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Shearman & Sterling LLP | USA | 6 Oct 2020

CFTC approves final rule on post-trade name give-up on swap execution

The Commodity Futures Trading Commission (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 and are intended to be cleared. Although the CFTC rejected requests for various exceptions to the prohibition, it did include an exception for package transactions which include a......
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Shearman & Sterling LLP | USA | 25 Aug 2020

SEC identifies LIBOR preparedness as an examination priority

The Securities Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) recently announced the details of an examination initiative specifically focused on London Interbank Offered Rate (LIBOR) preparedness. The OCIE has previously identified LIBOR preparedness of registrants as a key examination priority for 2020, but the latest announcement offers specific insights......
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Shearman & Sterling LLP | USA | 14 Jul 2020

ARRC announces best practices for completing LIBOR transition

The Alternative Reference Rates Committee (ARRC) recently published best practices for completing the financial industry's transition away from the US dollar London Interbank Offered Rate (USD LIBOR). With 19 months remaining before the anticipated cessation of USD LIBOR at the end of 2021, the ARRC's recommendations should provide market participants with further guidance as they continue to......
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Shearman & Sterling LLP | USA | 13 May 2020

ARRC announces 2020 objectives for facilitating USD LIBOR transition

The Alternative Reference Rates Committee (ARRC) recently unveiled its 2020 objectives for facilitating the industry's transition away from the US dollar London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate. These goals and projected timelines build on the ARRC's previous transitioning work and aim to account for both the impact of COVID-19 on financial markets and......
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Shearman & Sterling LLP | Global | 25 Mar 2020

COVID-19: derivatives implications

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 a force majeure, which is a legal basis for excusing non-performance and a right to terminate under contracts. This article examines certain issues that market......
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Shearman & Sterling LLP | USA | 11 Mar 2020

CFTC staff issues three letters providing LIBOR transition relief to market participants

The Commodity Futures Trading Commission (CFTC) recently 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 London Interbank Offered Rate and other interbank offered rates. The approach is consistent with an increasing focus at the CFTC and other regulators on facilitating......
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Shearman & Sterling LLP | USA | 28 Feb 2020

LIBOR transition: Fannie Mae and Freddie Mac to stop accepting LIBOR and begin accepting SOFR

The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation recently announced that they will stop accepting London Interbank Offered Rate-indexed adjustable-rate mortgages by the end of 2020. Additionally, the two government sponsored agencies announced that they will soon accept mortgages tied to the Secured Overnight Financing Rate later in 2020.
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Shearman & Sterling LLP | USA | 13 Nov 2019

SEC finalises capital, margin and segregation requirements

As a further step towards the implementation of its security-based swap regime, the Securities and Exchange Commission (SEC) has adopted a number of long-awaited capital, margin and segregation requirements for security-based swap dealers and major security-based swap participants. The SEC's final rules address one of the key remaining questions required to implement the security-based swap......
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Shearman & Sterling LLP | USA | 4 Sep 2019

SEC proposes modifications to cross-border application of security-based swaps regime

The Securities and Exchange Commission (SEC) continues to take steps towards the implementation of its security-based swap (SBS) dealer registration framework. In a recent proposal, the SEC has sought to address certain questions as to the cross-border implementation of its SBS regime and, in some cases, to further harmonise its regulations with the Commodity Futures Trading Commission's......
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Shearman & Sterling LLP | USA | 10 Jul 2019

CFTC proposes amendments to DCO core principle regulations

The Commodity Futures Trading Commission has proposed a series of changes to its general regulations governing derivatives clearing organisations (DCOs). While the proposed amendments intend to (among other things) enhance certain risk management and reporting obligations, many of them would require significant changes to current practice and impose new obligations on DCOs and their clearing......
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