This is a webcast of the live New York session.Why you should attend
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. That regulatory framework is now being implemented and its effect are 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 established new limitations on the scope of derivatives and proprietary trading activities that may be conducted by certain financial institutions.
At 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.
What you will learn
- A comprehensive analysis of the new regulatory framework for OTC derivatives:
- Who is required to register and as what?
- How is cross-border activity covered under the new regulatory framework?
- What are the new mandatory clearing and trading requirements?
- What are the new reporting requirements?
- What are swap execution facilities?
- Who must be regulated as a swap execution facility?
- What are the new margin requirements and to whom do they apply?
- When must swap dealers be registered as futures commission merchants?
- How will banks and their affiliates be affected by new limitations on derivatives and proprietary trading activities?
- Are new position limits applicable to OTC derivatives?
- What changes have been made to existing insolvency law?
- How will the amended federal commodity and securities laws affect brokers, advisors and funds transacting in OTC derivatives?
- Significant issues relating to credit, equity and commodity derivatives
- Recent litigation developments related to derivatives
- Tax and accounting developments applicable to derivatives
- Professional responsibility and derivatives
Who should attend
This program is intended for experienced outside counsel, in-house attorneys, government lawyers, documentation managers, compliance officers, bankers, corporate and other end users of swaps, and others involved in advanced structuring, negotiating and executing swap agreements and other derivative products. Counsel to derivatives market facilities and others involved in structuring, negotiating and executing swap agreements and other derivate products will also benefit from attending this program.
PLI Group Discounts
Groups of 4-14 from the same organization, all registering at the same time, for a PLI program scheduled for presentation at the same site, are entitled to receive a group discount. For further discount information, please contact membership@pli.edu or call (800) 260-4PLI.
PLI Can Arrange Group Viewing to Your Firm
Contact the Groupcasts Department via email at groupcasts@pli.edu for more details.
Cancellations
All cancellations received 3 business days prior to the program will be refunded 100%. If you do not cancel within the allotted time period, payment is due in full. You may substitute another individual to attend the program at any time.
All times are E.D.T.
Day One: 9:00 a.m. - 5:00 p.m. (E.D.T.)
Morning Session: 9:00 a.m. - 12:00 p.m. (E.D.T.)
9:00 Opening Remarks
Gary Barnett, Joshua D. Cohn
9:15 Swaps, Security-Based Swaps and Mixed Swaps: CFTC, SEC and Dodd-Frank Implementation Progress
- The CFTC, the SEC and the Prudential Regulators
- Potential reach and likely impact on market participants
- Extraterritoriality
Moderators: Gary Barnett, Joshua D. Cohn
James R. Burns, Mary Johannes, Sarah Lee, Mark A. Steffensen
10:15 Networking Break
10:30 Clearing and Trading; End-Users; Margin for Cleared and Uncleared Transactions; Client Money Segregation; Default Management
- Mandatory clearing and trading requirements
- SEFs and trading facilities, including definitions, exceptions, regulation and registration
- Margin, segregation, default management and focus on CCP default funds: current state of play of models
Moderator: Kathryn M. Trkla
Michael D. Bopp, William A. Curran, Brian O’Keefe, William Thum
12:00 Lunch Break
Afternoon Session: 1:15 p.m. - 5:00 p.m. (E.D.T.)
1:15 Swap Execution, Reporting and Giveup; Cleared and Uncleared Swaps
- Execution
- Give-up arrangements and the model FIA Execution Agreement/ Futures Agreement Addendum
- PB and asset manager allocation issues
- SDR status
Moderator: Joshua D. Cohn
Geoffrey B. Goldman, Christopher L. Ramsay, Lauren Teigland-Hunt, Kathryn M. Trkla, Jeffrey T. Waddle
2:15 Networking Break
2:30 Swap Dealers and Major Swap Participants: Who Are They and How Will They be Regulated? Reporting, Position Limits, Business Conduct Rules, Capital
- Swap Dealers, Major Swap Participants: who qualifies?
- Major internal changes: reporting and conduct
- Margin and capital requirements and effect on liquidity
Moderator: Gary Barnett
Frank N. Fisanich, Richard A. Ostrander, Kenneth M. Raisler, Thomas J. Smith
4:00 Regulation of Other Swap Market Participants under the CEA and Securities Exchange Act of 1934: Clearinghouses, Clearing Members, and the Swap Activities of Banks
- CCPs
- Brokers and clearing members
- Advisors and funds
Moderator: Gary Barnett
Geoffrey B. Goldman, Brian O’Keefe, Thomas J. Smith, Kathryn M. Trkla
5:00 Adjourn
Day Two: 9:00 a.m. - 5:00 p.m. (E.D.T.)
