As published in the NY Business Law Journal:
SUMMER 2018 NY BUSINESS LAW JOURNAL
BANKRUPTCY LAW COMMITTEE
WINTER 2017 NY BUSINESS LAW JOURNAL
BANKRUPTCY LAW COMMITTEE
The
Derivatives and Structured Products Committee has held five CLE seminars since
this summer. They were: (i) Legal Technology in the Derivatives and Structured Products
Markets: Current State and Where We Are Headed—A Discussion Through the Lens of
Margin Reform, hosted by Mayer Brown; (ii) Update on the Hague Securities
Convention and recent CFTC initiatives, in particular Project KISS, hosted by
Morgan Lewis; (iii) An examination of the Final QFC Rules from a Derivatives and
Structured Products Perspective, hosted by Sullivan & Cromwell; (iv) MiFID
II, current state and cross-border implications, hosted by Linklaters; and (v)
CFTC enforcement developments, including the new advisory on self-reporting and
CFTC regulation of virtual currencies, hosted by Skadden Arps.
As
with all our recent meetings, members who cannot attend in person are able to participate
for CLE credits via teleconference. Lunch was also provided, compliments of
each firm. The meetings continue to be well-attended with very active participation
by our members, and our topic selections are based on current issues and market
trends. We have also chosen topics by popular demand as we try to make the
committee user friendly and accessible.
We
want to take this opportunity to thank all the firms that have volunteered to
host us throughout 2017 and to once again thank them for the effort they exert
in the preparation for our meetings, including conference calls, developing the
topic for the program as well as the issuing of CLE credits and logistical
items such as obtaining security clearance for each attendee to their respective
facility. Much appreciation for all the hands that help make our meetings
popular and successful.
- Rhona Ramsay, Chair
- Ruth Arnould, Vice-Chair
SUMMER 2017 NY BUSINESS LAW JOURNAL
DERIVATIVES AND STRUCTURED PRODUCTS LAW COMMITTEE
The Derivatives and Structured Products Committee has held
four meetings so far this year. The meetings were hosted by Cleary Gottlieb
Steen Hamilton (Cleary), Sidley Austin (Sidley), Willkie Farr & Gallagher (Willkie)
and Blake, Cassels & Graydon LLP (Blake). As with all our recent meetings,
members who could not attend in person were welcomed to participate for CLE
credit via teleconference. To date, the topics that have been covered are: (i)
Derivative Transactions: Guarantees and Other Forms of Third Party Credit
Support (Cleary), (ii) Financial Developments under the Trump Administration
(Sidley), (iii) a fireside chat with Eileen Flaherty, Director of the CFTC’s
Division of Swap Dealer and Intermediary Oversight, which was hosted by
Willkie, and (iv) the current regulatory framework for cross-border trading of
derivatives with Canadian entities, the status of G20 regulatory reforms in
Canada (including uncleared margin rules) and the recent proposal by Canadian
regulators to introduce new external business conduct standards for derivatives
dealers and advisers (Blake). CLE credit was provided for the Sidley, Cleary
and Blake seminars. The meetings continue to be well attended with very active
participation by our members, and our topic selections have been largely based
on current issues and market practices.
- Rhona Ramsay, Chair
summer 2016 NY BUSINESS LAW JOURNAL
DERIVATIVES AND STRUCTURED PRODUCTS LAW COMMITTEE
The Derivatives and Structured Products Law Com-mittee has had an active Winter/Spring season with respect to keeping up with the changing regulatory environment by arranging many opportune meetings for its members. The Committee has facilitated CLE pro-grams in the areas of Cross-border Derivatives from a
U.S. Law Perspective (hosted by Morrison & Foerster), the Evolving Professional Responsibility Issues Confronting Derivatives Lawyers (hosted by Sidley & Austin), the EU Rules on Margin for Non-cleared derivatives (hosted by Reed Smith), Security-Based Swaps and Beyond (hosted by Alston & Bird), an Update on Canadian Regulation on Derivatives and Futures (hosted by Stikeman El-
liot) and most recently the Development of Blockchain Technology for Derivatives and other Financial Transactions (hosted by Stroock & Stroock & Lavan). All of these meetings have been well attended by enthusiastic participants.
- Ilene K. Froom, Chair
WINTER 2014 NY BUSINESS LAW JOURNAL
DERIVATIVES AND STRUCTURED PRODUCTS LAW COMMITTEE
The
Derivatives and Structured Products Law Committee meets on a monthly basis from
September through June of each year. The committee’s members are diverse and
include lawyers from law firms, banks and hedge funds. The committee’s monthly
meetings are generally hosted by law fi rms. The host firm provides a
presentation, which usually includes CLE credit, on an area in derivatives.
Past meeting topics include the 2014 Credit Derivatives Definitions, UCC and bankruptcy
issues that relate to cleared derivatives, position limits, SEFs and the Volcker
rule. In addition to being a source of education for current topics in the
derivatives industry, these meetings provide a forum for dialogue on the
changing legal landscape of derivatives. As many of those who attend these
meetings are experienced derivatives attorneys, participants often raise thought-provoking
questions and comments with the panelists. As new rules and regulations pertaining
to derivatives continue to be issued, the Derivatives and Structured Products
Law Committee continues to be an important resource for its members.
-- Ilene K. Froom, Chair
Summer 2012 NY Business Law Journal
Derivatives and Structured
Products Law Committee
The Derivatives and Structured Products Law Committee kept its members
informed of the constantly changing Dodd-Frank regulatory proposals to reshape
the industry’s structure, eligible participants, trading, clearing and
valuation. The committee heard from Securities and Exchange Commission staff
members on securities-based swaps and clearing issues and from leading attorneys
on netting arrangements on changes overseas and segregation and posting of
customer swaps collateral under Dodd-Frank, and the committee provided robust
opportunities for members to share ideas amongst themselves. In this more
participatory forum, constituent input helped shape the direction of this
valuable committee on a variety of other relevant topics, including the proposed
871(m) regulations from the Treasury regarding dividend payments, as well as the
Foreign Account Tax Compliance Act.
-- Daniel N. Budofsky, Chair
Winter 2011 NY Business Law Journal
Derivatives and Structured
Products Law Committee
The Derivatives and Structured Products Law Committee has held several
meetings on the ways in which the Wall Street Reform and Consumer Protection
(“Dodd- Frank”) Act and the regulations promulgated under it have affected
practice. The most recent meeting of the committee considered recent regulatory
developments affecting structured products, fiduciary standards proposed for
broker dealers, and the backtesting of data on customer indexes and client
communications under FINRA’s recent rule proposals. The committee had a meeting
at which members of the Securities and Exchange Commission staff discussed these
developments. The meeting prior to that heard from Securities and Exchange
Commission staff members on that agency’s considerations under Dodd-Frank. The
committee is looking to invite representatives of the Commodity Futures Trading
Commission to discuss its regulations and releases.
---Daniel Budofsky, Chair
