The Dodd-Frank Act establishes a novel, comprehensive framework for the regulation of over-the-counter (OTC) derivatives and the market participants who transact in these products. The far-reaching effect of the Dodd-Frank Act upon the OTC markets is only now becoming clear.
The new regulatory regime touches the activities of all participants in the swaps markets, from end users to major swap participants to swap dealers. The new regulations will also affect a broad range of market facilities from clearinghouses to exchanges, to newly-conceived swap execution facilities and swap data repositories.
The Dodd-Frank Act imposes registration requirements, mandatory clearing and trading requirements, margin requirements, capital and business conduct standards, and transaction and position reporting, as well as limitations on swap positions.
The legislation also establishes new limitations on the scope of derivatives and proprietary trading activities that may be conducted by certain financial institutions.
In this program, our distinguished faculty will provide a comprehensive overview of the new regulatory framework for OTC derivatives and derivatives market participants, and explain how the new regulatory framework will affect these products, the structure of the market for these products and market participants. The program will also cover documentation issues, and recent developments in tax, accounting and litigation related to OTC derivatives, as well as professional responsibility issues associated with derivatives.
Lecture Topics [Total time 12:22:59]
Segments with an asterisk (*) are available only with the purchase of the entire program.
- Opening Remarks* [00:13:34]
Gary Barnett, Joshua D. Cohn
- Swaps, Security-Based Swaps and Mixed Swaps: What's Covered and What isn't Covered by Dodd-Frank? Who Are the Regulators? What is the Extraterritorial Reach of Dodd-Frank? [00:58:46]
Gary Barnett, Joshua D. Cohn, Mary Johannes, Sarah Lee, Mark A. Steffensen, Matthew Daigler
- Clearing and Trading; Grandfathering; End-Users; Marin Posting for Cleared and Uncleared Transactions; Client Money Segregation; Loss Mutualization [01:27:28]
Kathryn M. Trkla, Michael D. Bopp, William Thum, William Curran
- Swap Execution and Reporting; Giveup and Backloading Arrangements [01:03:01]
Joshua D. Cohn, Kathryn M. Trkla, Geoffrey B. Goldman, Christopher L. Ramsay, Jeffrey T. Waddle, Lauren Teigland-Hunt
- Swap Dealers and Major Swap Participants: Who are They and How will They be Regulated? Reporting, Position Limits, Business Conduct Rules, Capital [01:34:48]
Gary Barnett, Robert C. Lee, Richard A. Ostrander, Kenneth M. Raisler
- Regulation of Other Swap Market Participants under the CEA and Securities Exchange Act of 1934: Clearing Members, Clearing Houses, and the Swap Activities of Banks, Part 1 [00:51:25]
Gary Barnett, Paul M. Architzel, Kevin Walek
- Recap and Introduction to Day Two* [00:01:52]
Gary Barnett, Joshua D. Cohn
- Regulation of Other Swap Market Participants under the CEA and Securities Exchange Act of 1934: Clearing Members, Clearing Houses, and the Swap Activities of Banks, Part 2 [01:14:30]
Douglas E. Harris, Laura Schisgall, Don Thompson
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 1 [00:33:18]
David Yeres, Kenneth M. Raisler, David Meister
- Tax and Accounting [00:53:27]
Mark H. Leeds
- Derivatives and Professional Responsibility [00:55:34]
Michael S. Sackheim
- Principal Issues for Consideration and Negotiation in Derivatives Documentation - Implications of the New Regime; SCM v FCM Model; Optimizing Portfolio Management Across Products [01:02:27]
Gary Barnett, Silas J. Findley, Nevis Bregasi, David Z Moss
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 2 [01:32:49]
Joshua D. Cohn, Seth Grosshandler, R. Penifield Starke, Mark G. Hanchet, Charles M. Miller, Harold S. Novikoff
The purchase price of this Web Program includes the following articles from the Course Handbook available online:
- By When?--The CFTC's Dodd-Frank Compliance Dates
Joshua D. Cohn
- ISDA Response Letter to the CFTC: Re: Proposed Interpretive Guidance and Policy Statement: Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act (RIN 3038-AD57); Notice of Proposed Exemptive Order and Request for Comment
Joshua D. Cohn
- Clearing and Trading Requirements for Swaps
Kathryn M. Trkla
- Impact and Analysis of the CFTC's Final Rule Relating to the End-User Exception to the Clearing Requirement for Swaps
Michael D. Bopp
- Trade Repositories/Swap Data Repositories
Jeffrey T. Waddle
- An August 2012 Overview of Dodd-Frank Swap Dealers, Security-Based Swap Dealers, Major Swap Participants and Major Security-based Swap Participants
Joshua D. Cohn
- Swap Dealers and Major Swap Participants: Who Are They and How Will They Be Regulated? Reporting, Position Limits, Business Conduct Rules, Capital
Kenneth M. Raisler
- CFTC's New Regulations on the Clearing Activities of DCOs and FCMs to Address the New Risks Posed by Mandatory Clearing
Paul M. Architzel
- Commodity Futures Trading Commission Office of Public Affairs: Division of Swap Dealer and Intermediary Oversight Responds to Frequently Asked Questions--CPO/CTA: Amendments to Compliance Obligations
Kevin Walek
