trading ...The CFTC issued no-action relief to EU multilateral trading facilities (MTFs) from Dodd-Frank SEF rules that were scheduled to take effect for EU MTFs on May 15, 2014. MTFs are non-US derivatives trading platforms that offer swaps to US persons. The relief also exempts swaps involving US market participants entered into on EU MTFs from certain mandatory Title VII exchange-trading requirements, and exempts swap dealers from certain Dodd-Frank business conduct standards with respect to these swaps.Legal Update: archive17-Apr-201468CFTC Extends Public Comment Period on Swaps Rules by 30 ...An update on the CFTC's extension of the public comment periods for proposed Dodd-Frank swaps and derivatives rules.Legal Update: archive28-Apr-201169CFTC Finalizes Large-trader Reporting Regs, Defines " ...An update on the final rule adopted by the CFTC defining "agricultural commodity" for Dodd-Frank purposes and the regulations requiring large-trader reporting for physical commodity swaps.Legal Update: archive08-Jul-201170CFTC Further Delays Compliance with Dodd-Frank Swaps ...On October 18, 2011, the CFTC proposed a further extension to July 16, 2012 of temporary exemptive relief from compliance with Dodd-Frank non-security-based-swaps rules.Legal Update: archive19-Oct-201171CFTC Further Delays Some Swap Data Recordkeeping Rules ...The CFTC has further delayed, until June 30, 2013, the compliance date for certain Dodd-Frank swap data recordkeeping requirements for SDs and MSPs, which were scheduled to take effect March 31, 2013.Legal Update: archive03-Apr-201372CFTC Gives Non-US Swaps Trading Platforms More Time to ...The CFTC extended to May 15, 2014 the deadline for multilateral trading facilities (MTFs) to comply with Dodd-Frank rules for swap execution facilities (SEFs). MTFs are non-US swaps trading platforms that must comply with Dodd-Frank swaps rules if they offer swaps to US persons.Legal Update: archive26-Mar-201473CFTC Grants Temporary Large-trader Swap Reporting ...The CFTC's Division of Market Oversight issued a letter providing temporary no-action relief until July 27, 2012 for less than fully compliant ownership reporting of positions under the CFTC's large-trader reporting system for physical commodity swaps and swaptions.Legal Update: archive19-Jul-201274CFTC Head Testifies About Proposals for OTC Derivatives ...An update on CFTC Chairman Gary Gensler's testimony before the House Financial Services Committee, in which he outlined the CFTC's proposal for a comprehensive regulatory framework for over-the-counter (OTC) derivatives.Legal Update: archive23-Jul-200975CFTC Introduces Weekly Swaps ReportThe CFTC published the inaugural edition of the CFTC Weekly Swaps Report, which is designed to make the swaps markets more transparent. The report, which will be published on Wednesdays at 3:30 p.m., will reflect data for the week ending on the second previous Friday.Legal Update: archive25-Nov-201376CFTC Issues Dodd-Frank Substituted Compliance ...The CFTC has approved comparability determinations permitting SDs and MSPs located in six non-US jurisdictions to comply with certain swaps provisions of the Dodd-Frank Act through substituted compliance with the swaps rules of their home jurisdiction. The CFTC also granted no-action relief to SDs and MSPs in these jurisdictions from certain Dodd-Frank swap data reporting obligations for certain swaps.Legal Update: archive31-Dec-201377CFTC Issues Final Rules for Derivatives Clearing ...On October 18, 2011, the CFTC issued final rules governing derivatives clearing organizations (DCOs) under the Dodd-Frank Act.Legal Update: archive20-Oct-201178CFTC Issues Final Rules on "Registered Entities" under Dodd ...An update on the CFTC's final rules on procedures for new non-security-based swap products and rules for "registered entities" under Title VII of the Dodd-Frank Act. Registered entities include DCOs, SEFs, DCMs and SDRs.Legal Update: archive20-Jul-201179CFTC Issues Final Rules on Review Process of Non-security ...An update on the CFTC's final rules on the review of non-security-based swaps for mandatory clearing under Title VII of the Dodd-Frank Act.Legal Update: archive20-Jul-201180CFTC Issues Final Rules Removing References to Credit ...An update on the final rule issued by the CFTC under the Dodd-Frank Act that replaces references to credit ratings in CFTC regulations with references with alternative standards.Legal Update: archive21-Jul-201181CFTC Issues Guidance on Customer Data SecurityThe CFTC issued guidance on customer data privacy and security safeguards for FCMs, CPOs, CTAs, introducing brokers, retail foreign exchange dealers, swap dealers and MSPs.Legal Update: archive12-Mar-201482CFTC Issues Guidance on SEF "Equal Access" and Required ...The CFTC issued guidance indicating that non-US swaps trading platforms offering swaps to US persons are required to register as swap execution facilities (SEFs) with the CFTC and adhere to Title VII SEF rules. The CFTC issued further guidance advising that under Title VII, SEFs must ensure equal access for market participants.Legal Update: archive19-Nov-201383CFTC Issues Interim Final Rule on Data Retention and ...An update on the CFTC's interim final rule under the Dodd-Frank Act requiring data retention and reporting for unexpired swaps entered into before July 21, 2010.Legal Update: archive05-Oct-201084CFTC Issues Interim Final Rule on Swap Data Reporting ...An update on a CFTC interim final rule advising counterparties of the obligation to preserve certain data relating to swap transactions entered into on or after the date of enactment of the Dodd-Frank Act but before Dodd-Frank swap-data reporting rules take effect.Legal Update: archive10-Dec-201085CFTC Issues No-action Letters Giving Swap Dealers More ...The CFTC issued a series of no-action letters giving swap dealers (SDs) and major swap participants (MSPs) more time to comply with final Dodd-Frank derivatives rules in the areas of data reporting, business conduct standards, annual reports for compliance officers and portfolio reconciliation.Legal Update: archive03-Jul-201386CFTC Issues No-action Relief from Certain CPO Reporting ...The CFTC issued a no-action letter granting relief from certain reporting requirements to commodity pool operators (CPOs) of registered funds that trade in commodity interests through wholly owned controlled foreign corporations (CFCs).Legal Update: archive11-Sep-201387CFTC Issues No-action Relief on Fund-of-funds CPO ...The CFTC granted temporary no-action relief from its CPO registration requirements for fund of funds under CFTC Regulations 4.5 and 4.13(a)(3), which exempt certain regulated persons from CPO registration.Legal Update: archive06-Dec-201288CFTC Issues Prime Broker No-action Relief from Business ...On April 30, 2013, the CFTC issued no-action relief for swap dealers (SDs) from certain final Dodd-Frank external business conduct standards (EBCS) when entering into swaps and certain foreign exchange (FX) transactions in a prime brokerage capacity.Legal Update: archive06-May-201389CFTC Issues Relief from Recent Cross-border Swaps ...On January 3, 2014, the CFTC extended no-action relief, until September 15, 2014, from its controversial Dodd-Frank cross-border staff advisory on the US swaps activities of non-US swap dealers and MSPs. The advisory was scheduled to become effective on January 14, 2014. The CFTC also requested public comment on the staff advisory, which was issued on November 14, 2013.Legal Update: archive08-Jan-201490CFTC Issues Relief on 2014 Dodd-Frank CCO ReportsThe CFTC issued no-action relief providing chief compliance officers of swap dealers, major swap participants and futures commission merchants with an extension, from 60 days to 90 days following the end of their fiscal year, for the filing of their 2014 annual reports, mandated under Title VII of the Dodd-Frank Act. The CFTC also provided additional limited no-action relief on 2014 CCO annual reports.Legal Update: archive05-Jan-201491CFTC Launches New Monthly ReportAn update on the new monthly report that the CFTC is launching on a six-month trial basis.Legal Update: archive04-Feb-200992CFTC Proposes Business Conduct Rules for Swap Dealers ...An update on new rules proposed by the CFTC under the Dodd-Frank Act imposing on swap dealers and major swap participants standards of conduct for their dealings with swap counterparties.Legal Update: archive10-Dec-201093CFTC Proposes Capital Requirements for Nonbank Swap ...An update on the proposed rules issued by the Commodity Futures Trading Commission (CFTC) that would establish capital requirements for nonbank swap dealers and major swap participants (MSPs) under the Dodd-Frank Act.Legal Update: archive27-Apr-201194CFTC Proposes Changes to Rules on Investment of Customer ...An update on the CFTC's proposed changes, mandated by the Dodd-Frank Act, to rules regarding the investment of segregated customer funds and funds held in accounts for foreign futures and options contracts.Legal Update: archive29-Oct-201095CFTC Proposes Compliance Schedule for Certain Swap ...On September 8, 2011, the CFTC proposed a schedule for compliance with Dodd-Frank swap trading documentation requirements for entities classified as swap dealers and major swap participants (MSPs) under the Dodd-Frank Act. The CFTC also proposed a compliance schedule for Dodd-Frank margin collateral requirements for uncleared swaps entered into by certain swap dealers and MSPs.Legal Update: archive09-Sep-201196CFTC Proposes Compliance Schedule for Dodd-Frank Swap ...On September 8, 2011, the CFTC proposed schedules for compliance with Dodd-Frank swap clearing and exchange trading requirements.Legal Update: archive13-Sep-201197CFTC Proposes Dodd-Frank Position Limits for Certain ...An update on the CFTC's proposed rules under the Dodd-Frank Act on position limits for physical commodity futures contracts and economically equivalent swaps.Legal Update: archive18-Jan-201198CFTC Proposes Dodd-Frank Rules on Conflicts of Interest in ...An update on the CFTC's proposed new rules under the Dodd-Frank Act covering conflicts of interest related to the swap clearing activites and research reports of swap dealers, major swap participants, futures commission merchants and introducing brokers.Legal Update: archive17-Nov-201099CFTC Proposes Dodd-Frank Rules on Swap Clearing ...An update on proposed Dodd-Frank CFTC rules covering customer swap clearing documentation, timing of swap acceptance for clearing and clearing member risk management for futures contract merchants (FCMs), swap dealers and major swap participants (MSPs).Legal Update: archive20-Jul-2011100CFTC Proposes End-user Exemption from Mandatory Swap ...An update on the exemption from the Dodd-Frank Act's mandatory swap-clearing requirement proposed by the CFTC for end users using non-security-based swaps to hedge or mitigate commercial risk.Legal Update: archive14-Dec-2010101CFTC Proposes Governance and Risk-Management Rules for ...An update on the CFTC's proposed new rules under the Dodd-Frank Act outlining the governance and risk-management compliance activities of swap dealers and major swap participants, and requiring designation of a chief compliance officer and annual compliance reports to mitigate systemic risk of OTC derivatives trading activity.Legal Update: archive17-Nov-2010102CFTC Proposes Guidance on Prohibition of Disruptive Swap ...An update on the CFTC's proposed interpretive order issued under the Dodd-Frank Act on disruptive non-security-based swap trading practices involving swap execution facilities (SEFs) and designated contract markets (DCMs). The order provides guidance on the types of trading, practices and conduct that violate Section 4c(a)(5) of the Commodity Exchange Act (CEA).Legal Update: archive01-Mar-2011103CFTC Proposes Its Version of Volcker RuleThe CFTC proposed its version of Dodd-Frank rules prohibiting and restricting proprietary trading activities by banks, commonly known as the Volcker Rule.Legal Update: archive12-Jan-2012104CFTC Proposes Limits on Ownership and Voting Stakes in ...An update on the CFTC's notice of proposed rulemaking under the Dodd-Frank Act on limiting ownership and voting stakes in swap clearinghouses, exchanges and execution facilities.Legal Update: archive05-Oct-2010105CFTC Proposes Margin Collateral and Customer Property ...An update on proposed new CFTC rules under the Dodd-Frank Act designed to protect margin collateral posted by counterparties to uncleared swaps.Legal Update: archive29-Nov-2010106CFTC Proposes Minimum Block Sizes for Large Swap ...The CFTC proposed rules under the Dodd-Frank Act that would establish minimum sizes, known as block sizes, for large notional swaps, known as block trades and large notional off-facility swaps. These swaps would be excepted from real-time swap data reporting requirements, and subject to delayed data reporting obligations.Legal Update: archive08-Mar-2012107CFTC Proposes Pre-enactment and Transition Swap ...An update on the notice of proposed rulemaking issued by the Commodity Futures Trading Commission (CFTC) that would set up recordkeeping and reporting requirements for pre-enactment and transition swaps under the Dodd-Frank Act.Legal Update: archive27-Apr-2011108CFTC Proposes Risk Management and Operational Rules for ...An update on CFTC-proposed risk management and operational rules for derivatives clearing organizations (DCOs) under the Dodd-Frank Act.Legal Update: archive21-Dec-2010109CFTC Proposes Rule on Dodd-Frank Requirements for ...An update on a new rule proposed by the CFTC covering core principles and requirements for designated contract markets under the Dodd-Frank Act.Legal Update: archive06-Dec-2010110CFTC Proposes Rule on Requirements for Swap Reporting ...An update on a new rule proposed by the CFTC covering the requirements for swap reporting and recordkeeping, including daily-trading recordkeeping, of swap dealers and major swap participants.Legal Update: archive06-Dec-2010111CFTC Proposes Rule Requiring Orderly Liquidation ...An update on the CFTC's proposed rule requiring the inclusion of certain provisions designed to accommodate the FDIC's orderly liquidation authority and FDIA bank resolution authority in the swap trading documents of swap dealers and major swap participants.Legal Update: archive21-Jan-2011112CFTC Proposes Rule Requiring Real-time Public Reporting of ...An update on the CFTC's proposed rule under the Dodd-Frank Act requiring real-time public reporting of swap transaction and pricing data.Legal Update: archive29-Nov-2010113CFTC Proposes Rules Covering Financial Resources ...An update on the CFTC's proposed regulations to implement minimum financial resources requirements for derivatives clearing organizations. Legal Update: archive14-Oct-2010114CFTC Proposes Rules for Derivatives Clearing Organizations ...An update on the CFTC's proposed rules governing derivatives clearing organization under the Dodd-Frank Act.Legal Update: archive07-Dec-2010115CFTC Proposes Rules for Derivatives Clearinghouses and ...An update on a new rule proposed by the CFTC under the Dodd-Frank Act outlining requirements for conflict-of-interest resolution, governance fitness and governing-board composition for derivatives clearing organizations (DCOs), designated contract markets (DCMs) and swap execution facilities (SEFs).Legal Update: archive14-Dec-2010116CFTC Proposes Rules for Swap Execution Facilities under ...An update on the CFTC's proposed rules for swap execution facilities under the Dodd-Frank Act.Legal Update: archive17-Dec-2010117CFTC Proposes Rules on Documentation of Certain Swaps ...An update on the CFTC's proposed rules under the Dodd-Frank Act covering documentation of swaps-trading relationships of swap dealers and major swap participants, and position limits on certain physical-delivery and commodity swaps.Legal Update: archive13-Jan-2011118CFTC Proposes Rules on Documentation of Trading ...An update on the CFTC's proposed rules under the Dodd-Frank Act on documentation of swaps trading relationships for swap dealers and major swap participants.Legal Update: archive14-Jan-2011119CFTC Proposes Rules on Large-trader Ownership and ...CFTC proposed new rules and related forms to enhance its identification of futures and swap market participants.Legal Update: archive26-Jul-2012120CFTC Proposes Rules on Post-Transaction Procedures for ...An update on the CFTC's proposed rules under the Dodd-Frank Act regarding certain post-transaction processing requirements for swap dealers and major swap participants, including standards for swap confirmation, portfolio reconciliation and portfolio compression.Legal Update: archive20-Dec-2010121CFTC Proposes Rules on Reporting and Recordkeeping ...An update on a new CFTC proposed rule under the Dodd-Frank Act setting forth reporting, recordkeeping, public-information and information-sharing requirements for derivatives clearing organizations.Legal Update: archive06-Dec-2010122CFTC Proposes Rules on Swap Clearing Under Dodd-FrankAn update on a proposed rule on the review of non-security-based swaps by the CFTC to determine whether they must be cleared.Legal Update: archive01-Nov-2010123CFTC Proposes Rules on Swap Data Reporting and Data ...An update on new rules proposed by the CFTC under the Dodd-Frank Act requiring swap data reporting to swap data repositories and outlining registration requirements for swap data repositories.Legal Update: archive30-Nov-2010124CFTC Proposes Rules on Swap Data Reporting, Data ...An update on the CFTC's proposed new rules under the Dodd-Frank Act covering, among other topics, real-time public swap data reporting, registration and other requirements for swap data repositories, and the segregation of collateral of counterparties to uncleared swaps.Legal Update: archive23-Nov-2010125CFTC Proposes Rules Prohibiting Market Manipulation Under ...An update on a notice of proposed rulemaking issued by the CFTC that would prohibit market manipulation in connection with non-security-based swaps and sales of commodities under the Dodd-Frank Act.Legal Update: archive03-Nov-2010126CFTC Proposes Rules Protecting Certain Margin Collateral of ...An update on rules proposed under the Dodd-Frank Act by the CFTC designed to protect margin collateral relating to the cleared swaps of customers of futures commission merchants (FCMs).Legal Update: archive28-Apr-2011127CFTC Proposes Rules to Increase Oversight of Certain ...An update on new rules proposed by the Commodity Futures Trading Commission (CFTC) to enact greater oversight of Exempt Commercial Markets (ECMs).Legal Update: archive12-Dec-2008128CFTC Proposes Series of Swap Regulations Under Dodd ...An update on the CFTC's new proposals for regulation of OTC derivatives under the Dodd-Frank Act, including rules on registration requirements, compliance duties and conflict of interest rules for swap dealers and major swap participants.Legal Update: archive11-Nov-2010129CFTC Proposes Swap Data Exemption for Foreign Regulators ...The CFTC issued a proposed interpretive statement that would exempt foreign regulators from the Dodd-Frank Act's indemnification and confidentiality provisions when requesting certain data from swap data repositories (SDRs).Legal Update: archive03-May-2012130CFTC Publishes Concept Release on Review of Exemptions ...An update on a concept release from the Commodity Futures Trading Commission that comments on exemptions for swap dealers.Legal Update: archive25-Mar-2009131CFTC Publishes FCM Financial DataThe CFTC has published data on all registered futures commission merchants (FCMs), including amounts each holds in segregation for customers collateralizing futures and swaps.Legal Update: archive26-Feb-2014132CFTC Re-proposes Position Limits for Speculative Commodity ...The CFTC has re-proposed position limits on speculative