CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) Advisory for Non-US Swap Dealers
Overview:The Knowledge Group has assembled a panel of key thought leaders to provide the audience with an In-depth analysis of CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) Advisory for Non-U.S. Swap Dealers.
Key Issues that will be covered in this course are:
- CFTC Staff Advisory No. 13-69
- CFTC Issues Cross-Border Transactions Advisory
- Transaction-Level Requirements Under the Cross Border Guidance
- CFTC Implications for Non-U.S. Swap Dealers
- Compliance and Best Practices
- Up-to-Minute Regulatory Updates
Michael S. Sackheim, Partner
Sidley Austin LLP
- Introductory remarks
- Cross border guidance
David Lucking, Partner
Allen & Overy LLP
- Substitute compliance and harmonization
Julian Hammar, Of Counsel
Morrison & Foerster LLP
- CFTC Staff Advisory 13-69
- Subsequent Developments
- Request for Comment
- No-Action Relief
- Current Status
- Litigation over CFTC Guidance
Who Should Attend:
− Chief Compliance Officers
− Compliance Managers
− General Counsel
− Senior Managers
− Finance Executives
− Fraud Monitoring
− And Other Interested Professionals
Mr. Sackheim is a partner in the New York office of Sidley Austin LLP. He concentrates on exchange-traded and over-the-counter derivatives regulatory, transactional and enforcement matters, including structured products. He regularly advises financial entities on the implications of Title VII of the Dodd-Frank Act. He is also a member of a practice group that regularly advises derivatives end users. He is the former Chair of the New York City Bar’s Futures & Derivatives Regulation Committee and is the Managing Editor of the Futures & Derivatives Law Report (Thomson Reuters, publ.).
Mr. Sackheim is a partner in the New York office of Sidley Austin LLP. He concentrates on exchange-traded and over-the-counter …
David specializes in derivatives and structured finance transactions, as well as the regulatory framework that underpins the derivatives market. David advises financial institutions on a wide range of derivatives products and asset classes (including credit, rates, FX, longevity) in both funded and unfunded form. He has drafted a number of market standard document templates for the International Swaps and Derivatives Association, Inc. (ISDA) and other derivatives industry bodies, including documentation for confirming trades referencing the iTraxx and CDX indices and ISDA's "Big Bang" and "Small Bang" protocols. Most recently, David has advised on various aspects of the transition of the over-the-counter derivatives market to regulated trading platforms and central clearing houses, as well as numerous other requirements of the Dodd-Frank Act.
David was named as a up-and-coming individual by Chambers USA, 2013.
David specializes in derivatives and structured finance transactions, as well as the regulatory framework that underpins the derivatives market. David …
Julian Hammar is an Of Counsel in the Washington, DC office of Morrison & Foerster LLP and practices in the firm’s financial services, derivatives and commodities and energy regulation practice groups. He advises clients with respect to all aspects of compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and CFTC regulations. Prior to joining Morrison & Foerster LLP, Mr. Hammar served as a special counsel at an Am Law 50 firm and an Assistant General Counsel at the Commodity Futures Trading Commission (“CFTC”), Office of the General Counsel. During his thirteen years at the CFTC, Mr. Hammar drafted regulations to further define key terms including “swap,” “security-based swap,” and “security-based swap agreement,” under the Dodd-Frank Act. He also assisted in drafting other Dodd-Frank Act regulations, including the Entity Definitions (rules to further define such terms as “swap dealer,” “major swap participant,” and “eligible contract participant”), commodity options, and the Volcker Rule. In addition to rulemaking, Mr. Hammar was a member of the CFTC’s legislative drafting team that drafted the derivatives title of the Administration’s legislative proposal for derivatives regulation that eventually was enacted into law as Title VII of the Dodd Frank Act.
Julian Hammar is an Of Counsel in the Washington, DC office of Morrison & Foerster LLP and practices in the …
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Method of Presentation:
NASBA Field of Study:
Specialized Knowledge and Applications - 2.00 credit hours
NY Category of CLE credit:
Areas of Professional Practice
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About Sidley Austin LLP
Sidley Austin LLP is a premier law firm with a practice highly attuned to the ever-changing international landscape. The firm has built a reputation for being an adviser for global business, with approximately 1,800 lawyers in 19 offices worldwide. Sidley maintains a commitment to providing quality legal services and to offering advice in litigation, transactional and regulatory matters spanning virtually every area of law. The firm’s lawyers have wide-reaching legal backgrounds and are dedicated to teamwork, collaboration and superior client service. For the fourth consecutive year, and each year since the survey’s inception, Sidley has received the most first-tier national rankings of any U.S. law firm in the 2014 U.S. News – Best Lawyers® “Best Law Firms” survey.
About Allen & Overy LLP
Allen & Overy LLP is a global legal practice with a strong focus on the financial services sector. Our Derivatives and Structured Finance practice includes attorneys operating out of 43 offices in 30 countries, providing full service coverage of the world’s principal financial markets. Our U.S. derivatives and structured finance team is a market leader. We cover all areas of the over-the-counter derivatives markets involving the full range of asset classes, including interest rates, currencies, equities, commodities, longevity and mortality risk and credit risk. The team advises on swaps, options, forwards, repos and stock loans and structured solutions using all of the above. We have expertise in the exchange-traded futures and options markets, as well as the new SEF-traded and cleared swaps market. We have considerable experience advising financial institutions and industry groups on issues in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the European Market Infrastructure Regulation, often communicating with regulators or commenting on regulatory proposals on their behalf. We work with global financial institutions on swap dealer registration, compliance and legal issues related to the implementation of regulatory reform. We have a long standing relationship with the International Swaps and Derivatives Association (ISDA) and recently advised on its new 2014 ISDA Credit Derivatives Definitions. We also represent financial institutions and industry working groups, such as the Securities Industry and Financial Markets Association, the Global Financial Markets Association and ISDA on swap regulations, netting and enforceability. Our integrated, cross-disciplinary approach is ideally suited to advising our financial services clients across the world to navigate through the regulatory maze, not only to protect their businesses from regulatory risk wherever it may arise, but to position them to take advantage of emerging opportunities.
About Morrison & Foerster LLP
Morrison & Foerster is a global firm with more than 1,000 lawyers in 17 offices in key technology and financial centers in the United States, Europe and Asia. Our integrated Derivatives and Commodities Regulatory practice offers clients a comprehensive approach to address the entangled regulatory universe. Assisting clients with regulatory compliance and registration is a core focus for the diverse team of expert lawyers in the practice, including practitioners with expertise in all segments of the U.S. bank regulatory regime, the Commodity Exchange Act and related CFTC practice and FERC regulation and compliance.