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
On December 13, 2023, the Securities and Exchange Commission (the “SEC” or “Commission”) adopted rule amendments (the “Amendments”) under the Securities Exchange Act of 1934 that will, in effect, require direct participants...more
On October 10, 2023, the SEC adopted amendments to the rules governing the reporting of beneficial ownership of securities under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934. The amendments accelerate the...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)
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
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
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
For the first time since the last financial crisis started in August 2007, issues of systemic financial risk have come to the fore. Legal analysis, and an assessment of legal rights, obligations and liabilities, is vital for...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
In the wake of significant market discussion, the CFTC has proposed an amendment to Part 37 of the Commission’s regulations to eliminate the practice of “post-trade name give-up” for swaps traded on certain swap execution...more
3/10/2020
/ Amended Rules ,
CFTC ,
Commodities ,
Commodities Traders ,
Derivatives ,
Give-Up Release ,
Popular ,
Public Comment ,
Rulemaking Process ,
Swap Execution Facilities ,
Swaps
The Commodity Futures Trading Commission (CFTC) has issued three no-action letters providing relief for swap transactions (and amendments to swap transactions) in connection with the expected market transition from using the...more
2/19/2020
/ Alternative Reference Rates Committee (ARRC) ,
CFTC ,
De Minimus Quantity Exemption ,
Inter-Bank Offered Rates (IBORs) ,
Libor ,
Market Participants ,
No-Action Letters ,
No-Action Relief ,
Risk Free Rates (RFRs) ,
Swap Dealers ,
Swaps ,
Transitional Arrangements