commodity derivatives after its initial proposal was struck down by a federal court last year.Legal Update: archive07-Nov-2013133CFTC Releases Updated Timeline for Dodd-Frank ...The CFTC released an updated preliminary timeline for its swaps rulemaking under Dodd-Frank.Legal Update: archive12-Jan-2012134CFTC Requests Comment on Swap Data Reporting and ...The CFTC issued a request for public comment on its Part 45 swap data reporting (SDR) rules issued under Title VII of the Dodd-Frank Act and adopted an interim final rule intended to clarify the scope of access by market participants to data maintained by registered swap data repositories.Legal Update: archive27-Mar-2014135CFTC Sets January 14, 2014 Effective Date for Cross-border ...The CFTC announced that its recently issued staff advisory on the application of Title VII Dodd-Frank swaps rules to certain cross-border swaps will become effective on January 14, 2014. The staff advisory clarified that swaps arranged, negotiated or executed by persons in the US must comply with CFTC transaction-level requirements if one of the parties to the swap is a registered swap dealer, regardless of the jurisdiction of organization or location of the counterparty.Legal Update: archive04-Dec-2013136CFTC Sets Tentative Schedule for Remaining Dodd-Frank ...On September 8, 2011, the CFTC set a tentative schedule for remaining swaps and derivatives rulemaking under Title VII of the Dodd-Frank Act. The CFTC also established a compliance schedule for certain Dodd-Frank swaps rules.Legal Update: archive08-Sep-2011137CFTC Sets Two-minute Time Frame for Clearing Members to ...Effective October 1, 2012, swap dealers that are clearing members of clearinghouses will have a two minute time limit to accept or reject trades submitted to the clearinghouses for clearing by or for the clearing member.Legal Update: archive27-Sep-2012138CFTC Sued over Dodd-Frank Cross-border Swaps RulesBanking and derivatives industry groups, including ISDA and SIFMA, have sued the CFTC over its Dodd-Frank cross-border swaps regulations, seeking to vacate the CFTC's July 2013 cross-border guidance and the recently issued related further guidance and staff advisories.Legal Update: archive05-Dec-2013139CFTC Suspends Large-trader Position Reporting for Physical ...On September 16, 2011, the CFTC's Division of Market Oversight issued a letter providing temporary relief from daily large-trader position reporting requirements for physical commodity swaps under the Dodd-Frank Act.Legal Update: archive29-Sep-2011140CFTC Temporarily Exempts Swap Dealers and Major Swap ...The CFTC has given notice that would delay compliance by US swap dealers and major swap participants (MSPs) with certain Dodd-Frank swaps regulations until January 1, 2013.Legal Update: archive13-Jul-2012141CFTC to Consider Position Limits on Energy FuturesAn update on proposed CFTC speculative position limits on energy commodities and improvements to the transparency of market data.Legal Update: archive07-Jul-2009142CFTC to Propose Margin Collateral Protections for Certain ...An update on a CFTC advanced notice of proposed rulemaking under the Dodd-Frank Act proposing protections for cleared commodity swap customers of futures contract merchants.Legal Update: archive29-Nov-2010143CFTC Votes to Propose Key Dodd-Frank Swaps Definitions ...An update on new CFTC rule proposals under the Dodd-Frank Act that would provide further guidance on definitions of key Dodd-Frank swaps terms such as "swap dealer" and "major swap participant" as well as setting forth certain requirements for swap dealers, major swap participants and derivatives clearing organizations.Legal Update: archive02-Dec-2010144CFTC Votes to Propose Rules on Intermediary Registration ...An update on the CFTC's proposed rules and interpretive order under the Dodd-Frank Act covering registration of intermediaries; processing, transferring and clearing of customer positions; commodity trading advisors and commodity pool operators; and disruptive practices.Legal Update: archive24-Feb-2011145CFTC, Fed and SEC Sign MOU Dealing with Central ...This is a description of the memorandum of understanding signed by the Commodity Futures Trading Commission, the Federal Reserve Board and the Securities and Exchange Commission regarding central counterparties for over-the-counter credit default swaps.Legal Update: archive14-Nov-2008146CFTC: Clearing Banks Must Hold Secured Customer Funds in ...The CFTC issued guidance stating that secured customer funds collateralizing cleared derivatives transactions which are held by Futures Commissions Merchants (FCMs) must be held in separate accounts from segregated but unsecured customer funds. The CFTC also proposed amendments to existing regulations to increase protections for customer funds that are held by FCMs and Derivatives Clearing Organizations (DCOs), as well as other rules for FCMs.Legal Update: archive01-Nov-2012147CFTC: Registered Investment Company CPOs Exempted from ...The CFTC has issued a number of final CPO rules, including a rule designed to harmonize certain compliance obligations for entities that are subject to dual disclosure requirements because they are SEC registered investment companies (RICs) that are now also required to register with the CFTC as commodity pool operators (CPOs) under Dodd-Frank rules. The CFTC also issued final rules on third-party recordkeeping for CPOs, and the SEC issued guidance for RICs that enter into derivatives.Legal Update: archive19-Aug-2013148China Looks to Currency Swap Accords to Bolster ...An update on China looking to enter more swap accord agreements in a move to bolster international trade.Legal Update: archive31-Mar-2009149China to Put Restrictions on the Derivatives Trading of ...An update on rules from the Chinese government that will allow the largest banks in the country to impose obstacles to derivatives trading with Chinese banks.Legal Update: archive04-Sep-2009150China's State-Owned Businesses May Renege on Commodity ...An update on a Reuters report that China's State-owned Assets Supervision and Administration Commission has warned foreign banks that the country's state-owned enterprises reserve the right to default on commodity derivatives contracts.Legal Update: archive31-Aug-2009151CICIs to Substitute for Legal Entity Identifiers on Interim BasisThe CFTC issued an order designating DTCC-SWIFT as the provider of CFTC Interim Compliant Identifiers (CICIs) until the CFTC can establish a global legal entity identifier (LEI) system. CICIs will be used to comply with the CFTC's final swap data reporting and recordkeeping regulations under Title VII of the Dodd-Frank Act.Legal Update: archive11-Sep-2012152Clearing Exemption for Inter-affiliate Swaps Proposed by ...The CFTC issued a proposed rule that would exempt swaps between certain affiliated entities (inter-affiliate swaps) from Dodd-Frank's swap clearing requirement.Legal Update: archive22-Aug-2012153Climate Change Bill Passed by House Includes Measures to ...An update on an amendment to legislation passed by the House of Representatives on climate change that would regulate the market for over-the-counter (OTC) derivatives.Legal Update: archive29-Jun-2009154CME Announces Launch of Forex Micro ContractsAn update on the CME Group announcing the launch of a smaller version of foreign exchange contracts.Legal Update: archive18-Feb-2009155CME Group Announces Changes to Interest Rate Swap ...An update on the announced changes by CME Group to the notional coupon rate, the block fee waiver and the listing schedule for interest rate swap futures contracts.Legal Update: archive28-May-2009156CME Group Announces New Options on Certain Interest Rate ...An update on the CME Group's addition of options on certain interest rate swap futures.Legal Update: archive19-Jun-2009157CME Group Issues Market Advisory Notice on All or None ...An update on a market advisory notice published by CME Group on all or none transactions conducted on the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT).Legal Update: archive26-Jun-2009158CME Group Modifies Trading Fee ScheduleAn update on an announcement by CME Group regarding changes to its trading fee schedule.Legal Update: archive16-Jun-2009159CME Plans to Launch Clearing Service in LondonAn update on CME's plan to establish a clearing serivce for over-the-counter credit default swaps in London.Legal Update: archive02-Mar-2009160CME Three-Month OIS Futures Contracts to be Eligible for ...An update on an announcment by CME Group that CME three-month overnight index swap futures contracts will be eligible to be traded as all-or-none transactions.Legal Update: archive21-Apr-2009161Comment Period on Uncleared Swap Margin Rules ...The Federal Reserve Board, FDIC and other regulators reopened until November 26, 2012 the comment period for a Dodd-Frank proposed rule on margin requirements relating to many uncleared swap trades.Legal Update: archive27-Sep-2012162Comment Periods Extended for Proposed Derivatives Margin ...Both the SEC and the CFTC have extended the comment periods for proposed rules on the treatment of derivatives margin collateral.Legal Update: archive18-Jan-2013163Commission opens investigations into Credit Default Swaps ...On 29 April 2011, the European Commission announced that it has opened two separate investigations into suspected breaches of Article 101 and/or Article 102 of the TFEU in the Credit Default Swaps market.Legal Update: archive29-Apr-2011164Commodity Option Exemption under Dodd-Frank Temporarily ...The CFTC's Division of Market Oversight issued a no-action letter allowing market participants to temporarily rely on the recently issued exemption from Dodd-Frank swaps rules for physically delivered commodity option contracts without complying with all of its specified provisions.Legal Update: archive28-Aug-2012165Compliance Date for Certain FCM Risk Management ...The CFTC issued an extension for compliance by futures commission merchants that are clearing members of clearinghouses registered with the CFTC with certain pre-trade screening requirements in the final Dodd-Frank rules on clearing member risk management. The date for compliance has been extended until no later than June 1, 2013.Legal Update: archive08-Oct-2012166Compliance Dates for Dodd-Frank Swaps Rules Triggered by ...On August 13, 2012, final rules on the definitions of the terms "swap" and "security-based swap" were published in the Federal Register triggering many swap-related and certain other requirements under Title VII of the Dodd-Frank Act.Legal Update: archive16-Aug-2012167Council of the EU adopts EMIRThe Council of the EU has adopted EMIR (also known as the Regulation on over-the-counter (OTC) derivative transactions, central counterparties (CCPs) and trade repositories).Legal Update: archive04-Jul-2012168Court Rejects Wachovia's Bid to Dismiss Improper Margin Call ...An update on a federal District Court denying Wachovia's attempt to have a suit dismissed in which it's accused of cheating a hedge fund.Legal Update: archive15-Jul-2009169CPSS-IOSCO principles for financial market infrastructuresThe Committee on Payment and Settlement Systems and the Technical Committee of the International Organization of Securities Commissions have issued principles for financial market infrastructures and consultations on an assessment methodology and a disclosure framework relating to the principles.Legal Update: archive16-Apr-2012170Credit Default Swap Dealers Plan Changes in Trading ...An update on plans by dealers of credit default swaps to overhaul the way CDS are traded.Legal Update: archive02-Feb-2009171Cross-border Swaps Representation Letter for US Banks ...ISDA published a letter that may be used by US banks in connection with the CFTC's cross-border swaps final guidance and policy statement published in July 2013.Legal Update: archive18-Sep-2013172Currency Swaps May Escape Regulation Under Dodd-FrankAn update on the possible exemption of foreign exchange swaps, foreign exchange forwards, or both, from swaps regulation under Dodd-Frank.Legal Update: archive27-Oct-2010173CUSIP Global Services Launches New Service for US Listed ...An update on CUSIP Global Services' new service for US listed equity options.Legal Update: archive01-Jul-2009174CUSIPs Made Available for MAC Interest Rate SwapsSIFMA and ISDA recently announced the development of CUSIP numbers for standardized ISDA market agreed coupon (MAC) interest rate swap contracts.Legal Update: archive17-Dec-2013175Dealers and Industry Groups Outline Framework for Managing ...An update on a letter sent by several financial industry groups and firms to the President of the Federal Reserve Bank of New York outlining a framework for over-the-counter (OTC) derivatives risk management and market structure.Legal Update: archive08-Jun-2009176Dealers and Industry Groups Pledge Commitment to Greater ...An update on a letter sent by several financial industry groups and firms to the President of the Federal Reserve Bank of New York outlining new commitments to bring greater transparency and standardization to over-the-counter (OTC) derivatives markets.Legal Update: archive01-Mar-2010177Delaware Chancery Court Approves Settlement Between ...An update on the settlement of class action litigation between CME Group Inc., as successor to the Chicago Board of Trade, Inc. (CBOT), and the Chicago Board Options Exchange, Inc. (CBOE).Legal Update: archive19-Jun-2009178Delay in EU implementation of mandatory derivatives clearingAn article has been published on ft.com reporting that the EU will not meet the G20 commitment to mandatory clearing of standardised over-the-counter (OTC) derivatives by January 2013.Legal Update: archive29-May-2012179Deriv/SERV to Transfer Confirmation and Matching Service to ...An update on DTCC Deriv/SERV LLC (Deriv/SERV) transferring its confirmation and matching service to MarkitSERV.Legal Update: archive17-Jul-2009180Derivatives Exchange Executives Warn House Subcommittee ...An update on remarks to a House subcommittee by executives from two major derivatives exchanges warning that too much regulation of OTC derivatives could be harmful to the US economy.Legal Update: archive09-Jun-2009181District Court Declines to Dismiss SEC Complaint Alleging ...An update on a federal District Court's denial of motions to dismiss the SEC's first ever enforcement action alleging insider trading in credit default swaps.Legal Update: archive19-Jan-2010182District Court Permits Appeal of Potentially Far-reaching ...An update on the US District Court's decision to let BNY Corporate Trustee Services Ltd. appeal the bankruptcy court ruling in "flip clause" case.Legal Update: archive22-Sep-2010183Dodd-Frank Commodity Trading Account Aggregation Rules ...The CFTC issued proposed rules that would modify rules on the aggregation of trading positions in physical commodities and related contracts for purposes of complying with final Dodd-Frank speculative commodity position limits rules.Legal Update: archive22-May-2012184Dodd-Frank CPO Registration Delayed for ABS IssuersThe CFTC has delayed until December 31, 2012 the deadline for certain pooled investment vehicles, including issuers of asset-backed securities, to register as commodity pool operators (CPOs) or commodity trading advisors (CTAs) under the Dodd-Frank Act.Legal Update: archive17-Oct-2012185Dodd-Frank CPO/CTA Rules Amended by CFTC to Add Swap ...The CFTC approved final amendments to Part 4 of its regulations, which govern the operations and activities of commodity pool operators (CPOs) and commodity trading advisors (CTAs). The amendments are designed to conform the regulations to the Dodd-Frank Act.Legal Update: archive30-Aug-2012186Dodd-Frank Delay: CFTC and SEC Propose Temporary ...An update on the delay by regulators to the effective dates of many Dodd-Frank swaps rules from June 16, 2011 to no later than December 31, 2011 and the clarification by the CFTC and the SEC regarding which provisions of Title VII of the Dodd-Frank Act will take effect on July 16, 2011, as scheduled.Legal Update: archive15-Jun-2011187Dodd-Frank Delay: SEC Issues Further Temporary Securities ...An update on an interim final rule and exemptive order issued by the SEC further clarifying which US securities laws will apply to security-based swaps when the core provisions of Title VII of the Dodd-Frank Act take effect on July 16, 2011. The SEC also extended temporary exemptions for certain credit default swaps until related final rules become effective, and provided limited exemptions from certain Dodd-Frank clearing agency registration requirements.Legal Update: archive07-Jul-2011188Dodd-Frank Delays Mount as Agencies Extend Comment ...An update on the controversy surrounding the timetable for Dodd-Frank implementation and the extension by federal regulators of the public comment period for proposed rules on securitization credit risk retention to August 1, 2011. This is the latest in a series of Dodd-Frank rulemaking delays that have come primarily in the area of OTC derivatives.Legal Update: archive07-Jun-2011189Dodd-Frank ECP Swap Guarantor Rule: Implications for Loan ...The Dodd-Frank rule requiring all swap guarantors to be eligible contract participants (ECPs) under the Commodity Exchange Act (CEA) is scheduled to become effective on March 31, 2013. This has implications for loan guarantees and other loan documents that may require immediate attention.Legal Update: archive21-Feb-2013190Dodd-Frank One Year Later: Certain Swaps Provisions Go ...An update on certain core provisions of Title VII of the Dodd-Frank Act, covering swaps and derivatives, which became effective on July 16, 2011, the one year anniversary of Dodd-Frank enactment, as well as a final CFTC order providing exemptive relief from compliance with most Title VII non-security-based swaps provisions, the latest in a series of releases by regulators on Title VII delays.Legal Update: archive21-Jul-2011191Dodd-Frank Swaps Pushout Rule Effective Date ClarifiedRegulators clarified the effective date for Section 716 of the Dodd-Frank Act, known as the Pushout Rule or Lincoln Rule.Legal Update: archive03-Apr-2012192DOL Issues Advisory Opinion on Cleared Swap Transactions ...The US Department of Labor (DOL) has issued Advisory Opinion 2013-01A (AO), stating that a clearing member that exercises account liquidation rights following default by a pension plan under a cleared swap is not a plan fiduciary but is a party in interest with respect to the plan. The AO also addresses whether certain transactions between a pension plan and the clearing member in connection with cleared swap transactions are prohibited by ERISA. Legal Update: archive14-Feb-2013193DTCC Advocates Single Trade Repository for OTC DerivativesAn update on congressional testimony from general counsel for the Depository Trust & Clearing Corporation (DTCC) supporting a single trade repository for OTC derivatives.Legal Update: archive09-Jun-2009194DTCC and LCH.Clearnet Delay Closing for Proposed MergerAn update on the proposed merger between the Depository Trust & Clearing Corporation and LCH.Clearnet.Legal Update: archive01-Apr-2009195DTCC Enhances DERIV/Serv Matching and Confirmation ...An update on the enhancements that the Depository Trust and Clearing Corporation is making to its DERIV/Serv matching and confirmation service.Legal Update: archive18-Feb-2009196DTCC Offers Support to Any Centralized CDS Clearing ...An update on the Depository Trust and Clearing Corporation providing non-discriminatory support to central counterparty solutions for credit default swaps.Legal Update: archive13-Jan-2009197DTCC Revises Operating Procedures for ISDA InitiativesAn update on revisions to the relevant appendices of DTCC Deriv/SERV's operating procedures to incorporate changes related to ISDA's auction settlement and restructuring supplement