Derivatives in Review highlights important legal, regulatory and other newsworthy developments in the area of derivatives. Beginning today, all of Orrick's Derivatives in Review content will be included in our new blog. All content can be searched by keywords and is organized by topic and edition on the blog.
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Featured in this month's edition:
Dodd-Frank Implementation Update
Title VII of the Dodd-Frank financial reform, titled the Wall Street Transparency and Accountability Act of 2010, was enacted on July 21, 2010 and is generally intended to bring the over-the-counter derivatives market under greater regulation. This section of Derivatives In Review summarizes certain noteworthy developments in the implementation of Title VII since our last update.
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Dodd-Frank Protocol Opens for Adherence
On August 13th, the Dodd-Frank Protocol was launched. This Protocol focuses primarily on the many “business conduct standard” requirements of the Dodd-Frank legislation and is being used as a mechanism for market participants to more efficiently amend existing swap documents to address changes required by (or relating to) the legislation.
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LIBOR Manipulation and Municipal Derivatives
On July 6th, the Serious Fraud Office of the United Kingdom announced an investigation into alleged manipulation of the London interbank offered rate, which is the benchmark rate referenced in hundreds of trillions of U.S. dollars of securities, loans and transactions, including interest rate derivatives having some US$350 trillion in outstanding notional amount.
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ISDA Protocol Address Eurozone Capital Control Risk
As part of its Eurozone contingency planning, ISDA has attempted to address some of the risks relating to derivatives transactions in the event a member-state exits from the Eurozone through the publication of the Illegality/Force Majeure Protocol.
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IRS Amends Temporary Treasury Regulations Under Section 871(m)
On August 31st, the U.S. Internal Revenue Service amended Temporary Treasury Regulations under Section 871(m) of the U.S. Internal Revenue Code of 1986, as amended, that were originally issued on January 23, 2012, postponing the effective date for the new regulatory scheme contemplated by Proposed Treasury Regulations also issued on January 23, 2012. The Temporary Regulations now extend the definition of “specified notional principal contract” that is set forth in Section 871(m)(3)(A) to payments made before January 1, 2014.
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If you have any questions about or wish to discuss further any of the contents of this issue of Derivatives in Review, please contact Nikiforos Mathews at +1 212-506-5257.
