Our new report provides a practical introduction to credit risk transfer (CRT) and significant risk transfer (SRT) trades. It is a comprehensive starting point for new issuers, investors and other stakeholders.
While CRT...more
6/20/2024
/ Capital Markets ,
Creditors ,
Derivatives ,
Digital Markets Strategy ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment ,
Investors ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities
The United States District Court for the Northern District of California (the “Court”) recently held that a decentralized autonomous organization (DAO) could be served via its online forum. If upheld, this decision will have...more
On October 3, 2022, as lawmakers in the United States continue to debate which agencies should regulate crypto-based activities, the Financial Stability Oversight Council (FSOC) released its Report on Digital Asset Financial...more
11/3/2022
/ CFTC ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Institutions ,
Financial Markets ,
FSOC ,
Regulatory Oversight ,
Regulatory Oversight Committee ,
Securities and Exchange Commission (SEC)
Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any...more
On March 9, 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets. According to an accompanying fact sheet, it is the “first ever, whole-of-government approach” to regulating...more
In honor of International Women’s Day, Shearman & Sterling is hosting a webinar on the contributions women are making to the blockchain and cryptocurrency industries.
According to a recent Gemini report, women make up more...more
On December 15, the Securities and Exchange Commission (SEC) proposed a series of potentially far-reaching changes to the regulation of the security-based swap (SBS) markets. Among other changes, the proposed rules would...more
On December 15, 2021, the Securities and Exchange Commission (SEC) proposed a new rule “intended to improve the quality, relevance and timeliness of information related to issuer share repurchases.” Specifically, the new rule...more
On November 1, 2021, the President’s Working Group on Financial Markets (“PWG”), joined by the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”), released a report on...more
Prosecutors and regulators are signaling an intent to expand accountability amongst cryptocurrency platforms under U.S. laws and regulations, including the Bank Secrecy Act (BSA). On October 8, 2020, the United States...more
The CFTC has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a Swap Execution Facility (SEF) and are intended to be cleared. Although the...more
In the wake of considerable market criticism of prior proposals, the CFTC has proposed a new approach to addressing certain risks of electronic trading. The CFTC has now officially withdrawn, on a 3-2 vote, its controversial...more
With fewer than 18 months until the expected cessation of the London Interbank Offered Rate (LIBOR), regulators have developed a keen interest on how financial institutions are preparing to transition from what has been...more
On June 25, 2020, the Federal Reserve, Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Housing Finance Agency and Office of the Comptroller of the Currency (the “Agencies”) finalized amendments to...more
On June 18, 2020, the Securities Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) announced the details of an examination initiative specifically focused on LIBOR preparedness. OCIE has...more
On June 30, 2020, the Alternative Reference Rates Committee (ARRC) released a series of updates concerning fallbacks and conventions for new variable rate private student loans and syndicated loans, as well as the results of...more
The CFTC has recently published the following final and proposed rules codifying previously issued no action relief and restoring consumer information privacy policies and procedures...more
The Commodity Futures Trading Commission (the CFTC) has issued long-awaited final interpretive guidance regarding the “actual delivery” exception to retail commodity transactions involving digital or virtual currencies under...more
On May 27, 2020, the Alternative Reference Rates Committee (ARRC) published best practices for completing the financial industry’s transition away from U.S. dollar (USD) LIBOR. With 19 months remaining before the anticipated...more
On April 17, 2020, the Alternative Reference Rates Committee (ARRC) unveiled its 2020 objectives for facilitating the industry’s transition away from U.S. dollar (USD) LIBOR to the Secured Overnight Financing Rate (SOFR)....more
On April 8, 2020, the Alternative Reference Rates Committee (ARRC) released a preliminary recommendation for calculating spread adjustments to cash products referencing USD LIBOR. The calculation methodology should provide...more
On April 15, 2020, the International Swaps and Derivatives Association (ISDA) released the preliminary results of its consultation on the implementation of pre-cessation fallback language for derivatives referencing LIBOR....more
On March 6, 2020, the Alternative Rate Reference Committee (ARRC), the Federal Reserve’s LIBOR-transition working group comprised of private-sector entities and industry regulators, released its New York State legislative...more
The outbreak of the novel coronavirus COVID-19 has implications for derivatives contracts. For example, some companies are asserting that the reported disruptions in the global supply-chain and travel restrictions constitute...more
3/12/2020
/ Business Interruption ,
Contract Terms ,
Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Derivatives ,
Force Majeure Clause ,
Infectious Diseases ,
ISDA ,
ISDA Master Agreement ,
Supply Chain ,
Travel Restrictions
On February 25, 2020, the International Swaps and Derivatives Association (ISDA) launched a new consultation on how to implement pre-cessation fallback language into derivatives agreements. Responses are due by no later than...more