and "Small Bang" protocol.Legal Update: archive28-Jul-2009198DTCC Supports New Standard Credit Derivatives Contract ...An update on the exclusion of corporate restructurings as a credit event in corporate single-name credit derivatives contracts.Legal Update: archive10-Mar-2009199DTCC to Expand CDS Data Released from Trade Information ...An update on the DTCC's website which will now include expanded CDS weekly trading activity data released from the Trade Information Warehouse.Legal Update: archive15-Jan-2009200DTCC to Include "Copper" CDS Trades in its Trade ...An update on the DTCC's plan to provide a facility through which firms can submit "copper" CDS trades to its Trade Information Warehouse repository.Legal Update: archive13-Jul-2009201DTCC to Include Historical Data on CDSs in its Trade ...An update on the DTCC's announcement that it will expand its Trade Information Warehouse to include historical data on credit default swaps (CDSs).Legal Update: archive02-Sep-2009202Dubai Mercantile Exchange Contracts Migrate to CME GlobexAn update on CME Group's electronic derivatives trading platform, CME Globex.Legal Update: archive02-Feb-2009203ELX Approved to Clear Derivatives in US; NYSE Euronext ...An update on ELX Futures LP (ELX) and NYSE Euronext receiving approval from the appropriate regulatory agencies to clear derivatives in the US and UK, respectively.Legal Update: archive28-May-2009204ELX Futures Launches As New ExchangeAn update on the launch of ELX Futures.Legal Update: archive13-Jul-2009205EMIR published in Official JournalThe text of the Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012) (EMIR) has been published in the Official Journal of the European Union (OJ).Legal Update: archive27-Jul-2012206EMIR trade reporting requirements delayedThe European Securities and Markets Authority (ESMA) has updated its webpage on EMIR (the Regulation on OTC derivative transactions, central counterparties (CCPs) and trade repositories (Regulation 648/2012)) to indicate that it estimates that the first trade repositories (TRs) are not likely to be registered before August 2013.Legal Update: archive14-Jun-2013207End User Swap Data Reporting Further Delayed by CFTCThe CFTC has granted a reprieve from the April 10, 2013 backstop deadline for swap data reporting under Dodd-Frank for swaps between commercial end users of derivatives.Legal Update: archive10-Apr-2013208English Court Rules on ISDA Master Agreement Section 2(a) ...The Court of Appeal of England and Wales considered Section 2(a)(iii) of the ISDA Master Agreement in four highly anticipated appeals: Lomas v. JFB Firth Rixson; Lehman Brothers Special Financing Inc. v. Carlton Communications; Pioneer Freight Futures v. Cosco; and Britannia Bulk v. Pioneer Navigation.Legal Update: archive04-Apr-2012209ESMA advises European Commission on third country ...The European Securities and Markets Authority (ESMA) has published its advice to the European Commission on the equivalence of the regulatory regimes of certain non-EU countries under EMIR (the Regulation on OTC derivative transactions, central counterparties (CCPs) and trade repositories (Regulation 648/2012)).Legal Update: archive03-Sep-2013210ESMA issues investor warning about forex tradingThe European Securities and Markets Authority has issued an investor warning about forex trading.Legal Update: archive05-Dec-2011211ESMA updates Q&As on EMIR implementation: February 2014The European Securities and Markets Authority (ESMA) has published an updated version of its questions and answers document (Q&A) on the implementation of EMIR (the Regulation on over-the-counter (OTC) derivatives, central counterparties and trade repositories) (Regulation 648/2012).Legal Update: archive12-Feb-2014212EU Considering More Derivatives RegulationAn update on a Wall Street Journal article discussing the latest from the European Union on their desire to regulate the derivatives market.Legal Update: archive23-Mar-2009213EU May Require Banks to Clear their Off-Exchange Credit ...An update on the EU Internal Market Commission requiring banks in Europe to clear their off-exchange credit derivatives and cut risk for investors.Legal Update: archive03-Feb-2009214Eurex Credit Clear First Worldwide to Clear Single-Name CDS ...An update on Eurex Credit Clear becoming the first clearinghouse in the world to clear single-name credit default swap (CDS) trades.Legal Update: archive02-Sep-2009215Eurex to Offer Clearing of European Credit Default SwapsAn update on Eurex AG's plan to guarantee trades of certain European credit default swaps.Legal Update: archive27-Jul-2009216EuroCCP Calls on European Clearinghouses to Adopt a ...An update on European Central Counterparty Limited's (EuroCCP's) call for all European central counterpaty clearinghouses to adopt a convention on interoperability.Legal Update: archive29-Jun-2009217European Clearing Services for Credit Default Swaps PlannedAn update on plans by LCH.Clearnet and IntercontinentialExchange, Inc., to launch clearing services for credit default swaps in Europe.Legal Update: archive17-Feb-2009218European Clearinghouse for Prime Brokerage to Launch in ...An update on a report by the Depository Trust & Clearing Corporation that Omgeo and EuroCCP announced they are jointly developing a clearinghouse for hedge fund-dealer derivatives trades to mitigate counterparty and operational risk and inefficiency.Legal Update: archive08-Jun-2009219European Clearinghouse to Clear Fertilizer SwapsAn update on the implementation of clearing services for over-the-counter fertilizer swaps by Europe's largest independent clearinghouse.Legal Update: archive11-Jun-2009220European Commission legislative proposal on OTC ...On 15 September 2010, the European Commission published a legislative proposal on over-the-counter derivatives, central counterparties and trade repositories.Legal Update: archive15-Sep-2010221European Commission Publishes Consultations on EU ...An update on the publication by the European Commission of public consultations on derivatives and short selling/credit default swaps.Legal Update: archive15-Jun-2010222European Commission publishes MiFID II legislative ...The European Commission has published legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC) and its implementing legislation. The proposals consist of a Directive and a Regulation. Certain aspects of the proposals are of interest to finance lawyers.Legal Update: archive26-Oct-2011223European Commission publishes MiFID II legislative ...The European Commission has published legislative proposals to amend the Markets in Financial Instruments Directive (2004/39/EC). The proposals (referred to as MiFID II) consist of a Directive and a Regulation. They are intended to make financial markets more efficient, resilient and transparent, strengthen investor protection, increase the supervisory powers of regulators and provide clear operating rules for all trading activities. (Free access)Legal Update: archive20-Oct-2011224European Credit Default Swaps Will Contain New TermsAn update on an agreement reached in Europe that will change the terms of credit default swaps.Legal Update: archive20-Apr-2009225European Parliament adopts EMIRThe European Parliament has published a press release announcing it has adopted the European Market Infrastructure Regulation (EMIR) (also known as the Regulation on over-the-counter (OTC) derivative transactions, central counterparties (CCPs) and trade repositories). (Free access.)Legal Update: archive29-Mar-2012226Eurozone Crisis: ISDA Illegality/Force Majeure ProtocolISDA has published an Illegality/Force Majeure Protocol which can be used to amend the 1992 ISDA Master Agreement.Legal Update: archive13-Jul-2012227Failed Clearinghouse Losses May Be Passed on to ...The CPSS and IOSCO published for public comment a consultative report on the recovery and resolution of financial market infrastructures, proposing ways to manage the risk of derivatives clearinghouses that may be too big to fail.Legal Update: archive15-Aug-2012228FCA webpage on EMIR notifications and exemptionsThe FCA has published a webpage about notifications and exemptions under EMIR (the Regulation on OTC derivatives, central counterparties and trade repositories) (Regulation 648/2012).Legal Update: archive12-Aug-2013229FDIC Clarifies Scope of Orderly Liquidation AuthorityThe FDIC published a final rule which establishes criteria for determining if an entity is predominantly engaged in "activities that are financial in nature or incidental thereto" for the purposes of determining if it could be subject to the FDIC's nonbank Orderly Liquidation Authority (OLA) under Title II of the Dodd-Frank Act.Legal Update: archive27-Jun-2013230Fed Clarifies Application of Swaps Pushout Rule to US ...The Federal Reserve Board issued a final rule correcting a drafting error and clarifying that section 716 of the Dodd-Frank Act, known as the Pushout Rule, treats uninsured (non-IDI) US branches of non-US banks that are swap dealers as "swaps entities" under the rule, making them eligible for compliance extensions under the rule.Legal Update: archive31-Dec-2013231Fed Seeks Comment on Restriction of Bank Commodity ...The Board of Governors of the Federal Reserve System has requested public comment on the regulation and possible restriction of the physical commodities activities of financial holding companies (FHCs).Legal Update: archive15-Jan-2014232Federal Reserve Announces International Swap ...An update on an announcement by the Federal Reserve of new temporary reciprocal currency arrangements.Legal Update: archive06-Apr-2009233Federal Reserve Board Establishes Risk-management and ...An update on a notice of proposed rulemaking by the Federal Reserve Board (FRB) establishing risk-management standards and requirements for advance notice of material changes to the rules, procedures or operations of certain financial market utilities (FMUs) designated as systemically important, as required by the Dodd-Frank Act.Legal Update: archive31-Mar-2011234Federal Reserve Board Issues Final Rule Implementing ...The Federal Reserve Board issued a final rule implementing changes to its market risk capital rules, requiring banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities.Legal Update: archive12-Jun-2012235FIA Believes Treasury's Proposed Derivatives Reforms May ...An update on the Futures Industry Association's (FIA) reservations about the Treasury Department's proposed reforms for derivatives clearing.Legal Update: archive19-Aug-2009236Final Clearing Determination for CDS and Interest Rate ...The CFTC issued a final clearing determination under the Dodd-Frank Act and the Commodity Exchange Act (CEA) requiring that four classes of interest rate swaps and two classes of credit default swaps (CDS) be cleared through registered swaps clearinghouses (DCOs) beginning for swaps between certain parties, including swap dealers (SDs) and active funds, on March 11, 2013.Legal Update: archive29-Nov-2012237Final Dodd-Frank Cross-border Swap Exemptive Order Issued ...The CFTC issued a final exemptive order and further proposed guidance providing temporary relief from certain cross-border, or extraterritorial, applications of the swaps provisions of the Commodity Exchange Act (CEA) as added under Title VII of the Dodd-Frank Act.Legal Update: archive03-Jan-2013238Final Dodd-Frank Rules for Swap Clearing Members Issued ...The CFTC issued final Dodd-Frank rules covering the activities of non-security-based swap clearinghouse clearing members, including rules on customer swap clearing documentation, timing of swap acceptance for clearing and clearing member risk management for futures contract merchants (FCMs), swap dealers (SDs) and major swap participants (MSPs).Legal Update: archive29-Mar-2012239Final Dodd-Frank Swap Execution Facility (SEF) Rules ...The CFTC adopted final rules under Title VII of the Dodd-Frank Act governing electronic swap trading platforms, referred to as swap execution facilities (SEFs). These rules could diminish the role of major financial institutions as gatekeepers to swaps trading. They may also ultimately contribute to a reduced need for legal counsel in documenting swaps and derivatives transactions.Legal Update: archive20-May-2013240Final External Business Conduct Rules for Swap Dealers and ...The CFTC adopted final rules under Title VII of the Dodd-Frank Act imposing so-called "external" business conduct standards on swap dealers and major swap participants (MSPs) in dealings with their swap counterparties.Legal Update: archive19-Jan-2012241Final Global Margin Rules for Uncleared Derivatives ...The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) released joint final guidelines on minimum international standards for collateralizing non-centrally cleared derivatives.Legal Update: archive05-Sep-2013242Final Governance and Risk-management Rules for Swap ...The CFTC issued final internal business conduct (IBC) rules under Title VII of the Dodd-Frank Act for swap dealers (SDs) and major swap participants (MSPs). Among other things, the rules require appointment of a Title VII chief compliance officer and other compliance duties for SDs and MSPs. The rules also establish certain swap data reporting and recordkeeping requirements and conflict of interest rules.Legal Update: archive01-Mar-2012243Final Large-trader Reporting Rule Issued by CFTCThe CFTC issued a final rule and related forms on large-trader commodity position reporting under the Commodity Exchange Act for banks and other parties in their capacities as clearing members, futures commission merchants (FCMs), swap dealers and foreign brokers.Legal Update: archive12-Dec-2013244Final Rules Amending CPO, CTA Registration and ...The CFTC issued final rules amending registration and compliance obligations for commodity pool operators (CPOs) and commodity trading advisors (CTAs). It also issued a related proposed rule on reducing CPO compliance burdens.Legal Update: archive16-Feb-2012245Final Rules Amending the Effective Date of Swaps Regulation ...The CFTC issued a final order amending the effective date of many Dodd-Frank regulations covering non-security-based swaps. The final order extends the exemption from compliance with these rules to July 16, 2012, or earlier if made possible by the completion of related rulemaking.Legal Update: archive21-Dec-2011246Final Rules Defining "Swap Dealer" and "Major Swap ...The CFTC and the SEC issued joint final rules defining the terms "swap dealer," "major swap participant," "security-based swap dealer" and "major security-based swap participant" for purposes of the Dodd-Frank Act, the Commodity Exchange Act (CEA) and the US securities laws. The rules also modify the definition of "eligible contract participant" under the CEA to include swap dealers (SDs), major swap participants (MSPs), security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs).Legal Update: archive19-Apr-2012247Final Rules Exempting Cleared Security-based Swaps from ...The SEC issued final rules exempting security-based swap transactions cleared through qualifying security-based swap clearinghouses (clearing agencies) from US securities laws.Legal Update: archive05-Apr-2012248Final Rules on Associated Persons of Swap Dealers and ...The CFTC has issued final rules under the Dodd-Frank Act regarding associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other CFTC registrants.Legal Update: archive04-Apr-2013249Final Rules on Commodity Options under Dodd-Frank Issued ...The CFTC adopted final rules subjecting commodity options to Dodd-Frank swaps rules applicable to other non-security-based swaps, but issued an interim final rule exempting options on many physically settled commodities used for commercial business purposes.Legal Update: archive19-Apr-2012250Final Rules on Data Reporting and Recordkeeping for ...The CFTC issued final rules establishing data reporting and recordkeeping requirements for pre-enactment and transition swaps, referred to collectively as historical swaps, under the Dodd-Frank Act. These include all currently outstanding swaps and swaps currently being entered into.Legal Update: archive30-May-2012251Final Rules on Designated Contract Markets under Dodd ...The CFTC issued final rules on the core principles and other requirements for certain swap exchanges known under the Dodd-Frank Act as designated contract markets (DCMs).Legal Update: archive15-May-2012252Final Rules on End-user Exception to Swap Clearing ...The CFTC issued final rules detailing the specifics of the end-user exception to the mandatory swap clearing requirement of Title VII of the Dodd-Frank Act.Legal Update: archive19-Jul-2012253Final Rules on Investment of Customer Funds under Dodd ...The CFTC issued final rules implementing changes required under Dodd-Frank to CFTC regulations that cover the investment by derivatives clearing organizations (DCOs) and futures commission merchants (FCMs) of customer funds collateralizing non-security-based swaps.Legal Update: archive08-Dec-2011254Final Rules on Protection of FCM Customer Funds Adopted by ...The CFTC adopted final rules designed to protect customer funds, margin posted by customers of futures commission merchants (FCMs) to collateralize positions under futures contracts, after customer funds were misplaced in two high profile FCM failures.Legal Update: archive06-Nov-2013255Final Rules on Real-time Public Reporting of Swap ...The CFTC adopted final Dodd-Frank rules on real-time public reporting of non-security-based swap transaction and pricing data to registered swap data repositories (SDRs).Legal Update: archive21-Dec-2011256Final Rules on Registration of Foreign Boards of Trade under ...The CFTC approved final rules on registration of foreign boards of trade (FBOTs) under the Dodd-Frank Act.Legal Update: archive06-Dec-2011257Final Rules on Registration of Swap Dealers and Major Swap ...The CFTC adopted final Dodd-Frank rules establishing the process for registration of swap dealers and major swap participants (MSPs) with the CFTC.Legal Update: archive12-Jan-2012258Final Rules on Segregation of Initial Margin for Uncleared ...The CFTC released final rules on segregation requirements for initial margin posted in connection with uncleared swaps under Section 724(c) of the Dodd-Frank Act. The rules also increased protection of cleared swap portfolio margining arrangements.Legal Update: archive07-Nov-2013259Final Rules on Swap Data Reporting and Recordkeeping ...The CFTC adopted final rules on swap data reporting and recordkeeping requirements for registered entities and parties to all non-security-based swaps.Legal Update: archive21-Dec-2011260Final Rules on Swap Dealer Trading Documentation and ...The CFTC published final rules in the Federal Register governing acknowledgements, transaction confirmations, recordkeeping, portfolio reconciliation, portfolio compression and trading relationship documentation for swap dealers and major swap participants.Legal Update: archive13-Sep-2012261Final Rules Protecting Cleared Swap Margin Collateral of ...The CFTC issued final rules under the Dodd-Frank Act designed to protect margin collateral relating to the cleared swaps of customers of futures commission merchants (FCMs).Legal Update: archive12-Jan-2012262Final Rules Require Backup for Treasuries Collateralizing ...The CFTC and the FRB have issued new rules establishing additional standards for systemically important derivatives clearing organizations (SIDCOs). As part of these rules, sovereign debt, including US Treasuries, used to collateralize swaps and futures transactions cleared by SIDCOs must be subject to a committed funding arrangement that would allow immediate conversion of this collateral into cash.Legal Update: archive19-Nov-2013263Final Schedule for Swap Clearing Compliance under Dodd ...On July 24, 2012, the CFTC approved