Advanced Swaps & Other Derivatives 2010 (Groupcast Location)

Overview

Co-Sponsored by New Jersey Institute for Continuing Legal Education

Why You Should Attend

The credit crisis has led to the most extensive overhaul of financial regulation since the early 20th century.  The reform legislation establishes a comprehensive framework for the regulation of over-the-counter derivatives and the market participants who transact in these products. 

These reforms touch the activities of all participants in the swaps markets.  From end users to major swap participants to swap dealers.  They will also affect a broad range of market facilities from clearinghouses to exchanges, swap execution facilities and swap data repositories.

These reforms impose registration requirements, mandatory clearing and trading requirements; margin requirements, capital and business conduct standards, transaction and position reporting, as well as limitations on swap positions.

The reforms also establish 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 over-the-counter 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, recent developments in tax, accounting and litigation related to 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 how is cross-border activity covered by the new law?
  - What are the new mandatory clearing and trading requirements?
  - What are the new reporting requirements?
  - 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?
  - What are the 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.

Special Bonus to all Registrants

All attendees receive a complimentary copy of PLI's comprehensive Course Handbook. This softcover, bound volume was written to augment this program and to stand alone as a permanent reference. PLI's Course Handbooks represent the definitive thinking of the nation's finest legal minds, and are often the standard reference in the field.

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.

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.

Schedule

Day One:  9:00 a.m. - 5:15 p.m.

Morning Session:  9:00 a.m. - 1:00 p.m.

9:00  Opening Remarks

E. Rosen

9:15  Swaps and Security-Based Swaps, Swap Dealers, and Major Swap Participants

• Definitions
• Exceptions
• Registration
• Regulation
  -Capital
  -Margin
  -Business Conduct

A. Karna, S. Lofchie, E. Rosen

10:15  Regulation of Other Swap Market Participants under the CEA and Securities and Exchange Act of 1934

• Brokers and clearing members
• Advisors
• Fund operators
  - Definitions
  - Exceptions
  - Registration
  - Regulation

M. Chiodi, R. Klein, R. Molesworth

11:15  Networking Break

11:30  Clearing and Trading of Swaps

• Mandatory clearing and trading requirements
• Swap clearing and trading facilities
  - Definitions
  - Exceptions
  - Registration
  - Regulation

G. Goldman (Moderator), A. Cocco, L. Klimpel, M. Philipp

1:00  Lunch Break

Afternoon Session:  2:00 p.m. - 5:15 p.m.

2:00  Other Regulatory Obligations; Reporting and Position Limits

• New trade reporting obligations
• Position limits
• Swap data repositories
• Securities law provisions applicable to security-based swaps

D. Kaufman, P. Malyshev, J. Vitha

3:00  Swap Activities of Financial Institutions

• “Existing bank regulations”
• “Volcker Rule”
• “Push-Out”

K. Barnard, E. Rosen, J. Williams

4:00  Networking Break

4:15  Litigation Developments

• Review of recent cases of interest to the OTC derivatives market
• Discussion of Perpetual Trustee v. BNY, Marine Tradev. Pioneer and Swedbank AB v. Lehman Brothers Holdings Inc. holding that Bankruptcy Code Section 553
• What the recent orders and judgments issued mean for the OTC derivatives market

G. Aronow, J. Cohn, P. Malyshev

5:15  Adjourn

Day Two:  9:00 a.m. - 5:15 p.m.

Morning Session:  9:00 a.m. - 12:45 p.m.

9:00  Principal Issues for Consideration and Negotiation in Derivatives Documentation - Implications of the New Regime

• Swaps generally
• Commodity swaps
• Interest rate swaps

M. Dayan (Moderator), W. Davis, M. Douvas, J. Cohn, W. McCoy, L. Teigland-Hunt

11:00  Networking Break

11:15  Principal Issues for Consideration and Negotiation in Derivatives Documentation- Implications of the New Regime, Part II

• Equity swaps
• Credit default swaps
• Emerging products

M. Dayan (Moderator), D. Bendernagel, E. Rosen, J. Hawrylewicz, C. Ramsay, J.Rothwell

12:45  Lunch Break

Afternoon Session:  1:45 p.m. - 5:00 p.m.

1:45  Tax and Accounting

• The recent Tax Court decision addressing variable forward contracts (Anschutz)
• The recent Tax Court decision addressing 90% stock loans (Calloway)
• New Tax legislation addressing withholding on dividend substitutes
• New Tax legislation affecting foreign financial institutions receiving U.S. source income (the QI-2 rules)

M. Leeds (Moderator), M. Price, H. Reboredo

2:45  Insolvency and Resolution Authority

• Changes introduced by financial reform
• Restructuring and insolvency litigation
• Insolvency procedures

S. Grosshandler (Moderator), J. Cohn, R. Kim, M. Krimminger

3:45  Networking Break

4:00  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

M. Sackheim

5:00  Adjourn

Faculty

Chairperson(s)

Speaker(s)

Program Attorney(s)

CLE Credit

Travel Information

New Jersey Groupcast Location

New Jersey Institute for Continuing Legal Education, One Constitution Square, New Brunswick, NJ 08901-1520. 732-249-5100.