Category: Security-Based Swaps

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CFTC Begins Implementing Swap Data Roadmap; Proposes Additional Reporting Requirements

On April 25, 2019, the U.S. Commodity Futures Trading Commission (“CFTC”) announced its approval of a proposed rule and request for comment (“Proposed Rule”) that, if finalized, would amend swap data repository (“SDR”) regulations. The Proposed Rule also proposes to amend existing SDR reporting requirements for market participants. In sum, if adopted, the Proposed Rule … Continue Reading

ISDA Survey Highlights Growth in Initial Margin Collection In 2018 As Final Phases Draw Near

In April 2019, the International Swaps and Derivatives Association, Inc. (“ISDA”) published the results of its latest survey of the margin amounts collected by market participants. The publication identifies key themes derived from a 2018 survey of firms that are subject to the Prudential Regulator or U.S. Commodity & Futures Trading Commission (“CFTC”) initial margin … Continue Reading

LIBOR Benchmark Transition Planning: ISDA Benchmarks Supplement

On September 19, 2018, ISDA published the ISDA Benchmarks Supplement (the “Supplement”) to enable parties to include fall back provisions in their trades if a benchmark ceases to be provided by the administrator to the benchmark or if a regulator of the administrator, the applicable central bank or applicable resolution authority announces that the administrator … Continue Reading

Swaps and Retail Commodity Transactions (Leverage, Margin or Financing: Will We Know It When We See It or Only After It Has Been Identified As Such?)

This post builds upon an idea presented in Part 4 of current series of posts on considerations for investment funds and advisers related to cryptocurrency derivatives. In particular, this post provides additional perspectives on the relationship of leverage, margin, and financing to two commodity interests: “retail commodity transactions” and a “swaps”.  We decided to present … Continue Reading

Cryptocurrency Derivatives, Funds and Advisers: Key Considerations Under U.S. Commodity Laws (Part 4: About the Interests of Interest)

This post is the fourth in a series that outlines key considerations for investment funds and their advisers regarding the application of the U.S. commodity laws to cryptocurrency derivatives.  This post is intended to be a primer on the topic and is not legal advice.  You should consult with your counsel regarding the application of … Continue Reading

A Compendium of 2015 Regulatory Activity by the SEC In Respect of Security-Based Swaps

Links to Text of Rules Final Rules: http://www.sec.gov/rules/final.shtml Proposed Rules: http://www.sec.gov/rules/proposed.shtml 2015 Timeline Final Rules (F) and Proposed Rules (P) (F) February 2015 Finalized Registration and Governance Rules that Apply to SBS Data Repositories (F) February 2015 Finalized SBS Data Reporting Rules (P) February 2015 Proposed Rules to Implement the Finalized Reporting Rules, Establish Certain … Continue Reading
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