final rules establishing a schedule to phase in entity compliance with new clearing requirements for non-security-based swaps under Title VII of the Dodd-Frank Act.Legal Update: archive01-Aug-2012264FINRA Extends Interim Pilot Program that Set Margin ...An update on a rule change from FINRA to extend pilot program that set margin requirements for credit default swaps (CDS).Legal Update: archive03-Dec-2010265FINRA Fines ICAP in its First Case Involving Credit Default ...An update on the settlement of FINRA's first-ever case involving credit default swaps.Legal Update: archive06-Jul-2009266FINRA Implements Interim Pilot Program Establishing Margin ...An update on the FINRA proposal to implement margin requirements for certain transactions in credit default swaps on a pilot program basis through September 25, 2009.Legal Update: archive26-May-2009267FINRA Proposes Rule Change Relating to Margin ...An update on a proposed rule change by FINRA relating to margin requirements for certain transactions in credit default swaps.Legal Update: archive18-Mar-2009268FINRA Proposes to Limit Leverage Ratio Broker-Dealers May ...An update on a proposed rule by the Financial Industry Regulatory Authority that would limit the leverage ratio offered by broker-dealers for certain forex transactions.Legal Update: archive05-Jun-2009269First Central Clearinghouse for Credit Default Swaps Begins ...An update on the first credit default swap clearinghouse.Legal Update: archive23-Dec-2008270First SEF Available-to-trade Determination Could Move Most ...The first available-to-trade determination under final Dodd-Frank Title VII rules was submitted to the CFTC by Javelin SEF, LLC. The determination could expedite the movement of many of the most commonly traded interest rate swaps onto derivatives exchanges.Legal Update: archive24-Oct-2013271Fitch Report Examines Trends in US Derivatives MarketAn update on a Fitch Ratings report that examines the use of derivatives in the US market.Legal Update: archive24-Jul-2009272Fitch Reports European CDS Liquidity Surpasses Americas ...An update on a Fitch Solutions report finding that Europe overtook the US in CDS liquidity.Legal Update: archive30-Jun-2009273Fitch Survey Finds Increasing CDS Counterparty ...An update on a market survey done by Fitch Ratings that finds an ongoing trend towards concentrated counterparty risk in credt default swap (CDS) contracts.Legal Update: archive26-Aug-2009274Flip-clause Claims Against Ballyrock Upheld by Lehman CourtAn update on a Lehman Bankruptcy Court decision denying defendant Ballyrock's motion to dismiss Lehman's claims that a provision in a CDO-related swap agreement operates as a prohibited ipso facto flip clause.Legal Update: archive19-May-2011275Four Exchanges Competing to Establish Credit Default Swap ...An update on Congressional testimony from executives of exchanges in the US, UK and Germany each proposing to create a centralized clearing platform for the trading of credit default swaps.Legal Update: archive10-Dec-2008276FRB Grants Swaps Pushout Rule Phase-in for Foreign BanksThe Federal Reserve Board issued an interim final rule that allows uninsured US branches and agencies of foreign banks a two year phase-in period to comply with the swaps Pushout Rule of Section 716 of the Dodd-Frank Act, which is scheduled to become effective July 16, 2013.Legal Update: archive06-Jun-2013277FRBNY Wants More Competition in CDS Clearinghouses ...Legal update on credit default swap clearing houses.Legal Update: archive03-Aug-2009278FRBNY, NY Insurance Department Pushing Banks to Offer ...An update on efforts by the Federal Reserve Bank of New York and the New York State Insurance Department to encourage banks to offer hedge funds and other clients access to credit default swap clearinghouses.Legal Update: archive01-Apr-2009279FSB notice on technical features of the legal entity identifierThe Financial Stability Board has published an update on its legal entity identifier (LEI) expert group's work on developing a global framework for the LEI. This includes early guidance on two technical features of the LEI.Legal Update: archive07-Mar-2012280FSB recommendations on global legal entity identifier for ...The Financial Stability Board (FSB) has published its recommendations and proposals for implementing a global legal entity identifier (LEI) system for financial markets.Legal Update: archive08-Jun-2012281FSB's second progress report on implementing OTC ...The Financial Stability Board has published its second progress report on implementation of over-the-counter derivatives market reforms.Legal Update: archive12-Oct-2011282FSOC Issues Advance Notice of Proposed Rulemaking on ...An update on an advance notice of proposed rulemaking issued by the Financial Stability Oversight Council (FSOC) seeking comment on how it should designate financial market utilities as systemically important under the Dodd-Frank Act.Legal Update: archive29-Nov-2010283FSOC Issues Final Rules on Designating FMUs as ...An update on the final rules issued by the Financial Stability Oversight Council (FSOC) outlining protocol for its designation of financial market utilities (FMUs) as systemically important under the Dodd-Frank Act.Legal Update: archive19-Jul-2011284FSOC Proposes Rules Designating FMUs as Systemically ...An update on a notice of proposed rulemaking issued by the Financial Stability Oversight Council (FSOC) designating financial market utilities (FMUs) as systemically important under the Dodd-Frank Act.Legal Update: archive22-Mar-2011285FTC Approves ICE's Buyout of The Clearing CorporationAn update on IntercontinentalExchange Inc.'s plans to buy out The Clearing Corporation and establish a US clearinghouse for credit default swaps.Legal Update: archive04-Mar-2009286Fund Collateral Issues in the Wake of LehmanFunds negotiating derivatives and prime broker agreements with dealers are demanding greater care and oversight with respect to their posted collateral.Legal Update: archive28-May-2009287Further Changes to Swap Data Reporting Compliance Dates ...On December 5, 2012, the CFTC's Division of Market Oversight issued temporary no-action relief to swap dealers delaying swap data reporting requirements for equity, foreign exchange and commodity swaps due to the effects of Hurricane Sandy.Legal Update: archive06-Dec-2012288Further Compliance Delays for Dodd-Frank External Business ...The CFTC approved interim final rules delaying compliance with certain final Dodd-Frank external business conduct (EBC) and documentation/portfolio compression rules for swap dealers (SDs) and major swap participants (MSPs) until May 1, 2013 and July 1, 2013, respectively.Legal Update: archive25-Dec-2012289Further Limited Swap Data Reporting Relief for Swap Dealers ...The CFTC's Division of Market Oversight granted limited no-action relief to swap dealers from certain swap data reporting obligations relating to interest rate and credit swaps (referred to as Compliance Date 1 Swaps) for which data reporting requirements otherwise became effective on December 31, 2012.Legal Update: archive03-Jan-2013290Further Rules on Large Swaps Known as Block Trades ...The CFTC issued a notice of proposed rulemaking further clarifying proposed Dodd-Frank rules on block trades. Block trades are large notional swaps for which special provisions are included in the CFTC's real-time swap data reporting and related rules.Legal Update: archive03-Jul-2012291FX Swaps and Forwards Exempted from Dodd-Frank Clearing ...The US Department of the Treasury released a final determination stating that foreign exchange swaps and foreign exchange forwards are not subject to central clearing and exchange trading under the Commodities Exchange Act (CEA), as amended by Title VII of the Dodd-Frank Act.Legal Update: archive20-Nov-2012292Grede v. FCStone: Seventh Circuit Embraces Expanded View ...The US Court of Appeals for the Seventh Circuit, in Grede v. FCStone, LLC, reversed a lower court's ruling and extended the section 546(e) safe harbors to certain prepetition payments made by a futures commission merchant (FCM) to its customers.Legal Update: archive16-Apr-2014293Hearings Begin on Bill Banning "Naked" Credit Default SwapsAn update on the hearings that have commenced to consider a bill that would forbid traders from entering into "naked" credit default swaps.Legal Update: archive04-Feb-2009294Hedge Fund Managers Move to OTC MarketsAn update on new hedge fund strategies that are emerging out of the recent push by regulators and exchanges to standardize and centrally clear over-the-counter (OTC) products.Legal Update: archive29-Jun-2009295Hedge Funds Lose "Give-Up" Arrangements with Prime ...An update on the pull back by prime brokers of "give up" arrangements used by hedge funds in their over-the-counter derivatives trading activities.Legal Update: archive09-Mar-2009296House Bill May Ban "Naked" CDS and Require OTC ...An update on a planned House bill to ban "naked" credit default swaps (CDS) and require clearing of over-the-counter (OTC) derivatives.Legal Update: archive22-Jul-2009297House Outlines Derivatives LegislationAn update on the outline for derivatives legislation released by the House Financial Services Committee and House Agriculture Committee.Legal Update: archive30-Jul-2009298HSBC Approved as CDS Clearing Member of ICE TrustAn update on HSBC's approval to clear credit default swaps (CDS) by the Board of ICE Trust.Legal Update: archive27-May-2009299Hunter v. FERC: Federal Court Holds that FERC Has No ...The US Court of Appeals for the District of Columbia held that the CFTC has exclusive authority to regulate natural gas futures contracts even if those contracts affect the purchase and sale of natural gas, which are within the purview of the Federal Energy Regulatory Commission. Legal Update: archive20-Mar-2013300ICE Announces an October 2009 Launch for Its Buy-Side ...An update on an press release from IntercontinentalExchange, announcing an October 2009 launch of a buy-side solution to CDS clearing.Legal Update: archive24-Jul-2009301ICE Benchmark Administration to take over as new LIBOR ...ICE Benchmark Administration Limited (IBA) has announced that it will take over as the new administrator of the London Interbank Offered Rate (LIBOR) on 1 February 2014.Legal Update: archive17-Jan-2014302ICE Benchmark Administration to Take Over LIBOR ...As of February 1, 2014, ICE Benchmark Administration will take over the administration of the London Interbank Offered Rate (LIBOR).Legal Update: archive30-Jan-2014303ICE Commits to Meeting CDS Clearing Requirements in ...An update on IntercontinentalExchange and its commitment to meet the requirements of European regulators to open credit default swap clearing services under ICE Clear Europe.Legal Update: archive03-Mar-2009304ICE Moves Closer to Providing CDS Clearinghouse ServicesAn update on the Federal Reserve Bank's approval of IntercontinentalExchange to begin operating credit default swap clearing services in the US.Legal Update: archive05-Mar-2009305ICE to Open European Clearinghouse for CDS Within WeeksAn update on IntercontinentalExchange, Inc.'s planned launch of a European clearinghouse for credit default swaps in the next few weeks.Legal Update: archive06-May-2009306ICE Trust Begins Clearing Live CDS TransactionsAn update on IntercontinentalExchange Inc.'s clearing platform for credit default swaps (CDS), ICE Trust.Legal Update: archive27-Apr-2009307ICE Trust First to Clear CDSAn update on ICE Trust, which has now begun operations to clear credit default swaps in the US.Legal Update: archive18-Mar-2009308ICE Trust to Begin Clearing CDS After Receiving Regulatory ...An update on ICE Trust, the first credit default swap clearinghouse to begin operations in the US.Legal Update: archive06-Mar-2009309ICE Trust to Partner with Banks to Create Derivatives-Clearing ...An update on efforts by ICE Trust to work with JPMorgan Chase & Co. and Deutsche Bank AG to create derivatives-clearing merchant units within the banks to clear credit-default swaps.Legal Update: archive30-Jul-2009310Improvements in Counterparty Risk and Foreign-Exchange ...An update on improvements in counterparty risk and foreign-exchange swaps that suggest confidence in financial institutions is on the rise.Legal Update: archive17-Jul-2009311In re American Home Mortgage: Triangular Setoff Again ...The US Bankruptcy Court for the District of Delaware ruled in Sass v. Barclays Bank PLC (In re American Home Mortgage Holdings, Inc.) that the mutuality requirement of section 553 of the Bankruptcy Code prohibits a creditor from using excess collateral it holds to set off a debt owed by the debtor to an affiliate of the creditor against its own obligations to the debtor.Legal Update: archive07-Jan-2014312In re Lehman: ISDA Swaps Liquidation Methodology ...The US Bankruptcy Court for the Southern District of New York issued a ruling in the Lehman Brothers bankruptcy cases that extends the safe harbor for swap agreements under section 560 of the Bankruptcy Code to settlement calculation provisions specified under an ISDA Master Agreement, even where the settlement calculation provisions themselves would otherwise operate as prohibited ipso facto clauses under Bankruptcy Code section 365(e)(1).Legal Update: archive14-Jan-2014313In re Sentinel Management: Futures Customers Not Protected ...The US District Court for the Northern District of Illinois issued an opinion in an adversary proceeding related to In re Sentinel Management Group, Inc. in which it declined to extend the safe harbor of Bankruptcy Code section 546(e) to certain prepetition payments made by a futures commission merchant (FCM) to its customers.Legal Update: archive07-Feb-2013314In the CSX Case, Second Circuit Declines to Address Whether ...An update on the July 18, 2011 opinion of the US Court of Appeals for the Second Circuit in CSX Corporation v. The Children's Investment Fund Management (UK) LLP.Legal Update: archive20-Jul-2011315Inter-affiliate and Certain Other Swaps Exempted from ...The CFTC has issued no-action relief exempting certain swaps from mandatory clearing requriements under Title VII of the Dodd-Frank Act. The new relief includes exemptions for inter-affiliate swaps, partially novated or terminated swaps and swaps that result from multilateral compression exercises.Legal Update: archive03-Apr-2013316Inter-affiliate Swap Clearing Relief Extended to December 31 ...The CFTC released two no-action letters, which together extend previously granted relief from mandatory swap clearing and exchange-trading requirements for certain inter-affiliate swaps. This relief expires on December 31, 2014.Legal Update: archive14-Mar-2014317International Derivatives Clearinghouse LaunchesAn update on the launch of the International Derivatives Clearinghouse.Legal Update: archive06-Jan-2009318International Regulators Establish OTC Derivatives ForumAn update on the OTC Derivatives Regulators' Forum established by a group of international financial regulators.Legal Update: archive24-Sep-2009319Investigations Under Way into AIG Counterparty PaymentsAn update on developments in the efforts to bailout American International Group, Inc. (AIG).Legal Update: archive27-Mar-2009320IOSCO and BCBS Release Global Margin Proposal for ...IOSCO and the Basel Committee released their second consultation on margin for uncleared derivatives, a near-final proposal on minimum international standards for the required margin on non-centrally-cleared derivatives.Legal Update: archive28-Feb-2013321IOSCO and CPSS Set Up Working Group to Review ...An update on the establishment by the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) of a working group to review recommendations for central counterparties.Legal Update: archive20-Jul-2009322IOSCO consults on principles for the regulation of ETFsThe Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a consultation report on principles for the regulation of exchange traded funds (ETFs).Legal Update: archive14-Mar-2012323IOSCO follow-on report on trading of OTC derivativesThe International Organization of Securities Commissions has published a follow-on analysis to its February 2011 report on trading of over-the-counter (OTC) derivatives.Legal Update: archive25-Jan-2012324IOSCO makes recommendations on derivatives market ...The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a final report on international standards for derivatives market intermediary (DMI) regulation.Legal Update: archive06-Jun-2012325IOSCO Publishes Interim Recommendations for Unregulated ...An update on the International Organization of Securities Commission (IOSCO) publishing a report making recommendations to improve the securitization process and restore confidence in the credit default swap (CDS) market.Legal Update: archive12-May-2009326IOSCO report on survey of client asset protection regimesThe Technical Committee of the International Organization of Securities Commissions has published its final report on its survey of the client asset protection regimes in force in a number of different jurisdictions. Legal Update: archive14-Mar-2011327IOSCO report on trading of OTC derivativesThe International Organization of Securities Commissions has published a report on trading of over-the-counter derivatives.Legal Update: archive18-Feb-2011328IRS Amends Temporary Regulations on Dividend Equivalent ...An update on a change to an effective date under temporary regulations addressing the treatment of dividend equivalent payments.Legal Update: archive31-Aug-2012329IRS Announces Additional FATCA DelaysThe IRS released a Notice that provides a six-month extension to begin withholding under the Foreign Account Tax Compliance Act (FATCA) and delays certain other FATCA timelines.Legal Update: archive12-Jul-2013330IRS Delays Certain FATCA DeadlinesThe IRS released an announcement that delays certain deadlines under the Foreign Account Tax Compliance Act (FATCA) and provides additional guidance on grandfathered obligations.Legal Update: archive25-Oct-2012331IRS Examining Derivatives Designed to Avoid US Withholding ...An update on the IRS designating as priority issue the examination of derivatives designed to help offshore hedge funds avoid US withholding taxes.Legal Update: archive09-Dec-2008332IRS Issues Final and New Proposed Regulations on Dividend ...The IRS and Treasury Department issued final and reproposed Treasury regulations addressing the tax treatment of dividend equivalent payments.Legal Update: archive06-Dec-2013333IRS Issues Final Regulations on FATCAThe IRS and Treasury Department issued final Treasury regulations addressing withholding and information reporting requirements under the Foreign Account Tax Compliance Act (FATCA).Legal Update: archive18-Jan-2013334IRS Issues Final Set of FATCA RegulationsThe IRS and Treasury Department issued the final substantial set of Treasury regulations neccessary to implement the Foreign Account Tax Compliance Act.Legal Update: archive24-Feb-2014335IRS Issues Preliminary Guidance on FATCAAn update on the IRS's issuance of preliminary guidance on implementing the Foreign Account Tax Compliance Act (FATCA) withholding and reporting provisions enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act).Legal Update: archive30-Aug-2010336IRS Issues Regulations on Dividend Equivalent PaymentsAn update on recently issued temporary and proposed regulations addressing the treatment of dividend equivalent payments.Legal Update: archive25-Jan-2012337IRS Proposes Rules for Credit Default Swaps and Other ...On September 16, 2011, the IRS proposed rules concerning the classification of credit default swaps (CDS) and other derivatives for tax purposes.Legal Update: archive21-Sep-2011338IRS Releases Draft FFI AgreementThe IRS issued Notice 2013-69 (Notice) which provides a draft FFI agreement for use by foreign financial institutions