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USA - August 10 2012
After two years of uncertainty, joint final rules released by the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Commodity Futures Trading Commission (“CFTC”) in July have provided important guidance for the loan market about the definitions of “swap,” “security-based swap” and other key terms underlying the new derivatives regulatory framework required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
USA - July 19 2012
Although the syndicated loan market was not a focus of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the legislation introduced uncertainty regarding whether loan participations would be regulated as swaps.
USA - March 9 2012
Until now, operators and advisors of investment vehicles that trade in listed futures contracts and commodity options (so-called commodity “pools”) have enjoyed exemption from registration with the U.S. Commodity Futures Trading Commission (“CFTC”) provided they managed pools of capital funded solely by sophisticated investors.
USA - February 1 2012
A fter the failures of Lehman Brothers and MF Global, market participants should appreciate the importance of understanding the whereabouts of their collateral and all possible competing claims to that collateral – regardless of whether it is posted to support commodities, swaps or futures trading, or held in custody by a prime broker or other financial institution.
