Navigating the Clearing Mandate and Exchange Trading Requirement
In July 2011, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which for the first time cast an intricate and complex regulatory web over the derivatives marketplace. Pursuant to Dodd-Frank, the CFTC and SEC will implement rules requiring that swaps and security-based swaps are both cleared and traded on an exchange. With the CFTC having completed 90 percent of its rulemaking, the clearing mandate and exchange trading requirement are coming to fruition, with many rules either effective or soon to be effective.
Daniel Hartnett (Partner, Finance), Madeleine Tan (Partner, Finance), George Williams (Special Counsel, Finance) and Derrick Zandpour (Associate, Finance) discussed the impact of the clearing mandate and exchange trading requirement. Specific topics included the scope of derivatives products and transactions that are subject to mandatory clearing, the phased-in timeline for compliance, the mechanics for clearing a derivative transaction, an overview of the swap execution facility rules and exchange trading requirement, the effect of the clearing mandate and exchange trading requirement on securitization vehicles, and the impact of cross-border guidance issued by the CFTC and SEC.
Thursday, September 12, 2013
4:15 pm Registration
4:30 pm Program Begins
6:00 pm Cocktail Reception
Daniel J. Hartnett, Partner, Kaye Scholer
Madeleine M.L. Tan, Partner, Kaye Scholer
George M. Williams, Jr., Special Counsel, Kaye Scholer
Derrick Zandpour, Associate, Kaye Scholer
425 Park Avenue, 19th Floor
New York, NY