not covered by a Model 1 intergovernmental agreement to comply with the Foreign Account Tax Compliance Act. The Notice also previews intended changes to existing Treasury regulations.Legal Update: archive30-Oct-2013339IRS Releases Final FFI AgreementThe IRS issued a revenue procedure which provides the final FFI agreement.Legal Update: archive28-Dec-2013340ISDA 2013 EMIR NFC Representation Protocol and Timely ...ISDA has published an EMIR NFC Representation Protocol which can be used to amend the ISDA Master Agreement and a Timely Confirmation Amendment Agreement.Legal Update: archive08-Mar-2013341ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution ...ISDA has published a 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Standard Amendment Agreement, which can be used to amend the ISDA Master Agreement.Legal Update: archive21-Aug-2013342ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution ...ISDA has published a 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol, which can be used to amend the ISDA Master Agreement and other agreements governing derivatives transactions.Legal Update: archive23-Jul-2013343ISDA Amends Determinations Committees RulesAn update on amendments to ISDA's Credit Derivatives Determinations Committees rules.Legal Update: archive12-Oct-2009344ISDA and FIA Publish Cleared Derivatives AddendumFIA and ISDA published the FIA-ISDA Cleared Derivatives Addendum, a template for futures commission merchants (FCMs) and their customers to use in connection with cleared over-the-counter (OTC) swaps.Legal Update: archive10-Sep-2012345ISDA and FIA Publish Standard Execution Agreement for ...An update on the new FIA-ISDA Cleared Derivatives Execution Agreement, an optional agreement governing pre-clearing matters for cleared over-the-counter (OTC) derivatives transactions, published by the Futures Industry Association and ISDA.Legal Update: archive17-Jun-2011346ISDA and Markit to Propose Regulatory Compliance Solutions ...ISDA announced that it is partnering with Markit to develop technology that will allow counterparties to amend their over-the-counter (OTC) derivatives documentation.Legal Update: archive13-Jun-2012347ISDA and SIFMA Comment Negatively on NCOIL Model ...An update on negative comments from the International Swaps and Derivatives Association (ISDA) and Securities Industry and Financial Markets Association (SIFMA) on model legislation proposed by the National Conference of Insurance Legislators (NCOIL) for the regulation of credit default swaps (CDS).Legal Update: archive27-May-2009348ISDA and SIFMA Sue CFTC Over Dodd-Frank Commodity ...ISDA and SIFMA filed a lawsuit against the CFTC in the US District Court for the District of Columbia and a petition for review in the US Court of Appeals for the District of Columbia alleging that the CFTC overreached when it issued final rules on position limits for speculative physical commodity futures and related swaps and derivatives under the Dodd Frank Act.Legal Update: archive06-Dec-2011349ISDA Announces Changes to its Credit Derivative Novation ...An update on the International Swaps and Derivatives Association's (ISDA's) announcement of a new project to simplify the novation process for credit derivatives and the publication of related amendments to the ISDA Novation Protocol.Legal Update: archive25-Aug-2010350ISDA Announces Formation of Credit Derivatives ...An update on the ISDA's Credit Derivatives Determinations Committees.Legal Update: archive02-Apr-2009351ISDA Announces Market Practice Changes for European and ...An update on the announcement by the International Swaps and Derivatives Association (ISDA) of market practice changes to the trading convention for credit default swaps (CDS) as Europe moves toward central clearing of CDS.Legal Update: archive23-Jun-2009352ISDA Announces Membership and Charter of the Industry ...ISDA announced the membership and charter of the Industry Clearing Committee (ICC), which consists of a broad cross-section of OTC derivatives industry market participants.Legal Update: archive11-Jan-2012353ISDA Announces New Governance Structure for Market ...An update on ISDA's new governance structure for market practice and post-trade conduct in the privately-negotiated over-the-counter derivatives industry.Legal Update: archive02-Dec-2009354ISDA Announces New Market Practice Changes for CDSs in ...An update on ISDA announcing new CDS market practice changes for emerging markets.Legal Update: archive21-Sep-2009355ISDA Announces Revisions to 2003 Credit Derivatives ...ISDA has issued a preliminary outline of its upcoming revisions to its 2003 Credit Derivatives Definitions, which apply to credit derivatives transactions such as credit default swaps (CDS). The revisions are expected to become effective on March 20, 2014.Legal Update: archive18-Jul-2013356ISDA Announces Successful Implementation of Big Bang CDS ...An update on the implementation of the ISDA's new auction settlement supplement and protocol, to be used to "hardwire" auction settlement terms into standard credit default swap documents.Legal Update: archive08-Apr-2009357ISDA Argues Against Application of Bankruptcy Code ...An update on ISDA filing an amicus brief in Swedbank AB v. Lehman Brothers Holdings Inc. urging the court to nullify the mutuality requirement of Bankruptcy Code Section 553(a) for setoff under a swap agreement against a debtor in bankruptcy using the safe harbor provisions of Bankruptcy Code sections 560 and 561.Legal Update: archive16-Jul-2010358ISDA CEO Expresses Concern With CDS Draft BillAn update on the CEO of the ISDA and his testimony before the House AG Committee expressing reservations concerning the "Derivatives Markets Transparency and Accountability Act of 2009."Legal Update: archive03-Feb-2009359ISDA CEO Tells Senate Committee CDS Market Was Not a ...An update on Congressional testimony of Robert Pickel, CEO of the International Swaps & Derivatives Association, on the role of credit default swaps in the financial crisis.Legal Update: archive10-Mar-2009360ISDA CEO Testifies on Proposed OTC Derivatives RegulationAn update on testimony by the CEO of ISDA on the Treasury Department's Proposed OTC Derivatives Regulations.Legal Update: archive21-Sep-2009361ISDA Comments on Central Counterparty Approach for CDS ...An update on the comment released by the ISDA on the industry approach to central counterparty for CDS and the European Commission's recent statements urging regulation.Legal Update: archive05-Feb-2009362ISDA Comments on Progress Toward Central Clearing of ...Legal update on ISDA's views on progress toward the central clearing of credit default swaps.Legal Update: archive03-Aug-2009363ISDA consults on use of arbitration under ISDA Master ...The International Swaps and Derivatives Association (ISDA) has issued a memorandum, seeking members' views on steps that ISDA could take to assist in their use of arbitration. (Free access.)Legal Update: archive23-Nov-2011364ISDA continues consultation on use of arbitrationThe International Swaps and Derivatives Association (ISDA) Financial Law Reform Committe continued its consultation on the use of model arbitration clauses in the ISDA Master Agreement, with a meeting in New York.Legal Update: archive25-Sep-2012365ISDA Credit Derivatives Determinations Committee for the ...An update on the first meeting of the International Swaps and Derivatives Association's Credit Derivatives Determinations Committee for the Americas.Legal Update: archive17-Apr-2009366ISDA Documentation: Still Relevant in the Dodd-Frank Era?A look at how the transition from a bilateral, over-the-counter (OTC) swaps market to one populated by an increasing segment of cleared and exchange traded transactions will impact the world's central swaps and derivatives body, ISDA, and use of its popular standardized trading documentation.Legal Update: archive02-Jul-2013367ISDA examines options for arbitration clause in Master ...The International Swaps and Derivatives Association (ISDA) Law Reform Committee held a meeting in Singapore last week to discuss the use of arbitration for derivative disputes.Legal Update: archive26-Jun-2012368ISDA Finds Greece Triggered CDS Restructuring Credit EventISDA's EMEA (European) Determinations Committee unanimously found that Greece had triggered a restructuring credit event under credit default swaps (CDS) that identify the Hellenic Republic (Greece) as the applicable reference entity.Legal Update: archive13-Mar-2012369ISDA guidance on discontinuation of LIBOR ratesOn 26 March 2013, the International Swaps and Derivatives Association (ISDA) published a guidance note and amendment letter in relation to the discontinuation of certain currencies and maturities of LIBOR.Legal Update: archive26-Mar-2013370ISDA guidance on transactions referencing suspended ...ISDA has published guidance on dealing with transactions that reference a suspended ISDAFIX rate, including a list of the suspended rates.Legal Update: archive28-Jan-2014371ISDA Issues Hurricane Sandy Guidance for Derivatives ...On October 29, 2012, ISDA released guidance for parties to over-the-counter derivatives that are affected by the closing of US exchanges and bond markets on October 29-30, 2012 due to Hurricane Sandy.Legal Update: archive01-Nov-2012372ISDA issues recommendations on transparency for OTC ...The International Swaps and Derivatives Association (ISDA) has published recommendations for amending the proposed transparency requirements for over-the-counter (OTC) derivatives under the European Commission's proposals to revise the Markets in Financial Instruments Directive (2004/39/EC) (known as MIFID II).Legal Update: archive15-Feb-2012373ISDA Launches 2009 European Cancellable Form Loan CDS ...An update on the International Swaps and Derivatives Association's (ISDA) launch of its 2009 European Cancellable Form Loan Credit Default Swap (CDS) Protocol.Legal Update: archive18-May-2009374ISDA Launches CDS WebsiteAn update on a new website launched by ISDA that presents a variety of information and market statistics on credit default swaps (CDSs).Legal Update: archive12-Aug-2009375ISDA Launches Dodd-Frank Protocol to Amend Swap ...ISDA launched its Dodd-Frank Protocol to facilitate amendment of ISDA documents in order to comply with swaps regulations under Title VII of the Dodd-Frank Act.Legal Update: archive16-Aug-2012376ISDA Launches New CDS Restructuring Protocol and ...An update on ISDA's "Small Bang" Protocol and Restructuring Supplement, which extend ISDA's standard credit default swap auction provisions to restructuring credit events.Legal Update: archive16-Jul-2009377ISDA Launches Swapsinfo WebsiteISDA has launched the SwapsInfo website, designed to enhance transparency in the over-the-counter derivatives markets by consolidating publicly available data on interest rate derivatives and credit default swaps.Legal Update: archive11-Feb-2014378ISDA Master FX Novation and Cancellation ProtocolISDA has published a Master FX Novation and Cancellation Protocol which can be used to amend (among other documents) the 1992 and 2002 ISDA Master Agreements.Legal Update: archive07-Apr-2011379ISDA Proposes FATCA Withholding Tax Language for ...ISDA has published proposed language to address the effects of the Foreign Account Tax Compliance Act (FATCA) withholding tax on derivatives transactions.Legal Update: archive24-Nov-2011380ISDA Publishes 2009 Americas Master Equity Derivatives ...An update on ISDA's publication of the 2009 Americas Master Equity Derivatives Confirmation Agreement.Legal Update: archive05-Mar-2009381ISDA Publishes 2010 HIRE Act Tax ProtocolAn update on the publication of the 2010 Hire Act Protocol by the International Swaps and Derivatives Association (ISDA).Legal Update: archive25-Aug-2010382ISDA Publishes 2010 Short Form HIRE Act ProtocolAn update on the publication of the 2010 Short Form HIRE Act Protocol by ISDA, superseding its August 23, 2010 HIRE Act Protocol.Legal Update: archive01-Dec-2010383ISDA Publishes 2011 Equity Derivatives DefinitionsAn update on the publication of ISDA's 2011 Equity Derivatives Definitions.Legal Update: archive12-Jul-2011384ISDA Publishes 2012 FATCA Protocol for Amending Swap ...ISDA published the ISDA 2012 FATCA Protocol which offers market participants a way to amend their ISDA Master Agreements to address the effects of the Foreign Account Tax Compliance Act (FATCA), which may require withholding tax on payments under derivatives transactions.Legal Update: archive23-Aug-2012385ISDA Publishes 2013 Discontinued Rate Maturities ProtocolISDA recently published a protocol designed to help adhering parties amend the terms of their ISDA Master Agreements to address future rate discontinuations where longer and shorter maturities remain for a discontinued rate.Legal Update: archive21-Oct-2013386ISDA Publishes Account Control Agreement Template for ...ISDA has published a standard agreement template for the segregation with an independent third-party custodian (securities intermediary) of initial margin collateralizing uncleared swaps, as required in certain circumstances under Title VII of the Dodd-Frank Act.Legal Update: archive17-Oct-2013387ISDA publishes additional provisions for credit derivative ...The International Swaps and Derivatives Association (ISDA) has published additional provisions relating to credit derivative transactions with a restricted delivery party where physical settlement applies.Legal Update: archive27-Jun-2013388ISDA Publishes Best Practices for the OTC Derivatives ...An update on ISDA publishing guidance on current best practices for the collateral management process.Legal Update: archive05-Jul-2010389ISDA Publishes CDS Auction Settlement Supplement and ...An update on ISDA's new auction settlement supplement and protocol, to be used to "hardwire" auction settlement terms into standard credit default swap documentation.Legal Update: archive19-Mar-2009390ISDA Publishes Cross-border Swaps Representation Letter ...ISDA published a letter that may be used by market participants to be used in connection with the recent CFTC cross-border swaps final guidance and policy statement. ISDA also released a methodology designed to be used by regulators in harmonizing derivatives regulation across jurisdictions.Legal Update: archive28-Aug-2013391ISDA Publishes ECP Swap Guarantor ProvisionsISDA has published a set of provisions that may be incorporated by reference into loan documents or other transaction documents to address Dodd-Frank rules requiring swap guarantors to be eligible contract participants (ECPs) under the Commodity Exchange Act (CEA).Legal Update: archive24-Apr-2013392ISDA Publishes New Close-out Amount ProtocolAn update on the new Close-out Amount protocol published by the International Swaps and Derivatives Association, Inc. (ISDA).Legal Update: archive02-Mar-2009393ISDA publishes OTC derivatives best practice guidelinesISDA has published OTC derivatives best practice guidelines.Legal Update: archive27-Oct-2010394ISDA publishes overview of US and EU OTC derivatives ...The International Swaps and Derivatives Association (ISDA) has published an overview of US and EU over-the-counter (OTC) derivatives regulatory reforms.Legal Update: archive05-Feb-2014395ISDA Publishes Paper on History of CDS Determinations ...The International Swaps and Derivatives Association (ISDA) published a paper on the three-year history of the ISDA Credit Derivatives Determinations Committees.Legal Update: archive10-May-2012396ISDA Publishes Papers on OTC Bilateral Collateralization ...Legal Update: archive08-Mar-2010397ISDA Publishes Recommendations for Conduct of Parties ...An update on ISDA's publication of principles for governing the negotiation of agreements such as give ups in the contect of different clearing platforms.Legal Update: archive11-Nov-2009398ISDA Publishes Sample 'Special Entities' Letter for Swap ...ISDA has published a sample letter that swap dealers (SDs) may provide to their swap counterparties that are non-ERISA "special entities" in order to comply with final Dodd-Frank external business conduct (EBC) rules (also referred to as external business conduct standards or EBCS) for SDs and MSPs.Legal Update: archive22-Apr-2013399ISDA Publishes Sample "IA" Custodial Provisions Reflecting ...ISDA published Sample Tri-Party IA Provisions to be used in amending ISDA Credit Support Annexes (CSAs) to reflect new Dodd-Frank tri-party collateral segregation requirements for certain OTC derivatives.Legal Update: archive14-Dec-2011400ISDA Publishes Swap Clearing Letters for Swap Dealers and ...ISDA has published a letter to market participants on the mandatory swap clearing rules set to become effective on March 11, 2013, as well as two template letters that may be used to facilitate compliance by certain parties to which this deadline applies.Legal Update: archive27-Feb-2013401ISDA Publishes Template for Natural Catastrophe Swaps ...An update on the publication of the International Swaps and Derivatives Association (ISDA) US Wind Event Confirmation template for natural catastrophe swaps referencing US wind events.Legal Update: archive20-May-2009402ISDA Releases 2010 Survey on Derivatives Market PracticesAn update on the 2010 ISDA Operations Benchmarking Survey.Legal Update: archive02-Jun-2010403ISDA Releases Dodd-Frank Protocol 2.0 for IBC Swap Dealer ...ISDA has released a new set of Dodd-Frank Protocol documents that address requirements under the Dodd-Frank internal business conduct (IBC) rules for swap dealers and major swap participants.Legal Update: archive26-Feb-2013404ISDA releases draft arbitration clauses for consultationThe International Swaps and Derivatives Association (ISDA) has released draft arbitration clauses to its members for consultation.Legal Update: archive19-Apr-2013405ISDA Releases Prime Brokerage Protocol for Dodd-Frank ...ISDA released a protocol to assist swap dealers (SDs) in allocating Dodd-Frank external business conduct (EBC) responsibilities in prime brokerage transactions between SDs that are prime brokers (PBs) and executing dealers (EDs) to comply with the conditions of CFTC No-action Letter 13-11, permitting allocation of EBC responsibilities in prime brokerage transactions between PBs and EDs.Legal Update: archive13-May-2013406ISDA Releases Sample Initial Margin Segregation-Rights ...ISDA released a sample initial margin segregation-rights notice that may be used in connection with Dodd-Frank initial margin segregation rules for swap dealers under CFTC Regulation 23.701.Legal Update: archive03-Apr-2014407ISDA Releases Unique Swap Identifier (USI) Overview ...ISDA released a paper meant to provide the swaps industry with guidance to be used for unique swap identifier (USI) generation and use. USIs will be used in connection with Dodd-Frank swap data reporting rules.Legal Update: archive12-Jun-2012408ISDA Reopens Small Bang Protocol AdherenceAn update on the reopening of the Small Bang Protocol adherence period by ISDA.Legal Update: archive01-Oct-2009409ISDA response to FSB progress report on OTC derivative ...The International Swaps and Derivatives Association (ISDA) has published its response to the Financial Stability Board's (FSB) April 2011 progress report on implementing the G20 over-the-counter (OTC) derivatives market reforms.Legal Update: archive13-May-2011410ISDA Selects CDS Determinations Committee MembersISDA has selected new deteminations committee (DC) members, which make important determinaitons for the credit default swaps (CDS) market, including when a credit event has occurred with respect to particular entity.Legal Update: archive02-Apr-2013411ISDA Surveys Show Increase in Collateral and Drop in CDS in ...An update on surveys completed by the International Swaps and Derivatives Association (ISDA) showing an increase in the use of collateral in privately negotiated derivatives transactions, while