- The Client Clearing Documentation Imperative: Inconsistent Approaches to Client Clearing Documentation Could Slow Adoption of OTC Clearing within Europe
Silas J. Findley
- Greenberg Traurig Tax Alert: Et Tu Babe: New U.S. Tax Regulations Change the Landscape for Dividend Equivalents
Mark H. Leeds
- Greenberg Traurig Tax Alert: Collateral Damage: FATCA Implications for OTC Derivatives Supported by U.S. Dollar Assets
Mark H. Leeds
- Professional Responsibility Issues Under Title VII of the Dodd-Frank Act
Michael S. Sackheim
- CFTC Final Rule on Protection of Cleared Swaps Customer Contracts and Collateral
Joshua D. Cohn
- Special Bankruptcy Code Protections for Derivative and Other Financial Market Transactions
Harold S. Novikoff
- Selected Bank-Specific Derivatives Issues (PowerPoint Slides)
Douglas E. Harris
Presentation Material
- Clearing and Trading; Grandfathering; End-Users; Marin Posting for Cleared and Uncleared Transactions; Client Money Segregation; Loss Mutualization
Michael D. Bopp
- Clearing and Trading; Grandfathering; End-Users; Marin Posting for Cleared and Uncleared Transactions; Client Money Segregation; Loss Mutualization
William Curran
- Clearing and Trading; Grandfathering; End-Users; Marin Posting for Cleared and Uncleared Transactions; Client Money Segregation; Loss Mutualization
William Thum
- Clearing and Trading; Grandfathering; End-Users; Marin Posting for Cleared and Uncleared Transactions; Client Money Segregation; Loss Mutualization
Kathryn M. Trkla
- Swap Execution and Reporting; Giveup and Backloading Arrangements
Geoffrey B. Goldman
- Swap Execution and Reporting; Giveup and Backloading Arrangements
Christopher L. Ramsay, Lauren Teigland-Hunt
- Swap Execution and Reporting; Giveup and Backloading Arrangements
Kathryn M. Trkla
- Swap Execution and Reporting; Giveup and Backloading Arrangements
Jeffrey T. Waddle
- Regulation of Other Swap Market Participants under the CEA and Securities Exchange Act of 1934: Clearing Members, Clearing Houses, and the Swap Activities of Banks (continued)
Douglas E. Harris
- Regulation of Other Swap Market Participants under the CEA and Securities Exchange Act of 1934: Clearing Members, Clearing Houses, and the Swap Activities of Banks, Part 2
Laura Schisgall
- Regulation of Other Swap Market Participants under the CEA and Securities Exchange Act of 1934: Clearing Members, Clearing Houses, and the Swap Activities of Banks (continued)
Don Thompson
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 1 - An Introduction to Derivatives Regulatory Liabilities Under the Commodity Exchange Act Post Dodd-Frank Handout
David Yeres
- Tax and Accounting
Mark H. Leeds
- Principal Issues for Consideration and Negotiation in Derivatives Documentation - Implications of the New Regime; SCM v FCM Model; Optimizing Portfolio Management Across Products
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 2
Seth Grosshandler
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 2 - Case Citations from the PowerPoint
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 2 - Lomas Handout
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 2 - Metavante Handout
- Enforcement, Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation Part 2
Co-Chair(s)
Gary Barnett ~ Director of the Division of Swap Dealer and Intermediary Oversight, U.S. Commodity Futures Trading Commission
Speaker(s)
Matthew Daigler ~ Senior Special Counsel, US Securities and Exchange Commission
Mary Johannes ~ Senior Director and Head of U.S. Public Policy, ISDA
Robert C. Lee ~ Director, GM Central Management, Deutsche Bank AG
Sarah Lee ~ Managing Director and Associate General Counsel, Global Head of Fl Derivatives and Reg Reform, Bank of America
David Meister ~ Director of Enforcement, U.S. Commodity Futures Trading Commission
Christopher L. Ramsay ~ Director and Associate General Counsel, Head of Global Transaction Management, Citadel LLC
Laura Schisgall ~ Managing Director, Global Markets Legal Group Head/AMER, Societe Generale Americas
R. Penifield Starke ~ Assistant General Counsel, Legal Division, Federal Deposit Insurance Corporation
Mark A. Steffensen ~ Managing Director and General Counsel, Global Banking and Markets - Americas, HSBC Securities (USA) Inc.
Don Thompson ~ Managing Director and Assoicate General Counsel, JPMorgan Chase & Co.
William Thum ~ Principal, Legal Department, The Vanguard Group, Inc.
Jeffrey T. Waddle ~ Managing Director & Senior Counsel, The Depository Trust & Clearing Corporation
Kevin Walek ~ Former Assistant Director, U.S. Commodity Futures Trading Commission
PLI makes every effort to accredit its On-Demand Web Programs and Segments. Please check the CLE Calculator above for CLE information specific to your state.
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14 and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Minnesota approves live webcasts ONLY
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. PLI programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*PLI will apply for credit upon request. Louisiana and New Hampshire: PLI will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, call Customer Service (800) 260-4PLI (4754) or e-mail info@pli.edu.