Cross-Border Security-Based Swap Transactions: Regulatory Updates for 2016 and Beyond
In a two-hour LIVE Webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will review past regulations and discuss the nuances and importance of the changed rules. The speakers will help the audience understand the implications of the new rules for the Cross-Border Security-Based Swap Transactions. The panel of speakers will also offer the audience with the best practices in identifying and mitigating risk in Cross-Border Security-Based Swap Transactions.
Key topics include:
- Title VII of the Dodd-Frank Act - An Overview
- Security-Based Swap (SBS) Transactions Updates
- De Minimis Counting Requirements
- De Minimis Exceptions
- External Business Conduct Requirements
- Framework for External Business Conduct
- Trade Execution of SBS
- Regulatory Developments, with a focus on how SBS rules apply in a cross-border context
- Risk Mitigation and Compliance
Jonas Robison, Attorney
Orrick, Herrington and Sutcliffe LLP
- Update on the SEC’s implementation of security-based swap regulations under Title VII of Dodd-Frank
- Comparison of the SEC’s cross-border framework for security-based swaps to the CFTC’s cross-border framework for swaps
- Calculation of the security-based swap dealer de minimis threshold in the cross-border context
Carolyn H. Jackson, Partner
Katten Muchin Rosenman LLP
- Mandatory Clearing and Trade Execution Obligations Applicable to SBS
- Overview of the obligations
- Cross-border application
- Contrast with CFTC Rules
- Potential Conflicts with European Regulation
- Cross-Border Application of SBS Rules to Trading Platforms and Clearing Houses
- When will non-US exchanges and clearing houses be required to register with the SEC
- What will be the process
- Are there any potential conflicts under European regulation
- Cost Benefit Analysis
- What will the likely effect on the market be
- How many entities are likely to be registered
Maureen A. Donley, Of Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
- SEC proposals for how to apply security-based swap requirements to Non-US persons using US personnel:
- The effects on determining security-based swap dealer status, applying business conduct standards and reporting requirements
- How U.S. Business is defined
- Prudential Regulators Cross-Border Application of Non-cleared Margin Requirements
- The effects of U.S. guarantees, substituted compliance and jurisdictions with inherent posting limitations
Who Should Attend:
- Security-Based Swap Dealers
- Fraud Analysts
- Fraud Monitoring Officers
- Financial Industry Analysts
- International Trade Specialists
- Trade Counsel
- Counterparties from Different Countries Having Business in US
- Marketing Professionals
- Other Related/Interested Professionals and Organizations
Maureen Donley focuses on derivatives and regulatory counseling. She was active in the development of the Dodd-Frank Act’s swap market regulations and regularly advises clients on the many and far-reaching consequences of the new regime created for swaps and the over-the-counter derivatives markets by Dodd-Frank.
Ms. Donley has counseled investment managers, pension funds, exchanges, corporations and hedge funds on compliance with the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) regulations, including registration, trading limits, risk management, advertising, fund formation and investment company status issues. Ms. Donley has significant experience drafting and negotiating various master and customized agreements for swaps, futures, forwards, options, collars, foreign exchange and other derivatives. In addition, she advises on prudence, fiduciary, prohibited transactions and other ERISA requirements as they relate to derivatives and securities.
With more than 30 years of derivatives experience, including senior legal positions at the CFTC, Ms. Donley successfully has represented clients on numerous exemptive applications and no-action requests before the CFTC, the SEC, the U.S. Department of Labor and other agencies. A graduate of the University of Virginia, Ms. Donley received her J.D. from Georgetown University Law Center.
Maureen Donley focuses on derivatives and regulatory counseling. She was active in the development of the Dodd-Frank Act’s swap market …
Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.
Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. She is adept at addressing US registration issues for non-US entities looking to transact business into the United States, including clearing organizations and exchanges as well as asset managers and swap dealers. Having practiced outside of the United States for her entire legal career, she is particularly well versed in the cross-border effects of US regulations including the Dodd-Frank Act. She is a frequent speaker on topics including OTC derivatives regulatory reform and investment management regulation.
Prior to joining Katten, Carolyn was the European head of Allen & Overy LLP's US Regulatory Practice. Before becoming a lawyer, Carolyn was the executive director and a board member of the International Swaps and Derivatives Association, Inc. (ISDA). Carolyn spent the first 13 years of her career as a derivatives trader and was part of the original swaps team at Chase Manhattan Bank, NA. She established the New York derivatives trading desk for Banque Nationale de Paris, and was the first vice president and manager of the Banque Indosuez International Capital Markets Group in New York.
Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US …
Jonas Robison, an associate in Orrick’s New York office, is a member of the Structured Finance Group. His practice focuses on derivatives – including negotiating ISDA documentation and advising on the requirements under the Dodd-Frank Act – as well as securitization, financial product taxation, private funds, and general corporate transactions.
Jonas Robison, an associate in Orrick’s New York office, is a member of the Structured Finance Group. His practice focuses …
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About Skadden, Arps, Slate, Meagher & Flom LLP
The Derivatives Group at Skadden handles the transactional, regulatory, enforcement and litigation aspects of a wide variety of U.S., cross-border and international derivatives matters. Our clients range from some of the largest Fortune 500 corporations, various banks and other financial institutions to mid- and small-cap companies, funds and other end-users. Members of our group have held senior positions at the Commodity Futures Trading Commission (CFTC) and have been active participants in every major piece of federal legislation affecting the swaps and futures markets through the Dodd-Frank Act. The depth and strength of our practice have allowed us to anticipate and advise on new issues clients face in the financial markets. Our practice and its members have been recognized among the leading law firms and lawyers in the area of derivatives by U.S. News — Best Lawyers “Best Law Firms,” Chambers USA, Chambers Global, the Legal 500 U.S. and IFLR 1000.
About Katten Muchin Rosenman LLP
Katten Muchin Rosenman UK LLP is the London affiliate of Katten Muchin Rosenman LLP. The London team acts for clients operating in the real estate, corporate and financial services sectors. With a broad range of expertise in these areas, Katten’s core practices are real estate investment and development, real estate finance, hospitality and leisure, US and UK regulatory and corporate occupier work. Our London lawyers coordinate regularly with colleagues in other offices, offering access to a platform spanning the United States and Asia in centres of finance including Charlotte, Chicago, Los Angeles, New York, Shanghai and Washington, DC. They offer skilled, integrated legal advice particularly well placed to service the needs of clients undertaking transatlantic business.
About Orrick, Herrington and Sutcliffe LLP
Orrick is a leading global law firm with a particular focus on serving companies in the technology, energy and financial sectors. Orrick is recognized worldwide for delivering the highest-quality, commercially-oriented legal advice and for its culture of innovation and collaboration. Orrick has been recognized as a leader in the structured finance field by such directories as Chambers & Partners, Legal500 and International Financial Law Review. Orrick is recognized by the Financial Times as among the top law firms in its 'Most Innovative US Law Firms' report in 2014 and by Law360 as one of the “Global 20” leading firms. Members of Orrick's Structured Finance Group are based in the firm’s New York, Washington D.C., San Francisco, Los Angeles, London, Paris, Moscow, Rome and Milan offices. For more information about Orrick, please visit www.orrick.com.