showing a drop in the use of credit default swaps.Legal Update: archive23-Apr-2009412ISDA Will Re-open the 2009 AEJ Derivatives ProtocolAn update on the International Swaps and Derivatives Association (ISDA) re-opening the adherence to the 2009 AEJ Derivatives Protocol.Legal Update: archive17-Jul-2009413ISDA-FOA Cleared Derivatives Addendum PublishedOn June 11, 2013, ISDA and the Futures and Options Association (FOA) published a cleared derivatives addendum designed to supplement the ISDA Master Agreement so that parties to the ISDA Master may enter into derivatives transactions that are cleared under the principal-to-principal clearing model, common in the EU.Legal Update: archive29-Jul-2013414ISDA: April 2010 PublicationsAn update on standard documents of general application published by ISDA in April 2010.Legal Update: archive06-May-2010415ISDA: April 2011 publicationsIn April 2011, ISDA published standard documents relating to credit derivatives, Vietnamese translations of standard documents concerning FX derivatives and interest rate and currency derivatives, and a French translation of the ISDA Master Agreement.Legal Update: archive05-May-2011416ISDA: April 2012 publicationsIn April 2012, ISDA published standard documents relating to credit derivatives and a novation confirmation. It also issued announcements by its EMEA and Asia Ex-Japan Credit Derivatives Determination Committees.Legal Update: archive30-Apr-2012417ISDA: April 2013 publicationsIn April 2013, ISDA published standard documents for equity derivatives and interest rate swaps as well as an announcement relating to the actions of its Americas Credit Derivatives Determinations Committee. It also published documents under the Dodd-Frank documentation initiative and standard terms relating to regulatory requirements of the US Commodity Futures Trading Commission. Legal Update: archive30-Apr-2013418ISDA: August 2010 PublicationsAn update on standard documents of general application published by ISDA in August 2010.Legal Update: archive02-Sep-2010419ISDA: August 2011 publicationsIn August 2011, ISDA published an amendment to Annex A to the 1998 Foreign Exchange and Currency Option Definitions. It also published an announcement by its EMEA Credit Derivatives Determinations Committee.Legal Update: archive01-Sep-2011420ISDA: August 2012 publicationsIn August 2012, ISDA published protocols on the Dodd-Frank Act and the Foreign Account Tax Compliance Act as well as documents relating to Indian onshore derivative transactions and cleared swaps.Legal Update: archive31-Aug-2012421ISDA: August 2013 publicationsIn August 2013, ISDA published a standard document to amend the ISDA Master Agreement as well as a cross border swaps representation letter. It also published standard documents relating to commodity, interest rate and currency derivatives.Legal Update: archive29-Aug-2013422ISDA: December 2009 PublicationsAn update on standard documents of general application published by ISDA in December 2009.Legal Update: archive06-Jan-2010423ISDA: December 2010 publicationsISDA published various standard documents of general application in December 2010.Legal Update: archive05-Jan-2011424ISDA: December 2011 publicationsDuring December 2011, ISDA published standard documents for equity derivatives, commodity derivatives, interest rate and currency derivatives and credit support. It also issued two announcements by its EMEA Credit Derivatives Determinations Committee.Legal Update: archive04-Jan-2012425ISDA: December 2012 publicationsIn December 2012, ISDA published a Settlement Matrix for Early Termination for Cross-Currency Swaps and issued an announcement relating to the actions of its Americas Credit Derivatives Determinations Committee.Legal Update: archive28-Dec-2012426ISDA: December 2013 publicationsIn December 2013, ISDA's publications included a supplement to the 2006 ISDA Definitions and proposals for a standard initial margin model for non-cleared derivatives.Legal Update: archive31-Dec-2013427ISDA: February 2010 PublicationsAn update on standard documents of general application published by ISDA in February 2010.Legal Update: archive04-Mar-2010428ISDA: February 2011 publicationsISDA published standard documents in February 2011 relating to credit derivatives and equity derivatives.Legal Update: archive02-Mar-2011429ISDA: February 2012 publicationsIn February 2012, ISDA published standard documents for credit derivatives, interest rate and currency derivatives, and FX and currency option transactions. It also issued two announcements relating to the actions of its determinations committees.Legal Update: archive01-Mar-2012430ISDA: February 2013 publicationsIn February 2013, ISDA issued two announcements relating to the actions of its EMEA Credit Derivatives Determinations Committee.Legal Update: archive28-Feb-2013431ISDA: February 2014 publicationsIn February 2014, ISDA published standard documents for credit, interest rate and currency derivatives.Legal Update: archive27-Feb-2014432ISDA: January 2010 PublicationsAn update on standard documents of general application published by ISDA in January 2010.Legal Update: archive11-Feb-2010433ISDA: January 2011 publicationsISDA published various standard documents of general application in January 2011.Legal Update: archive02-Feb-2011434ISDA: January 2012 publicationsIn January 2012, ISDA published Supplement number 29 to the 2006 ISDA Definitions, as well as an announcement by its Americas Credit Derivatives Determinations Committee.Legal Update: archive31-Jan-2012435ISDA: January 2013 publicationsIn January 2013, ISDA published a disclosure annex for credit derivative transactions and announced that an auction would be held for European loan-only CDS transactions referencing certain facilities entered into by Mediannuaire.Legal Update: archive31-Jan-2013436ISDA: January 2014 publicationsIn January 2014, ISDA's publications included an appendix to the 2011 Equity Derivatives Definitions and a guidance note on ISDAFIX rate suspensions.Legal Update: archive31-Jan-2014437ISDA: July 2010 publicationsAn update on standard documents of general application published by ISDA in July 2010.Legal Update: archive05-Aug-2010438ISDA: July 2011 publicationsIn July 2011, ISDA published standard documents relating to equity derivatives and credit derivatives.Legal Update: archive04-Aug-2011439ISDA: July 2012 publicationsIn July 2012, ISDA published a supplement to the 2006 ISDA definitions and an illegality/force majeure protocol.Legal Update: archive31-Jul-2012440ISDA: July 2013 publicationsIn July 2013, ISDA published an EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol and documents relating to cross currency FX transactions. It also issued a note on proposed changes to the 2003 Credit Derivatives Definitions as well as two announcements relating to the actions of its Americas Credit Derivatives Determinations Committee.Legal Update: archive31-Jul-2013441ISDA: June 2010 publicationsAn update on standard documents of general application published by ISDA in June 2010.Legal Update: archive05-Jul-2010442ISDA: June 2011 publicationsIn June 2011, ISDA published documents relating to cleared swaps, cross currency FX transactions and interest rate and currency derivatives. It also published an announcement by its EMEA Credit Derivatives Determinations Committee.Legal Update: archive04-Jul-2011443ISDA: June 2012 publicationsIn June 2012, ISDA published standard documents relating to commodity and inflation derivatives, a memorandum on the processing of Unitymedia GmbH transactions and a protocol on collateral settlement timing.Legal Update: archive29-Jun-2012444ISDA: June 2013 publicationsIn June 2013, ISDA published standard documents for credit support, OTC derivatives clearing and credit derivatives.Legal Update: archive28-Jun-2013445ISDA: March 2011 publicationsISDA published standard documents in March 2011 relating to credit derivatives, FX derivatives and credit support.Legal Update: archive06-Apr-2011446ISDA: March 2012 publicationsIn March 2012, ISDA published standard documents for credit derivatives, FX and currency option transactions, and Islamic derivatives. It also issued announcements relating to the actions of its determinations committees.Legal Update: archive30-Mar-2012447ISDA: March 2013 publicationsIn March 2013, ISDA published documents for credit derivatives and FX and currency option transactions. It also published protocols relating to Dodd-Frank and EMIR, guidance on the discontinuation of certain LIBOR rates and announcements by its EMEA Determinations Committee.Legal Update: archive28-Mar-2013448ISDA: March 2014 publicationsIn March 2014, ISDA's publications included two clearing member reliance opinions as well as standard documents for interest rate and currency derivatives.Legal Update: archive31-Mar-2014449ISDA: May 2010 PublicationsAn update on standard documents of general application published by ISDA in May 2010.Legal Update: archive02-Jun-2010450ISDA: May 2011 publicationsDuring May 2011, ISDA published an amendment to Annex A to the 1998 Foreign Exchange and Currency Option Definitions.Legal Update: archive02-Jun-2011451ISDA: May 2012 publicationsIn May 2012, ISDA published documents for interest rate and currency derivatives, FX and currency option transactions, commodity derivatives and credit derivatives. It also issued three announcements relating to the actions of its determinations committees.Legal Update: archive31-May-2012452ISDA: May 2013 publicationsIn May 2013, ISDA published a reporting protocol and a conduct allocation protocol, as well as safe harbor letters under the Dodd-Frank documentation initiative. It also issued an announcement relating to the actions of its Americas Credit Derivatives Determinations Committee.Legal Update: archive31-May-2013453ISDA: November 2009 PublicationsAn update on standard documents of general application published by ISDA in November 2009.Legal Update: archive03-Dec-2009454ISDA: November 2010 publicationsISDA published various standard documents of general application in November 2010.Legal Update: archive07-Dec-2010455ISDA: November 2011 publicationsIn November 2011, ISDA published proposed language to address the effects of the US Foreign Account Tax Compliance Act (FATCA) withholding tax on derivatives transactions.Legal Update: archive01-Dec-2011456ISDA: November 2012 publicationsIn November 2012, ISDA published documents under the Dodd-Frank documentation initiative and issued two announcements relating to the actions of its determinations committees.Legal Update: archive30-Nov-2012457ISDA: November 2013 publicationsIn November 2013, ISDA published a variety of documents including in relation to certain protocols and inflation derivatives. It also issued an announcement relating to the actions of its Americas Credit Derivatives Determinations Committee.Legal Update: archive29-Nov-2013458ISDA: October 2009 PublicationsAn update on standard documents of general application published by ISDA in October 2009.Legal Update: archive05-Nov-2009459ISDA: October 2011 publicationsDuring October 2011, ISDA published standard documents for deliverable CNY (Chinese Yuan Renminbi, the currency of China) FX transactions, currency option transactions and swap transactions where a CNY Disruption Event renders CNY non-deliverable.Legal Update: archive02-Nov-2011460ISDA: October 2012 publicationsIn October 2012, ISDA published an equity derivatives supplement to IndxVarSwp-1 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties).Legal Update: archive31-Oct-2012461ISDA: October 2013 publicationsIn October 2013, ISDA published the 2013 Discontinued Rates Maturities Protocol as well as an Account Control Agreement and a supplement to the 2006 ISDA definitions. It also launched an EMIR Counterparty Classification Tool.Legal Update: archive31-Oct-2013462ISDA: September 2010 publicationsISDA published two standard documents of general application in September 2010. Legal Update: archive05-Oct-2010463ISDA: September 2011 publicationsDuring September 2011, ISDA published standard documents relating to credit derivatives and interest rate and currency derivatives.Legal Update: archive04-Oct-2011464ISDA: September 2012 publicationsIn September 2012, ISDA published documents for currency swaps and equity derivatives, as well as a supplement to the 2006 ISDA definitions.Legal Update: archive28-Sep-2012465ISDA: September 2013 publicationsIn September 2013, ISDA published its 2013 Arbitration Guide, as well as an extension agreement to its March 2013 Dodd-Frank Protocol agreement and a cross-border swaps representation letter for US banks. It also issued an announcement relating to the actions of its EMEA Credit Derivatives Determinations Committee.Legal Update: archive30-Sep-2013466ISLA tax addenda for the GMSLA (2010)ISLA has published two tax addenda for use with the Global Master Securities Lending Agreement 2010.Legal Update: archive11-Nov-2013467Islamic Finance: Tahawwut (Hedging) Master Agreement ...An update on the launch of the ISDA/IIFM Tahawwut (Hedging) Master Agreement.Legal Update: archive01-Mar-2010468Japanese Clearing Houses Looking to Move Into Swap ...An update on the Japan Securities Clearing Corporation and the Tokyo Financial Exchange forming plans to begin clearing services for credit default swaps and interest rate swaps.Legal Update: archive22-Apr-2009469Jobs Bill Offset with FATCA Provisions to Combat Offshore Tax ...An update on the Foreign Account Tax Compliance Act (FATCA) provisions included in the Jobs Bill to combat offshore tax evasion.Legal Update: archive17-Mar-2010470Joint EU Commission and US CFTC statement focuses on ...The European Commission has issued a joint statement by Commissioner Michel Barnier and Gary Gensler, US Commodity Futures Trading Commission Chairman, on the financial reform agenda which focuses on the reform of the over-the -counter derivatives market.Legal Update: archive29-Sep-2010471Joint Statement on Cross-border Regulation of OTC ...The SEC and regulators from various global jurisdictions issued a joint statement on operating principles and areas of further interest in establishing a comprehensive set of regulations for the cross-border OTC derivatives market.Legal Update: archive13-Dec-2012472June 10, 2013 Deadline for Category 2 (Buy-side) Swap ...The June 10, 2013 deadline for mandatory buy-side clearing of many CDS and interest rate swaps under Title VII of the Dodd-Frank Act is approaching. Category 2 Entities including many hedge funds, must have their swap clearing infrastructure operational by this time.Legal Update: archive28-May-2013473LCH.Clearnet Plans Expansion into USAn update on the expansion of LCH.Clearnet's business into the US.Legal Update: archive12-Mar-2009474LCH.Clearnet to Offer Interest-Rate Swap Clearing Service to ...An update on the expansion of LHC.Clearnet's interest-rate swap clearing service.Legal Update: archive27-May-2009475Leading Firms Commit to Clearing CDS Through EU Clearing ...An update on an ISDA announcement that leading CDS dealers have committed to clearing CDS contracts through a European Union clearing platform.Legal Update: archive19-Feb-2009476Legal Opinion Language Issued by CFTC in Connection with ...On December 21, 2012, the CFTC released language to be used in legal opinions issued by counsel in compliance with the no-action relief issued by the CFTC from the obligation to report legal entity identifiers (LEIs) and certain other counterparty identifying information, which may be in contravention of non-US privacy laws.Legal Update: archive04-Jan-2013477Lehman and AIG Dispute over CDS AgreementAn update on the Lehman bankruptcy proceedings.Legal Update: archive07-Oct-2009478Lehman Client Money Issue Resolved by UK Supreme CourtThe UK Supreme Court resolved a three-year-old dispute regarding the distribution of client funds improperly segregated by Lehman Brothers' UK affiliate LBIE. The court upheld the decision of the UK Court of Appeal on the scope of the English statutory trust over client money held by or on behalf of LBIE (In the matter of Lehman Brothers International (Europe) (in administration) [2012] UKSC 6 (February 29, 2012)).Legal Update: archive01-Mar-2012479Lehman Court Approves Alternative Dispute Resolution ...An update on the Lehman bankruptcy proceedings.Legal Update: archive17-Sep-2009480Lehman Court Holds Bankruptcy Code Mutuality Requirement ...An update on a ruling in the Lehman bankruptcy proceedings holding that the swap safe harbor provisions of Bankruptcy Code sections 560 and 561 do not nullify the mutuality requirement of section 553(a) for setoff under a swap agreement against a debtor in bankruptcy.Legal Update: archive12-May-2010481Lehman Court Holds BNY/Perpetual Securitization Swap ...An update on the ruling in the Lehman vs. BNY case (known as Perpetual), holding that a market-standard provision in a securitization deal known as a flip clause, which is designed to subordinate swap payments when the swap provider defaults under the swap, is not enforceable if the default is triggered by a bankruptcy filing of the swap provider.Legal Update: archive28-Jan-2010482Lehman Court Holds SIPA Liquidation Date to Be Used for ...An update on a decision by the US Bankruptcy Court for the Southern District of New York holding that the date of commencement of the Securities Investor Protection Act (SIPA) liquidation of Lehman Brothers Inc. (LBI) is the correct date to use when determining the value of LBI SIPA claims.Legal Update: archive02-Jun-2010483Lehman Court Holds Triangular Setoff Provisions ...On October 4, 2011, the US Bankruptcy Court for the Southern District of New York issued an opinion in the Lehman Brothers bankruptcy cases holding that cross-affiliate netting provisions are unenforceable in bankruptcy to the extent they cover non-mutual debts.Legal Update: archive13-Oct-2011484Lehman Court Ruling in Metavante Matter Expected to ...An update on a ruling in the Lehman Brothers bankruptcy case that is expected to make it more difficult for companies to keep derivatives contracts with bankrupt or insolvent counterparties open without making payments under those contracts.Legal Update: archive25-Sep-2009485Lehman Feuds Over CDO Credit Default SwapAn update on the Lehman bankruptcy proceedings.Legal Update: archive07-May-2009486Lehman Files Motion for an Order Approving Consensual ...An update on the Lehman bankruptcy proceedings.Legal Update: archive16-Jan-2009487Lehman Files Motion for Permission to Grant First Priority ...An update on the Lehman bankruptcy proceedings.Legal Update: archive29-Jan-2009488Lehman Files Motion to Assume or Reject Open Trade ...A legal update on the Lehman bankruptcy proceedings.Legal Update: archive19-Nov-2008489Lehman Files Motion to Establish Procedures to Settle or ...A legal update on the Lehman bankruptcy proceedings.Legal Update: archive13-Nov-2008490Lehman Files Suits Against Banks and Investment Firms Over ...An update on a series of preference lawsuits filed by Lehman Brothers Holdings, Inc. (Lehman) against dozens of special purpose vehicles, 50 banks, hedge funds and investment firms in which Lehman claims that "flip" clauses in certain collateral-backing notes cost its bankruptcy estate and its creditors more than $3 billion. Legal Update: archive16-Sep-2010491Lehman Prepetition Collateral Transfers to JPMorgan ...The US Bankruptcy Court for the Southern District of New York held in an adversary proceeding relating to the Lehman Brothers bankruptcy cases that the safe harbor contained in section 546(e) of the Bankruptcy Code prevents the Lehman bankruptcy estate from avoiding prepetition collateral transfers made to JPMorgan Chase under various trading contracts, lending arrangements and as Lehman's clearing bank.Legal Update: archive03-May-2012492Lehman Reaches Settlement