District Court Holds that Assignee is Not Entitled to Safe Harbor Protections

On May 28, 2015, the United States District Court for the Central District of California affirmed a bankruptcy court order finding that a post-termination assignee of remaining rights under an interest rate swap with a debtor was not a "swap participant" under the Bankruptcy Code and, therefore, was not entitled to the safe harbors from the automatic stay provisions of the Bankruptcy Code.  Read More.

Changes and Clarifications to Reporting Regime for Cleared Swaps

In August, the Commodity Futures Trading Commission proposed a rule amending certain reporting requirements to better accommodate the reporting of cleared swaps.  The CFTC reporting regime, as it currently exists, was "premised upon the existence of one continuous swap."  Read More.

CFTC Proposes Cross-Border Framework for Application of Margin Rules

In July, the CFTC proposed a rule for the application of its uncleared swap margin requirements to cross-border transactions. The CFTC recognized that a cross-border framework for margin "necessarily involves consideration of significant, and sometimes competing, legal and policy considerations." However, in developing the proposed rule, it noted that it was attempting to balance those considerations to effectively address the risks posed to the safety and soundness of swap dealers and major swap participants, while also establishing a workable framework.  Read More.

Responses to ESMA Call for Evidence on Investment Using Virtual Currency or Distributed Ledger Technology Published

Earlier this year, the European Securities and Markets Authority published a "call for evidence [on] investment using virtual currency or distributed ledger technology." ESMA established July 21, 2015 as the deadline for market participants and other stakeholders to respond to the call for evidence and to submit feedback and any additional information.  Read More.

UPCOMING WEBCAST: Cross-Border Security-Based Swap Transactions: Regulatory Updates for 2016 and Beyond

On December 15, Orrick attorney Jonas Robison will speak at a two-hour live webcast that addresses the regulations and new rules relating to cross-border security-based swap transactions.  The speakers will help the audience understand the implications of the new rules and will also offer advice on best practices in identifying and mitigating risk in for these transactions.  For further information and registration, please click here.

PAST EVENT: BitLicense and the Virtual Currency Regulatory Landscape

On July 20, Orrick partners Nikiforos Mathews, Jeremy Kudon, Jonathan Lopez and associate Jonas Robison presented a seminar in our New York office on "BitLicense and the Virtual Currency Regulatory Landscape," which discussed New York State's final BitLicense regulations and other regulatory developments affecting businesses, investors, entrepreneurs, lawyers and others in the virtual currency space. To view a video recording of the presentation, please click here.