9:00 Recap and Introduction to Day Two
Gary Barnett, Joshua D. Cohn
9:15 Regulation of Swap Market Participants
- Aspects of bank regulation
- Fund issues
- The role of the NFA
- Swap dealer and intermediary compliance and examinations
- Substituted compliance by foreign entities
Moderator: Gary Barnett
Douglas E. Harris, Kevin C. Piccoli, Jamila Piracci, Erik F. Remmler
10:15 Networking Break
10:30 Regulation of Swap Market Participants (continued)
Matthew K. Kerfoot, Rita M. Molesworth, Amanda Olear
11:00 Tax and Accounting
- Final FATCA regulations
- Congressional proposals to change taxation of derivatives
- Cutting edge issues in FX hedging
Mark H. Leeds, Matthew Stevens
12:00 Lunch Break
1:15 Derivatives and Professional Responsibility
- Representing an organization
- SEC Rule of Professional Responsibility for Issuer’s Counsel
- Reporting wrongdoing up the ladder within an organization
- Reporting a client’s fraud to regulators
- Lawyer’s role in complex structured finance transactions
- Title VII creates new professional responsibility challenges
- Email and metadata issues
Michael S. Sackheim
2:15 Networking Break
2:30 Principal Issues for Consideration and Negotiation in Derivatives Documentation-Cleared and Uncleared
- Swaps generally
- Commodity Swaps, Equity Swaps and CDS
- Legal and contractual considerations
Moderator: Gary Barnett
Noah P. Melnick, David Z. Moss
3:30 Litigation & Insolvency and Resolution Authority: Netting Opinions; Safe Harbors; Orderly Liquidation
- Review of recent cases of interest to the OTC derivatives market
- Fraud prosecutions (synthetic structures and Rule 10b-5), rating agencies and banks
- What the recent orders and judgments issued mean for the OTC derivatives market
- Changes introduced by financial reform (FDIC-modeled provisions of Orderly Liquidation Authority can now apply to entities otherwise subject to the Bankruptcy Code or SIPA)
- Differences between Orderly Liquidation Authority, the Code and SIPA
- Potential effect on various stakeholders – shareholders, creditors and counterparties
Moderator: Joshua D. Cohn
David Aman, Locke R. McMurray, Harold S. Novikoff, Jonathan E. Pickhardt, R. Penfield Starke
5:00 Adjourn
Co-Chair(s)
Gary Barnett ~ Director of the Division of Swap Dealer and Intermediary Oversight, U.S. Commodity Futures Trading Commission
Speaker(s)
James R. Burns ~ Deputy Director, Division of Trading and Markets, US Securities and Exchange Commission
Mary Johannes ~ Senior Director and Head of U.S. Public Policy, ISDA
Sarah Lee ~ Managing Director and Associate General Counsel, Global Head of Fl Derivatives and Reg Reform, Bank of America
Brian O'Keefe ~ Deputy Director, Division of Clearing and Risk, U.S. Commodity Futures Trading Commission
Amanda Olear ~ Associate Director, US Commodity Futures Trading Comm
Kevin C. Piccoli ~ Deputy Director, Examinations, U.S. Commodity Futures Trading Commission
Jamila Piracci ~ Vice President, OTC Derivatives, National Futures Association
Christopher L. Ramsay ~ Director and Associate General Counsel, Head of Global Transaction Management, Citadel LLC
Erik F. Remmler ~ Deputy Director, Registration and Compliance, US Commodity Futures Trading Comm
Thomas J. Smith ~ Deputy Director, Capital, Margin and Segregation, US Commodity Futures Trading Comm
Mark A. Steffensen ~ Managing Director and General Counsel, Global Banking and Markets - Americas, HSBC Securities (USA) Inc.
William Thum ~ Principal, Legal Department, The Vanguard Group, Inc.
Jeffrey T. Waddle ~ Managing Director & Senior Counsel, The Depository Trust & Clearing Corporation
Program Attorney(s)
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Arizona: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
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1Indiana: Considered a distance education course. There is a 6 credit limit per year.
2New York: Newly admitted attorneys may not take non-transitional course formats such as on-demand audio or video 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.
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4 Pennsylvania: A live webcast may be viewed individually or in a group setting. Credit may be granted to an attorney who views a live webcast individually. There is a 4.0 credit limit per year for this type of viewing. A live webcast viewed in a group setting receives live participatory credit if the program is open to the public and advertised at least 30 days prior to the program. Live webcasts viewed in a group setting that do not advertise at least 30 days prior the program will be considered "in-house", and therefore denied credit.
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