with BNY and Perpetual in Flip ...An update on the settlement reached by Lehman Brothers Holdings Inc. with BNY Corporate Trustee Services Ltd. and Perpetual Trustee Co. Ltd. in the "flip-clause" cases.Legal Update: archive30-Nov-2010493Lehman Seeks $400 Million Payment from Ballyrock under ...An update on the Lehman bankruptcy proceedings.Legal Update: archive03-Feb-2009494Lehman Seeks Authority to Implement Alternative Dispute ...An update on the Lehman bankruptcy proceedings.Legal Update: archive21-Jul-2009495Liffe to Review Credit-Default Clearing ProjectOn July 1, 2009, NYSE Euronext's Liffe derivatives market launched a review of its clearinghouse for credit-default swaps traded outside of exchanges.Legal Update: archive06-Jul-2009496Limited No-action Relief from Swap Data Reporting Rules ...On December 17-21, 2012, the CFTC's Division of Market Oversight issued three no-action letters delaying compliance with certain Dodd-Frank swap data reporting requirements until June 30, 2013.Legal Update: archive28-Dec-2012497Lloyds to Sell First RMBS Deal Since Credit Crunch BeganAn update on the upcoming sale of UK residential mortagage-backed securities (RMBSs) by Lloyds Banking Group, the first of its kind since the start of the credit crunch in 2007.Legal Update: archive23-Sep-2009498LMA updates secondary debt trading documents relating to ...The Loan Market Association (LMA) has published revised versions of some of its secondary debt trading documents in the light of the US Dodd-Frank Act.Legal Update: archive05-Nov-2012499Loan participations: swaps under Dodd-Frank?New proposed refinements and interpretive guidance relating to rules defining key swap-related terms such as "swap" and "security-based swap" under the Dodd-Frank Act are likely to fail to exclude English law loan participations.Legal Update: archive04-May-2011500MAGD report on macroeconomic effects of OTC derivatives ...The Macroeconomic Assessment Group on Derivatives (MAGD) has issued a report on the macroeconomic effects of over-the-counter (OTC) derivatives regulatory reforms.Legal Update: archive27-Aug-2013501Major Banks Face Potential Legal Action from Italian ...An update on possible legal action that Italian authorities may take against major banks for investments made with the banks.Legal Update: archive05-Jan-2009502Major Banks Granted Two Year Extension under Pushout ...Regulators have granted several major global financial institutions a two year transition period to comply with the swaps Pushout Rule under Section 716 of the Dodd-Frank Act.Legal Update: archive13-Jun-2013503Making Sense of All the No-action Swaps ActionRecently, US regulators issued numerous no-action letters and other limited or temporary relief relating to Dodd-Frank Act swaps rules. This update organizes and categorizes these releases to help practitioners make sense of all the activity.Legal Update: archive04-Apr-2013504Mandatory Clearing for Interest Rate Swaps and Many CDS ...The CFTC issued proposed rules under the Dodd-Frank Act that would require certain classes of credit default swaps (CDS) and interest rate swaps to be cleared by derivatives clearing organizations (DCOs).Legal Update: archive02-Aug-2012505Mandatory Exchange Trading of Interest Rate Swaps to Begin ...The CFTC has issued a trade execution mandate certifying the Made Available to Trade (MAT) Determination submitted by Javelin SEF, LLC, triggering mandatory trade execution requirements under Title VII of the Dodd-Frank Act and section 2(h)(8) of the Commodity Exchange Act (CEA) for many common interest rate swaps. As of February 15, 2014, these contracts must be entered into on a SEF or DCM.Legal Update: archive22-Jan-2014506Market Advisory on Upcoming Dodd-Frank Collateral ...ISDA released an advisory note on CFTC Dodd-Frank margin collateral segregation rules under which swap dealers (SDs) and MSPs must notify their non-SD and non-MSP swap counterparties of their right to require the SD or MSP to segregate with an independent third-party custodian initial margin collateral they post with the SD or MSP in connection with uncleared swap transactions. The advisory seeks to address logistical issues regarding upcoming deadlines for this rule.Legal Update: archive17-Mar-2014507Markit Announces Changes to Its iTraxx Europe RulesAn update on changes to the Markit iTraxx Europe Rules.Legal Update: archive20-Feb-2009508Markit to Launch Sovereign CDS IndicesAn update on Markit's plans to launch a global group of credit default swap (CDS) indices that will track the perceived risks of sovereign debt.Legal Update: archive30-Jun-2009509Markit Will Hold First Major European Auction to Settle ...An update on the first major European credit event auction to settle leveraged loan credit default swaps.Legal Update: archive12-Jan-2009510MAT Summary: CFTC Swap Exchange-trading Mandates and ...The CFTC certified further trade execution mandates under Title VII of the Dodd-Frank Act requiring that certain CDS and additional interest rate swaps be entered into only on a CFTC-registered SEF or DCM beginning in February 2014. This Update provides a detailed summary of all CFTC swaps exchange-trading mandates issued to date under Title VII's made-available-to-trade (MAT) determination process, including a breakdown of effective dates for all swaps that must be exchange traded.Legal Update: archive30-Jan-2014511Move to Ban Naked CDSs Could Be IneffectiveAn update on potential limits to a proposed ban on naked credit default swap transactions.Legal Update: archive29-Jul-2009512NASDAQ Proposes Listing Rules for Certain Derivative and ...NASDAQ issued proposed rules for the qualification, listing, trading and delisting of certain derivative and other securities.Legal Update: archive24-Jan-2012513New CDS Clearinghouses to Compete for Market ShareAn update on the impending battle of start-up clearinghouses ICE Trust and CME Group for credit default swap (CDS) dominance.Legal Update: archive15-Jun-2009514New CFTC Capital Rules Worry Futures BrokersAn update on fears that proposed increases in capital requirements from the Commodity Futures and Trade Commission (CFTC) will force futures brokers out of business.Legal Update: archive06-Jul-2009515New FATCA Guidance on FFI RegistrationThe IRS released a Notice clarifying the FATCA registration requirements for foreign financial institutions (FFIs) located in jurisdictions that have agreed in substance on the terms of an intergovernmental agreement (IGA) with the US and extending to May 5, 2014 the deadline for all FFIs (whether or not covered by an IGA) to register and insure their inclusion on the June 2 IRS FFI list.Legal Update: archive02-Apr-2014516New MATs Likely to Expedite Exchange Trading of CDS and ...Two SEFs submitted the first made-available-to-trade (MAT) determinations for credit default swaps (CDS) that, if approved by the CFTC, would require mandatory exchange trading of certain CDS under Title VII of the Dodd-Frank Act. Javelin SEF, LLC also reduced the scope of its previously submitted MAT determination covering interest rate swaps.Legal Update: archive06-Nov-2013517New S&P Criteria for Swap Counterparties in Structured ...An update on new S&P criteria for assessing swap counterparty and other support in structured finance transactions.Legal Update: archive18-Jan-2011518No-action Guidance on SD, MSP and CPO Rules under Dodd ...On October 12, 2012, the CFTC issued several interpretive and no-action letters relating to threshold calculations for swap dealers (SDs), major swap participants (MSPs) and commodity pool operators (CPOs), as well as other matters relating to SDs, MSPs and CPOs, as the effective date for many regulatory obligations under Title VII of the Dodd-Frank Act arrived.Legal Update: archive18-Oct-2012519No-action Relief for Bespoke Swap Data Reporting Issued by ...On November 30, 2012, the CFTC's Division of Market Oversight issued temporary no-action relief for bespoke (complex, non-standardized) swaps from certain reporting obligations under the CFTC's final SDR data reporting rules (Part 45 of the CFTC's Regulations) and final real-time reporting rules (Part 43).Legal Update: archive06-Dec-2012520No-action Relief from Aggregation Requirements of ...The CFTC's Division of Market Oversight issued temporary no-action relief from the aggregation requirements of the CFTC's final position limit rules for physical commodities and their economic equivalents under Dodd-Frank.Legal Update: archive26-Jul-2012521NY DOI Delays Plans to Regulate Certain Credit Default ...The New York Department of Insurance announced an indefinite delay in the application of New York Insurance Law to certain credit default swaps.Legal Update: archive25-Nov-2008522NY Insurance Department Demands Information from Allstate ...An update on a demand by the New York Insurance Department to Allstate Corporation for information on its participation in credit default swap transactions in "unregulated insurance markets."Legal Update: archive17-Apr-2009523NY State Banking Department Approves ...An update on the formation of a credit default swap clearinghouse by IntercontinentalExchange, Inc.Legal Update: archive05-Dec-2008524NYSE Euronext and DTCC to Create Joint Venture for ...An update on Depository Trust & Clearing Corporation's (DTCC) plan to create a joint venture with NYSE Euronext for clearing US fixed income securities and derivatives.Legal Update: archive19-Jun-2009525NYSE Euronext Announces Plan to Offer Stock Index Futures ...An update about the NYSE Euronext's plan to launch stock index futures contracts on the NYSE Liffe US exchange.Legal Update: archive27-May-2009526NYSE Euronext's US CDS Index Clearing Service to Launch ...An update on the upcoming launch of NYSE Euronext's credit default swap index clearing service in the United States.Legal Update: archive10-Feb-2009527Obama Administration Delivers Draft Derivatives Bill to ...An update on the Obama administration's proposed legislation to regulate over-the-counter derivatives.Legal Update: archive12-Aug-2009528OCC Delays Compliance with Revised Bank Lending Limits ...The Office of the Comptroller of the Currency (OCC) has extended to July 1, 2013 the compliance date for its interim final Dodd-Frank rule revising bank lending limits to include exposure from derivatives and securities financing agreements.Legal Update: archive04-Jan-2013529OCC Issues Final Bank Lending Limits Rules, Delays ...The Office of the Comptroller of the Currency (OCC) issued a final rule on bank lending limits under Section 610 of the Dodd-Frank Act and extended the compliance date for the final rule to October 1, 2013.Legal Update: archive26-Jun-2013530OCC Modifies Bank Lending Limits to Include Derivatives and ...The Office of the Comptroller of the Currency issued an interim final rule under the Dodd-Frank Act that incorporates derivatives and securities financing agreements into single-counterparty lending limits.Legal Update: archive21-Jun-2012531OCC Offers Swaps Pushout Rule ExtensionsThe Office of the Comptroller of the Currency issued guidance on how an insured federal depository institution may request an extended transition period to implement section 716 of the Dodd-Frank Act, set to become effective July 16, 2013.Legal Update: archive08-Jan-2013532OCC Plans to Extend Temporary Exception to Lending Limits ...The OCC extended the deadline for complying with changes to bank lending limits that include derivatives and other transactions. Legal Update: archive19-Nov-2012533October 12, 2012: Certain Dodd-Frank Swaps Rules Become ...Certain final Dodd-Frank swaps rules become effective on October 12, 2012, the date that is 60 days after final rules on the definition of the term "swap" were published in the Federal Register.Legal Update: archive10-Oct-2012534Omgeo Extends Central Matching Engine to Broker-DealersAn update on the use of Omgeo's Central Trade Manager by broker-dealers for cross-border and non-US trade processing.Legal Update: archive22-Jun-2009535OTC Derivative "Give Up" Arrangements May Be EndingAn update on prime brokers ending OTC derivative "give up" arrangments with hedge funds.Legal Update: archive19-Feb-2009536OTC Derivatives Regulators Group report on agreed ...The G20 has published a report by the OTC Derivatives Regulators Group (ODRG) on agreed understandings to resolving cross-border conflicts, inconsistencies, gaps and duplicative requirements. Legal Update: archive02-Sep-2013537Parsec Trading Corp. Files Motion To Recover Collateral ...An update on the Lehman bankruptcy proceedings.Legal Update: archive11-Dec-2008538Plan For European Derivatives Clearinghouse FailsAn update on the failure of a plan for a derivatives clearinghouse in Europe.Legal Update: archive07-Jan-2009539President Obama Announces Financial Regulatory OverhaulAn update on the June 17, 2009 announcement by President Obama on his initiative to reform the US financial regulatory framework.Legal Update: archive17-Jun-2009540PRIME Finance amended arbitration clauses for ISDA Master ...PRIME Finance has published amended arbitration clauses for use with the ISDA Master Agreements.Legal Update: archive20-Aug-2013541Processing, Clearing and Transfer of Customer Swap ...An update on proposed CFTC rules covering additional Dodd-Frank clearing obligatons of swap dealers (SDs), major swap participants (MSPs), futures commission merchants (FCMs), swap execution facilities (SEFs), designated contract markets (DCMs) and derivatives clearing organizations (DCOs).Legal Update: archive25-Feb-2011542Proposed Legislation Would Ban Trading in "Naked" Credit ...An update on a draft bill in the House of Representatives to ban trading in "naked" credit default swaps.Legal Update: archive02-Feb-2009543Proposed Rules on "Associated Persons" of Swap Dealers ...The CFTC proposed rules under the Dodd-Frank Act regarding associated persons (APs) of swap dealers (SDs), major swap participants (MSPs) and other CFTC registrants. APs are officers, employees and agents who solicit or accept swaps on behalf of SDs or MSPs.Legal Update: archive21-Jun-2012544Proposed Rules on Making Swaps "Available to Trade" under ...The CFTC proposed rules under the Dodd-Frank Act establishing a process for Designated Contract Markets (DCMs) and Swap Execution Facilities (SEFs) to make swaps "available to trade" within the meaning of Section 2(h)(8) of the Commodity Exchange Act (CEA). Legal Update: archive07-Dec-2011545Rally in European CDS Market Brings Spreads Down to Pre ...An update on the market for European credit default swaps, as measured by the Markit iTraxx Europe index.Legal Update: archive21-Jul-2009546Re-proposed Commodity Position Limits Rules DetailedThe CFTC re-proposed rules on position limits for speculative commodities after the original position limits rules were struck down by a federal court last year because they did not comply with Dodd-Frank rulemaking requirements. This Update provides extensive detail on the re-proposed rules.Legal Update: archive14-Nov-2013547Regulators Define Key Dodd-Frank Terms "Swap" and " ...The CFTC and the SEC adopted joint final rules defining certain key terms that determine which transactions are subject to swaps regulation under Title VII of the Dodd-Frank Act. The issuance of these final rules triggers compliance obligations under many other final Dodd-Frank swaps rules.Legal Update: archive12-Jul-2012548Regulators Permit Cleared CDS Portfolio MarginingThe SEC and CFTC issued orders granting exemptions to futures commission merchant (FCM) and broker-dealer clearing members permitting portfolio margining of cleared credit default swaps.Legal Update: archive18-Jan-2013549Regulators Propose Conflicting Rules on Uncleared Swap ...An update on rules proposed under the Dodd-Frank Act by the Federal Reserve Board, the FDIC and other agencies, and separate rules proposed by the CFTC, imposing margin requirements on many uncleared swap trades. The rules contain divergent margin collateral requirements for nonfinancial end users of uncleared derivatives.Legal Update: archive13-Apr-2011550Revised ISDA Credit Derivatives Definitions to Go Live in ...ISDA has announced that its revised credit derivatives definitions, the ISDA 2014 Credit Derivatives Definitions, will become effective in September 2014. These definitions apply to credit derivatives transactions such as credit default swaps (CDS).Legal Update: archive05-Feb-2014551Rorech Court Dismisses First SEC Insider Trading Case ...An update on the dismissal of the SEC's first enforcement action alleging insider trading of credit default swaps.Legal Update: archive13-Jul-2010552Royal Bank America Files Complaint Seeking Recovery of ...An update on the Lehman bankruptcy proceedings.Legal Update: archive23-Oct-2008553S&P Launches New CDS IndicesAn update on three new credit default swap market indices launched by Standard & Poor's.Legal Update: archive22-Jan-2009554Safe Harbor 'ERISA Special Entity' and 'Non-special Entity' ...ISDA has published sample letters that swap dealers (SDs) may provide to their swap counterparties that are either "ERISA special entities" or "non-special entities" in order to comply with final Dodd-Frank external business conduct (EBC) rules (also referred to as external business conduct standards or EBCS) for SDs and MSPs.Legal Update: archive09-May-2013555Scope of Swaps Pushout Rule Would Be Limited by Proposed ...Bipartisan legislation has been introduced in both houses of congress that would exempt certain swaps from application of the Dodd-Frank Act's pushout rule, which prohibits federally insured depository institutions from swap dealing.Legal Update: archive08-Mar-2013556SDs and MSPs Exempted from FX Pre-trade Mark Obligations ...The CFTC issued further no-action relief for swap dealers (SDs) and major swap participants (MSPs) entering into certain FX transactions with non-SD/non-MSP counterparties from the obligation under CFTC Regulation 23.431 to disclose to their counterparty a pre-trade mid-market mark, as required under final Dodd-Frank external business conduct standards (EBCS) for SDs and MSPs.Legal Update: archive07-May-2013557SEC Adopts Final Clearing Submission Rules for Security ...The SEC issued final rules on clearinghouse approval of security-based swaps for mandatory clearing under the Dodd-Frank Act. The rules also include certain reporting requirements for systemically important security-based swap clearinghouses.Legal Update: archive10-Jul-2012558SEC and CFTC Heads Testify About Proposals for OTC ...An update on Senate testimony by SEC Chairman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler on proposals to expand their agencies' regulatory authority over the market over-the-counter swaps and derviatives market.Legal Update: archive22-Jun-2009559SEC and CFTC Solicit Public Comment on Key Swaps ...An update on the SEC and CFTC solicitation of public comments and roundtable discussion on certain key terms under the Dodd-Frank Act related to swaps and derivatives.Legal Update: archive20-Aug-2010560SEC Approves Exemptions to Allow CME to Clear Credit ...An update on the SEC's approval of exemptions for the Chicago Mercantile Exchange to allow it to operate as a central counterparty for clearing credit default swaps.Legal Update: archive16-Mar-2009561SEC Approves ICE Clear Europe and Eurex for CDS ClearingAn update on the SEC's approval of exemptions for ICE Clear Europe Limited and Eurex Clearing AG (Eurex) to allow them to operate as a central counterparties for clearing credit default swaps (CDSs).Legal Update: archive24-Jul-2009562SEC CDS Margining Proposal Drives ICE Out of Single-name ...The SEC sent a proposal to seven clearing broker-dealers that would substantially increases the cost of clearing trades in the credit default swap (CDS) market.Legal Update: archive27-Mar-2013563SEC Delays Application of Securities Laws