Coming Soon to Your Inbox: A Polite Request to Limit Your Remedies Under Derivatives, Repos, and Other Financial Contracts. In the coming weeks and
The Department of Labor (the "DOL") has released a much-anticipated Advisory Opinion on the treatment of cleared swaps for ERISA plans. Advisory
As we indicated in October 2010, the DOL's proposed regulations substantially broadening the term "fiduciary" under ERISA regulations were fraught with controversy.
Under Title VII of the Dodd-Frank financial reform, titled the "Wall Street Transparency and Accountability Act of 2010" (the "Act"), which is generally intended to bring the $600 trillion over-the-counter derivatives market under greater regulation, the Commodity Futures Trading Commission ("CFTC") will have primary responsibility for the regulation of "swaps" and the Securities Exchange Commission ("SEC" and, together with the CFTC, the "Commissions") will have primary responsibility for the regulation of "security-based swaps.
The Securities and Exchange Commission recently issued proposed rules (the Proposed Rules) that define who must register as a "Municipal Advisor" under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), establish a permanent registration regime for Municipal Advisors and impose certain recordkeeping requirements on Municipal Advisors.
This Client Advisory summarizes significant aspects of the Proposed Rules issued jointly by the Commodity Futures Trading Commission ("CFTC") and the Securities and Exchange Commission ("SEC") (collectively, the "Commissions") on December 7, 2010, to define the terms "Swap Dealer," "Security-Based Swap Dealer," "Major Swap Participant" and "Major Security-Based Swap Participant".
On October 21, 2010, the Department of Labor (Department) proposed a wholesale revision to its regulation that defines the term “fiduciary” under ERISA and the Internal Revenue Code.
Signed into law by President Obama on July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act, or the Act) is the most sweeping change to financial regulation in the United States since the Great Depression.
This Alert summarizes Subtitle H of Title IX, designated "Municipal Securities," of the Act.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") contains a number of provisions that may substantially affect employee benefit plans that enter into swaps and other derivative transactions.