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New York State Insurance Department issues Circular Letter regarding regulation of credit default swaps

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • September 24 2008

On September 22, 2008, the New York State Insurance Department ( the “Department”) announced in revised Circular Letter No. 19 (2008) ( the “Circular Letter”) a series of “best practices” for financial guaranty insurance companies (each a “FGI” or, collectively, “FGIs”) which provide insurance or “wraps” for municipal bonds or asset-backed securities (“ABS”) through either credit default swaps (each a “CDS”, or collectively, “CDSs”) or financial guaranty policies

CFTC issues statement regarding bankruptcy treatment of cleared-only contracts

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 3 2008

In an interpretive statement, the Commodity Futures Trading Commission has taken the position that “cleared-only contracts,” over-the-counter contracts submitted for clearing through a futures commission merchant to a derivatives clearing organization, should be included within the definition of “net equity” for purposes of U.S. Bankruptcy Code provisions applicable to commodity brokers

New York moves to place covered Credit Default Swaps under state insurance regulation; SEC asks congress for immediate authority over Credit Default Swaps

  • Sutherland Asbill & Brennan LLP
  • -
  • USA
  • -
  • September 24 2008

An old debate as to whether unregulated Credit Default Swaps constitute insurance for purposes of regulation by the states has come back to life with New York’s announcement that starting next year it intends to begin regulating covered Credit Default Swaps those in which the party to be paid on default owns the underlying bond or obligation as a form of financial guaranty insurance

New York Insurance Department regulates certain credit default swaps for the first time

  • Dentons
  • -
  • USA
  • -
  • September 25 2008

On September 22, 2008, the New York Department of Insurance issued Circular Letter No. 19 ("Circular Letter"), establishing, for the first time, that certain credit default swaps will be regulated as insurance products by the New York Insurance Department

New York to regulate credit default swaps as insurance

  • Jorden Burt LLP
  • -
  • USA
  • -
  • September 26 2008

On September 22, 2008, New York Governor Paterson announced that New York will soon begin regulating certain credit default swaps (CDS) as insurance contracts

Trading swap termination claims

  • Richards Kibbe & Orbe LLP
  • -
  • USA
  • -
  • October 6 2008

Nothing is certain in today's financial crisis - except that the legal system will be sorting out the rights and obligations of financial market participants for years to come

CFTC increases monetary penalties for violations of CEA, CFTC rules

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 10 2008

The Commodity Futures Trading Commission has amended its rules to increase the maximum civil monetary penalties that may be assessed for violations of the Commodity Exchange Act (CEA) and CFTC rules thereunder

Comments requested on DCO application of International Derivatives Clearinghouse

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • October 3 2008

The Commodity Futures Trading Commission has requested public comment on the application by the International Derivatives Clearinghouse, LLC (IDC) for registration as a derivatives clearing organization

Credit default swaps as insurance: one regulator or many?

  • Morrison & Foerster LLP
  • -
  • USA
  • -
  • October 6 2008

The unregulated nature of credit default swaps has been blamed for playing a major role in the recent abrupt demise of Bear Stearns, the dramatic bankruptcy filing of Lehman Brothers, the federal rescue of American International Group and Bank of America’s acquisition of Merrill Lynch

Lehman Brothers bankruptcy filings: issues for replacement swap counterparties and their municipal clients

  • Cadwalader Wickersham & Taft LLP
  • -
  • USA
  • -
  • October 8 2008

Voluntary petitions for protection under chapter 11 of the United States Bankruptcy Code (the “Code”) were filed on September 15, 2008 by Lehman Brothers Holdings Inc. (“Holdings”), on October 3, 2008 by Lehman Brothers Special Financing Inc. (“LBSF”), and on October 5, 2008 by Lehman Brothers Financial Products Inc. (“LBFP”) and Lehman Brothers Derivative Products Inc