to Security-based ...The SEC has extended to February 11, 2014 the effective date of the interim final rules exempting most security-based swaps from the US securities laws.Legal Update: archive06-Feb-2013564SEC Delays Implementing Certain Dodd-Frank Act ProvisionsAn update on the SEC's delay in implementing certain Dodd-Frank Act provisions owing to Congressional budget uncertainty.Legal Update: archive29-Dec-2010565SEC Files Complaint in First Insider Trading Case Involving ...An update on the SEC's first insider trading enforcement action involving credit default swaps.Legal Update: archive05-May-2009566SEC Further Delays Application of Securities Laws to Security ...The SEC issued an interim final rule extension that delays the application of most US securities laws to security-based swaps until February 11, 2017.Legal Update: archive11-Feb-2014567SEC Grants Temporary Exemptions for NYSE Euronext Liffe ...An update on the SEC's approval of the proposal from NYSE Euronext Liffe to provide a centralized of credit default swaps with LCH.Clearnet.Legal Update: archive05-Jan-2009568SEC Issues Final Rules Preserving Current Beneficial ...An update on the SEC's readoption of portions of Rules 13d-3 and 16a-1 under the Exchange Act. The readoption will ensure that current beneficial ownership reporting requirements for security-based swaps will not be changed by Section 13(o) of the Exchange Act, which was added by the Dodd-Frank Act. The readoption of the rules and new Section 13(o) will take effect on July 16, 2011.Legal Update: archive08-Jun-2011569SEC Issues No-action Letter to ISDA on Swaps Accounting in ...The SEC issued a no-action letter relating to certain technicalities of the swaps clearing process and Section 716 of the Dodd-Frank Act, known as the Pushout Rule.Legal Update: archive16-May-2012570SEC Issues Second Extension of Temporary Exemptions for ...An update on SEC rules extending certain exemptions for eligible credit default swaps to July 16, 2011.Legal Update: archive23-Nov-2010571SEC Issues Temporary Exemptions for Eligible Credit Default ...An update on the SEC's temporary exemptions for eligible credit default swaps to facilitate the operation of central counterparties to clear and settle credit default swaps.Legal Update: archive14-Jan-2009572SEC Proposes Conduct Standards for Security-based Swap ...An update on proposed SEC rules under the Dodd-Frank Act on standards of conduct that security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) will be required to observe when dealing with their customers. The proposed rules aim to ensure that customers of SBSDs and MSBSPs are protected from abusive practices and to ensure that risk in security-based swaps is properly allocated between customers and dealers. Legal Update: archive30-Jun-2011573SEC Proposes Corollary End-user Exemption from Mandatory ...An update on the exemption from the Dodd-Frank Act's mandatory swap-clearing requirement proposed by the SEC for end users using security-based swaps to hedge or mitigate commercial risk.Legal Update: archive15-Dec-2010574SEC Proposes Corollary Rules on Pre-enactment Security ...An update on the SEC's proposed rules under the Dodd-Frank Act directing data retention and reporting for unexpired security-based swaps entered into before July 21, 2010.Legal Update: archive14-Oct-2010575SEC Proposes Dodd-Frank Rules for Security-based Swap ...An update on the SEC's proposed rules defining which platforms will qualify as security-based swap execution facilities under the Dodd-Frank Act, and establishing their registration requirements, duties and core principles.Legal Update: archive02-Feb-2011576SEC Proposes Dodd-Frank Rules for Timely Acknowledgment ...An update on the SEC's proposed rules requiring security-based swap dealers and major security-based swap participants to provide their swap counterparties with a timely trade acknowledgment detailing transaction-specific information.Legal Update: archive19-Jan-2011577SEC Proposes Exemption from Securities Laws for Certain ...An update on new rules proposed by the SEC that would exempt certain clearing agency security-based swap (SBS) transactions from most of the requirements of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Trust Indenture Act of 1939, including registration requirements, subject to certain conditions. The proposed exemptions are designed to address unintended consequences created by Dodd-Frank rules that would make SBS clearing impracticable.Legal Update: archive10-Jun-2011578SEC Proposes Expanded Regulation of Security-based Swap ...The SEC issued a proposed rule that would expand regulation of clearing agencies registered with the SEC that clear security-based swaps (SBS) and are therefore viewed as systemically important.Legal Update: archive19-Mar-2014579SEC Proposes Plan for Security-based Swap Rulemaking ...The SEC released a policy statement explaining its proposed approach to security-based swap rulemaking under Title VII of the Dodd-Frank Act.Legal Update: archive14-Jun-2012580SEC Proposes Rules for Registration of Security-based Swap ...On October 12, 2011, the SEC proposed rules under the Dodd-Frank Act requiring security-based swap dealers and major security-based swap participants to register with the SEC.Legal Update: archive13-Oct-2011581SEC Proposes Rules for Security-Based Swap ...An update on a proposed rule by the SEC on clearinghouse approval of security-based swaps for mandatory clearing and certain reporting requirements for systemically important security-based swap clearinghouses under the Dodd-Frank Act.Legal Update: archive20-Dec-2010582SEC Proposes Rules on Security-based Swap Facility ...An update on the SEC's proposed rules under the Dodd-Frank Act proscribing ownership, voting and governance requirements for security-based swap clearing agencies, national securities exchanges and execution facilities.Legal Update: archive19-Oct-2010583SEC Proposes Rules to Preserve Current Beneficial ...An update on the SEC's proposed readoption of portions of Rules 13d-3 and 16a-1 under the Securities Exchange Act of 1934, as amended (Exchange Act). The proposed readoption is intended to ensure that current beneficial ownership reporting requirements for security-based swaps will not be changed by Section 13(o) of the Exchange Act, which was added by the Dodd-Frank Act.Legal Update: archive18-Mar-2011584SEC Proposes Security-based Swaps Antifraud Rule under ...An update on a proposed rule issued by the SEC under the Dodd-Frank Act that would prohibit fraud and manipulation in connection with security-based swaps.Legal Update: archive05-Nov-2010585SEC Proposes Standards for Clearing Agency Operation and ...An update on the SEC's publication of standards governing the operation and governance of securities and security-based swap clearing agencies.Legal Update: archive07-Mar-2011586SEC Proposes Substituted Compliance for Cross-border ...The SEC released its proposed rules for the treatment of cross-border security-based swaps (SBS) under Title VII of the Dodd-Frank Act. The proposed rules would permit SBS market participants to substitute compliance with comparable rules from non-US jurisdictions for compliance with US rules on a more broad basis than proposed CFTC cross-border rules for non-security-based swaps.Legal Update: archive07-May-2013587SEC Re-opens Comment Period on Ownership and Voting ...An update on the decision by the SEC to re-open the public comment period on Regulation MC, proposed under the Dodd-Frank Act in October 2010. These rules are designed to address conflicts of interest in ownership and control of security-based swap cleearinghouses and exchanges.Legal Update: archive03-Mar-2011588SEC Releases Timetable for Implementing the Dodd-Frank ...An update on the SEC's release of a timetable for implementing the Dodd-Frank Act.Legal Update: archive20-Sep-2010589SEC Reopens Comment Periods for Dodd-Frank Security ...The SEC reopened the comment periods for a number of proposed security-based swaps (SBS) rules under Title VII of the Dodd-Frank Act.Legal Update: archive06-May-2013590SEC Seeks More Power Over CDSAn update on testimony by SEC Chairman Mary Schapiro concerning proposed regulation of the over-the-counter (OTC) derivatives market and her request for greater SEC authority over credit default swaps.Legal Update: archive23-Sep-2009591SEFs Go Live, CFTC Issues Limited No-action Relief from ...Controversial rules for swap execution facilities (SEFs), electronic derivatives trading platforms authorized under the Dodd-Frank Act, became effective on October 2, 2013 despite numerous requests to delay implementation. SEFs could permanently change the landscape of the derivatives markets, but market participants claim they are not ready for the SEF era. The CFTC did issue a number of no-action letters addressing certain operational and logistical concerns relating to the SEF rules.Legal Update: archive02-Oct-2013592Sellers of Credit Default Swaps on Tribune Company Debt ...An update on the impact of the Tribune Company bankruptcy on the sellers of credit default swaps (CDS).Legal Update: archive08-Jan-2009593Senators Carl Levin and Susan Collins Introduce Bill to ...An update on legislation introduced in the US Senate to regulate swaps agreements including credit default swaps (CDS).Legal Update: archive05-May-2009594Sept. 9, 2013: Deadline for Non-financial Commercial End ...September 9, 2013 is the date on which many interest rate swaps and credit default swaps, when entered into by non-financial commercial end users (Category 3 Entities), become subject to mandatory clearing under Title VII of the Dodd-Frank Act.Legal Update: archive22-Aug-2013595Short selling: Council adopts regulationThe Council of the European Union has adopted the proposed regulation on short selling and certain aspects of credit default swaps.Legal Update: archive21-Feb-2012596Short selling: European Parliament resolution on proposed ...The European Parliament has passed a legislative resolution adopting, with amendments, the European Commission's proposal for a regulation on short selling and certain aspects of credit default swaps. (Free access.)Legal Update: archive16-Nov-2011597Small Bank End-user Board-approval Exemption Issued by ...The CFTC issued no-action guidance allowing banking institutions that have less than $10 billion in assets to take advantage of the end-user exception to the mandatory clearing requirement without prior board approval until July 10, 2013.Legal Update: archive17-Jun-2013598Solstice II: SDNY Determines Early Termination Payment for ...The US District Court for the Southern District of New York issued an opinion and order in Bank of New York Mellon Trust Company, National Association v. Solstice ABS CBO II, Ltd., et al. determining the proper early termination payment under a 1992 ISDA Master Agreement entered into in connection with a collateralized debt obligation (CDO) transaction.Legal Update: archive07-Feb-2013599Southern Community Financial Corp. Files Complaint Seeking ...An update on the Lehman bankruptcy proceedings.Legal Update: archive19-Nov-2008600Spotlight on: Negotiating End-user Collateral ArrangementsThe end-user exception to mandatory swap clearing under Title VII of the Dodd-Frank Act, as well as Title VII swap margin collateral segregation rules scheduled to become effective on May 5, 2014, highlight the need for end users to be aware of the basic principles of negotiating bilateral margin collateral arrangements with financial counterparties in the Dodd-Frank era.Legal Update: archive10-Apr-2014601Standard Credit Support Annex (SCSA) for OTC Derivatives ...On November 3, 2011, the International Swaps and Derivatives Association (ISDA) announced its plans for a new Standard Credit Support Annex (SCSA).Legal Update: archive09-Nov-2011602Standard Credit Support Annex for OTC Derivatives Published ...ISDA published a new Standard Credit Support Annex (SCSA) for collateralizing over-the-counter (OTC) derivatives contracts. The SCSA aligns the collateral mechanics and economics of bilateral OTC derivatives with collateralization of cleared derivatives transactions.Legal Update: archive12-Jun-2013603Standard Market Agreed Coupon (MAC) Interest Rate Swap ...ISDA has published a standardized interest rate swap (IRS) confirmation and terms, referred to as a "market agreed coupon," or MAC. The MAC is designed to standardize IRS terms and facilitate the transition to IRS clearing and exchange trading, as mandated under global derivatives regulations.Legal Update: archive29-Apr-2013604Study Shows CDS Clearing Needs Better Client ProtectionAn update on a study of credit default swap (CDS) clearing processes that finds potential weaknesses in some US and international bankruptcy laws relating to collateral recovery.Legal Update: archive14-Jul-2009605Swap Data Recordkeeping Compliance Delayed for Swap ...The CFTC issued time-limited no-action relief until March 31, 2013 from certain Dodd-Frank swap data recordkeeping requirements for swap dealers (SDs) and major swap participants (MSPs).Legal Update: archive06-Nov-2012606Swap Data Reporting Disclosure Protocol Launched by ISDAISDA launched its 2013 Reporting Protocol and related documents, which are intended to facilitate compliance with global swap data reporting requirements by addressing certain confidential swap data disclosure issues.Legal Update: archive29-May-2013607Swap Data Reporting Relief for Prime Brokers Issued by ...On December 17, 2012, the CFTC granted temporary no-action relief from certain swap data reporting obligations under Part 43 (real-time reporting) and Part 45 (SDR reporting) of the CFTC's Regulations for certain uncleared swap transactions of prime brokers.Legal Update: archive28-Dec-2012608Swap Exchange Trading Deadlines Arrive, CFTC Issues ...Mandatory swap exchange trading under Title VII of the Dodd-Frank Act begins on February 15, 2014. The CFTC has issued a series of releases designed to facilitate the orderly transition to exchange trading.Legal Update: archive13-Feb-2014609T-Zero Announces New Service to Support Transition to ISDA ...An update on a new re-couponing service announced by T-Zero to support the transition to ISDA's standardized single-name CDS contracts.Legal Update: archive24-Mar-2009610Temporary Relief for ABS CPOs Issued by CFTCThe CFTC issued no-action relief for operators of securitization vehicles that were required to register as commodity pool operators (CPOs) with the CFTC by March 31, 2013.Legal Update: archive10-Apr-2013611The Dodd-Frank Alphabet Soup QuizTest your knowledge of Title VII swaps jargon with this informative Dodd-Frank quiz.Legal Update: archive14-Nov-2013612The Dodd-Frank Alphabet Soup Quiz: Answers and ...Answers to a quick and informative quiz on Title VII swaps acronyms.Legal Update: archive14-Nov-2013613The Lehman client money judgment: the Court of Appeal ...A new article, The Lehman client money judgment: the Court of Appeal overturns key aspects of the High Court decision, written by Patrick Buckingham, Stephen Gale and Laura Reynolds of Herbert Smith LLP considers the implications of the decision of the Court of Appeal in CRC Credit Fund Limited and others v GLG Investments Plc Sub-Fund: European Equity Fund and others [2010] EWCA Civ 917 (2 August 2010).Legal Update: archive19-Aug-2010614Trade associations commission study into viability of mutual ...An article has been published on ft.com, reporting that a coalition of trade associations has jointly commissioned a study into the viability of establishing a mutual recognition regime between US and European regulators.Legal Update: archive17-Jan-2012615Trade associations' joint letter on extra-territorial legislationA number of international trade associations have sent a joint letter to Tim Geithner, US Treasury Secretary and Michel Barnier, European Commissioner for Internal Market and Services, raising issues arising from extra-territorial legislation.Legal Update: archive20-Apr-2012616Treasury Department Announces Framework for Regulatory ...An update on the proposed regulatory framework for Over-the-Counter (OTC) derivatives markets.Legal Update: archive14-May-2009617Treasury Secretary Geithner Outlines Obama Administration's ...An update on Treasury Secretary Tim Geithner's Congressional testimony on the Obama adminstration's plan for regulating over-the-counter (OTC) derivatives.Legal Update: archive10-Jul-2009618Trending Now: The "Futurization" of SwapsThe CFTC held a recent roundtable on the migration of market participants away from swaps and toward futures in order to hedge risk while avoiding burdensome regulations and regulatory uncertainty in the swaps market.Legal Update: archive21-Feb-2013619Trialogue reach agreement on EMIRThe European Parliament, Council of the European Union and European Commission have reached agreement on the proposed European Market Infrastructure Regulation (EMIR).Legal Update: archive10-Feb-2012620UK Regulators to Propose Trade-Damping Capital ...An update on UK's Financial Services Authority's (FSA) plans to require UK banks to hold more capital against their over-the-counter (OTC) derivatives trades.Legal Update: archive11-Jun-2009621UK Supreme Court Confirms Enforceability of Flip Clauses in ...An update on the UK Supreme Court confirming the enforceability of flip clauses under UK law in the Belmont Park (Perpetual) decision.Legal Update: archive28-Jul-2011622US and Europe May Jointly Regulate Derivative MarketAn update on the discussions between the US and Europe to jointly regulate the credit-default swap market.Legal Update: archive20-Feb-2009623US Basel III Rules FinalizedOn July 2, 2013, the Federal Reserve Board issued a final rule implementing new capital and related requirements for banks under Basel III, and the Dodd-Frank Act. Legal Update: archive02-Jul-2013624US Options Trading Continues to ClimbAn update on the volume of trading of options on US exchanges.Legal Update: archive06-Jul-2009625US Report on International Swap Regulation Shows Gaps ...The CFTC and the SEC released a joint report on the progress and harmonization of international swap regulation, as required by Section 719(c) of the Dodd-Frank Act.Legal Update: archive09-Feb-2012626US Treasury Proposes Exemptions for Foreign Exchange ...An update on the Treasury Department's proposal to exempt foreign exchange swaps and forwards (FX swaps) from central clearing and exchange trading requirements under the Dodd-Frank Act.Legal Update: archive29-Apr-2011627Volcker Rule FinalizedThe federal bank and securities regulatory agencies issued a final rule implementing the Volcker Rule.Legal Update: archive10-Dec-2013628Where Are We? Practical Law Finance Introduces Road Map ...As derivatives regulators pause and the market catches its breath, Practical Law Finance introduces a new navigation tool designed to help you focus on the regulations that affect your clients and your business so that you see only currently applicable rules and releases and can avoid wasting time wading through superseded proposals and expired relief.Legal Update: archive20-Feb-2014629Wholesale Brokers Form Association to Advocate OTC Market ...An update on a coalition of major players in the financial derivatives community formed to promote stronger regulation of over-the-counter (OTC) markets.Legal Update: archive16-Jul-2009630Whyte v. Barclays Bank: Court Rejects Attempt to Circumvent ...The US District Court for the Southern District of New York in Whyte v. Barclays Bank PLC held that the safe harbor found in section 546(g) of the Bankruptcy Code protecting swap transactions from federal avoidance actions by bankruptcy trustees also preempts state law claims that creditors or their representatives may pursue after bankruptcy.Legal Update: archive11-Jul-2013
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