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Regulators and market participants target future regulation of credit default swaps
  • Pillsbury Winthrop Shaw Pittman LLP
  • United Kingdom, USA
  • December 22 2008

Over the past several weeks, U.S. and U.K. regulators and various market participants have made several potentially significant statements regarding the possible future regulation of credit default swaps (“CDS”

Enforceability of subordination provisions in synthetic CDOs a Lehman perspective
  • Kramer Levin Naftalis & Frankel LLP
  • United Kingdom, USA
  • February 3 2010

On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom

ISDA publishes Best Practices for OTC Derivatives Collateral Process
  • Orrick, Herrington & Sutcliffe LLP
  • United Kingdom, USA
  • July 2 2010

On June 30, ISDA published Best Practices for the OTC Derivatives Collateral Process

UK Supreme Court upholds “flip” clauses
  • Orrick, Herrington & Sutcliffe LLP
  • United Kingdom, USA
  • August 9 2011

Structured finance transaction documents have typically included subordination provisions in their post-default waterfalls, effectively changing a swap counterparty’s right to get paid from above that of the noteholders to below that of the noteholders

International regulatory update
  • Clifford Chance LLP
  • Belgium, European Union, Germany, Global, Hong Kong, Japan, Netherlands, Singapore, South Korea, United Kingdom, USA
  • July 4 2011

The FSA has published a document setting out its initial thinking on how the Financial Conduct Authority (FCA), which is expected to be established by end-2012, will approach the delivery of its objectives

International regulatory update 12-16 September 2011
  • Clifford Chance LLP
  • European Union, France, Singapore, United Kingdom, USA
  • September 19 2011

The Autorité des marchés financiersFinancial Markets Authority (AMF) has published an updated set of frequently asked questions in relation to the ban on creating a net short position or increasing any existing net short position, including intraday, in the equity shares or securities giving access to the capital of certain credit institutions and insurance companies

Derivatives transactions with offshore counterparties
  • Ogier
  • United Kingdom, USA
  • August 17 2011

The transaction documents (eg ISDA, GMRA or prime brokerage agreements) for derivatives transactions (or other transactions involving netting provisions) are usually governed by English law or New York law

FSA and SEC hold strategic dialogue meeting
  • Dentons
  • United Kingdom, USA
  • October 21 2011

On 13 October Hector Sants met SEC chairman Mary Schapiro as part of the SEC-FSA Strategic Dialogue sessions established in 2006

International regulatory update 12 - 16 November 2012
  • Clifford Chance LLP
  • Australia, European Union, Singapore, Spain, United Kingdom, USA
  • November 19 2012

The European Commission has published a set of frequently asked questions on the regulation on OTC derivative transactions, central counterparties and trade repositories (EMIR), which was published in the Official Journal on 27 July 2012

Casting the net - will you be caught by US rules affecting UK fund managers?
  • CMS Cameron McKenna
  • United Kingdom, USA
  • September 28 2012

Recent changes to the Commodity Exchange Act required under the Dodd-Frank Wall Street Reform and Consumer Protection Act to expand the definition of Commodity Pool Operator ("CPO") so as to include those managing funds utilising swaps, together with changes by the Commodity Futures Trading Commission ("CFTC") in relation to its Regulation 4.5 exemption to registration, are likely to significantly increase the number of UK fund managers (with US investors or trading in the United States) who will be required to register as a CPO with the CFTC