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The Dodd-Frank Act established 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, split primarily between the SEC and CFTC, has been substantially implemented by the CFTC. For their part, the SEC has made substantial progress and has most recently focused on finalizing the rules applicable to security-based swap dealers and major participants.
The regulatory regime touches the activities of all participants in the swaps markets, from end-users to major swap participants to swap dealers. The regulations also affect a broad range of market facilities from clearinghouses to exchanges, to newly conceived swap execution facilities and swap data repositories, and other regulatory initiatives that are also reshaping the market.
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 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 evolving regulatory framework for OTC derivatives and derivatives market participants, and explain how the regulatory framework affects 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 current regulatory framework for OTC derivatives:
- Who is required to register and as what?
- How is cross-border activity covered under the regulatory framework?
- What is the status of mandatory clearing and trading requirements?
- What are the reporting requirements?
- What are swap execution facilities?
- Who must be regulated as a swap execution facility?
- What are the pending margin requirements and to whom do they apply?
- When must swap market participants be registered as futures commission merchants?
- How have banks and their affiliates been affected by limitations on derivatives and proprietary trading activities?
- Are position limits applicable to OTC derivatives?
- What changes have been made to existing insolvency law or are being considered? What is the Resolution Stay Protocol?
- How are the amended federal commodity and securities laws affecting 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
Program Level: Overview
Prerequisites: A basic knowledge of swaps and other derivatives.
Intended Audience: 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 derivative products will also benefit from attending this program.
Other Prerequisite (PLI program, if necessary): None
Advanced Prep: None