CFTC Proposed Rule for the Cross Border Application of the Margin Requirements
To address the margin requirements for uncleared cross-border swaps not subject to U.S. banking regulations, the Commodity Futures Trading Commission (CFTC) proposed a rule on June 29, 2015. Under the proposed rule, if the duties of a non-US CSE are guaranteed by a US person or if a non-US CSE is a “Foreign Consolidated Subsidiary," then, the non-US covered swap entity (CSE) is obliged to apply the same margin rules for uncleared swaps as a US CSE.
If the rule is adopted as proposed, entities trading with non-US CSEs will be indirectly impacted.
In this two-hour LIVE Webcast, a panel of distinguished professionals and thought leaders assembled by The Knowledge Group will help companies understand the important aspects of this significant topic. They will provide an in-depth discussion of the proposed rules as well as best practices to mitigate potential compliance risks.
Key topics include:
- The Margin Rules - A Legal Primer
- Comparative Definitions of U.S. Person
- Proposed Rules
- CFTC Guidance
- SEC Rule
- Implications to Covered Swap Entities
- Indirect Impact to Financial End Users
- Current Regulatory Developments & Compliance Risks
Claire L. Hall, Partner
- current status of margining of uncleared swaps
- explanation of the proposed margin rules
- impact on end-users
Meltem F. Kodaman, Counsel
Sutherland, Asbill & Brennan LLP
Focus on cross-border guidance and substitute compliance
- Comparative Definitions of U.S. Person
- Proposed Rules
- CFTC Guidance
- SEC Rule
Julia Lu, Partner
Richards Kibbe & Orbe LLP
Other aspects of the cross border proposal, as compared to the cross border interpretive guidance and the prudential regulators’ approach:
- Foreign consolidated sub
- Substituted compliance
- Treatment of US branches of non-US covered swap entities
Braden Perry, Partner
Kennyhertz Perry, LLC
- Regulatory challenges
- Compliance and monitoring tips
- Enforcement update
Who Should Attend:
- Attorneys in Banking and Finance
- Finance Lawyers
- Banking and Financial Institutions
- Swap Dealers
- Swap Execution Facilities
- Financial Professionals
- Financial Industry Analysts
- Third Party Investment Managers
- Other Interested/Related Professionals
Claire Hall is a Partner in DLA Piper’s Finance practice. Claire joined the firm having previously worked at leading law firms in New York, Los Angeles and London. Claire has significant experience advising US and non-US clients in relation to a variety of derivatives and structured finance transactions. Claire also regularly advises on regulatory matters affecting derivative transactions and the derivatives market including with respect to the Dodd Frank Act and EMIR. Claire has spoken at industry conferences and has authored several articles on the topic of derivatives regulation. Claire is licensed to practice in England and Wales New York and California.
Claire Hall is a Partner in DLA Piper’s Finance practice. Claire joined the firm having previously worked at leading law …
Meltem Kodaman practices in the areas of general corporate and securities law, concentrating on derivatives contracts, including interest rate, foreign exchange, equity and commodity products. A member of Sutherland’s Corporate Practice Group, Meltem’s derivatives practice represents a broad range of counterparties, including mutual funds, dealer banks, business development companies, insurance companies, pension plans, government-sponsored agencies, universities, nonprofit corporations and energy companies.
Meltem also advises commercial firms on how they may be impacted by the new regulatory regime imposed on the derivatives markets by the Dodd-Frank Act as well as European derivatives reform developments, such as European Market Infrastructure Regulation (EMIR) and Markets in Financial Instruments Directive (MiFID).
Meltem Kodaman practices in the areas of general corporate and securities law, concentrating on derivatives contracts, including interest rate, foreign …
Braden Perry, is a regulatory and government investigations attorney with Kennyhertz Perry, LLC. Mr. Perry has the unique tripartite experience of a white collar criminal defense and government compliance, investigations, and litigation attorney at a national law firm; a senior enforcement attorney at a federal regulatory agency; and the Chief Compliance Officer/Chief Regulatory Attorney of a global financial institution. Mr. Perry has extensive experience advising clients in government inquiries and investigations, particularly in enforcement matters involving emerging or novel issues. He couples his technical knowledge and experience defending clients in front of federal agencies with a broad-based understanding of compliance from an institutional and regulatory perspective. Mr. Perry is a frequent contributor to financial and legal publications, including Law 360, Lawyers.com, Institutional Investor, Minyanville.com, Value Walk, and NerdWallet.
Braden Perry, is a regulatory and government investigations attorney with Kennyhertz Perry, LLC. Mr. Perry has the unique tripartite experience …
Julia focuses her derivatives practice on total return swaps, credit default swaps, credit- and equity-linked notes, equity swaps and options, and other derivatives transactions, and the application of the new U.S. legislative and regulatory regimes pertaining to these transactions. In particular she has substantial experience handling a variety of derivatives transactions based on secured and unsecured loans and other debt instruments in North America, Europe and Asia.
Due to her deep background in the credit derivatives product, Julia has been nominated as a potential pool member to be called upon to conduct external reviews of the determinations made by the International Swaps and Derivatives Association Credit Derivatives Determinations Committee. She works with other members of the RK&O team in performing RK&O’s duties as the “Designated Law Firm” in connection with the Continuity Procedures for the North American “bullet” loan credit default swap.
Julia focuses her derivatives practice on total return swaps, credit default swaps, credit- and equity-linked notes, equity swaps and options, …
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About DLA Piper
DLA Piper is a global law firm with 4,200 lawyers in the Americas, Asia Pacific, Europe and the Middle East, positioning us to help clients with their legal needs around the world and enabling us to offer comprehensive cross-border counsel. Our lawyers are able to offer local, national and international experience and expertise. We strive to be the leading global business law firm by delivering quality and value to our clients. Our clients include multinational, Global 1000, and Fortune 500 enterprises, hedge funds, banks, financial institutions, insurance companies and emerging companies around the globe.
About Sutherland, Asbill & Brennan LLP
Sutherland is an international legal service provider helping the world’s largest companies, industry leaders, sector innovators and business entrepreneurs solve their biggest challenges and reach their business goals. More than 435 lawyers across seven major practice areas—corporate, energy and environmental, financial services, intellectual property, litigation, real estate and tax—provide the framework for an extensive range of focus areas. Sutherland is composed of associated legal practices that are separate entities, doing business in the United States as Sutherland Asbill & Brennan LLP, and as Arbis Sutherland LLP in London and Geneva.
About Kennyhertz Perry, LLC
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. Kennyhertz Perry is located in Kansas City, Mo. To learn more about the firm, visit kennyhertzperry.com.
About Richards Kibbe & Orbe LLP
Richards Kibbe & Orbe LLP is an elite boutique law firm focused on the financial sector. For more than 25 years, RK&O has represented financial firms in transactions, compliance and litigation, and has consistently been at the forefront of emerging legal issues and investment activities. The sophistication and intensity that have made RK&O a leader in complex financial transactions and compliance issues have also driven its success in representing institutional clients, funds and individuals confronting government investigations, securities law violations and complex business disputes.
RK&O conducts a highly collaborative practice through approximately 65 lawyers based in New York, Washington, D.C. and London. With a long track record of achieving positive outcomes for clients, RK&O attorneys are recognized as being among the most qualified legal practitioners in the financial services sector, both in the U.S. and around the globe.