News & Analysis as of

Derivatives Risk Management Financial Institutions

A&O Shearman

EMIR 3 – the active account requirement

A&O Shearman on

The latest revisions to the European Market Infrastructure Regulation (known as EMIR 3)1 brought about numerous changes affecting cleared markets, with potential impacts both within and outside the EU. Among these is the...more

A&O Shearman

EC adopts Delegated Regulation on RTS for identification of main risk driver of a position under CRR

A&O Shearman on

The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying methods for identifying the main risk...more

A&O Shearman

Corrigendum to EMIR 3 clarified counterparty risk rules for MMFs

A&O Shearman on

A corrigendum to Regulation (EU) 2024/2987, known as EMIR 3, was published in the Official Journal of the European Union. One of the changes EMIR 3 made was to amend the Money Market Funds Regulation (MMF Regulation) by...more

Katten Muchin Rosenman LLP

CFTC Staff Reminds Registered Exchanges and Clearinghouses to Evaluate and Calibrate Their Volatility Control Mechanisms

The Commodity Futures Training Commission’s (“CFTC”) Division of Market Oversight and Division of Clearing and Risk issued an advisory (the “Staff Advisory”) reminding designated contract markets (“DCMs”) and derivatives...more

Lowenstein Sandler LLP

CFTC Staff Seeks Public Feedback on Perpetual Contracts and 24/7 Trading

Lowenstein Sandler LLP on

On April 21, 2025, the Commodity Futures Trading Commission’s (CFTC) Divisions of Market Oversight, Clearing and Risk, and Market Participants issued two requests for comments soliciting public feedback related to the...more

A&O Shearman

BCBS provides an update on upcoming workstreams

A&O Shearman on

The Basel Committee on Banking Supervision (BCBS) has published a press release providing an update on its workstreams. The BCBS states that it will publish by mid-2025 an update on the outcome of its work to prepare a suite...more

A&O Shearman

EBA publishes discussion paper on EMIR fees for pro forma margin model validation

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The European Banking Authority (EBA) has published a discussion paper on fees to validate pro forma models under the revised European Market Infrastructure Regulation (known as EMIR 3). EMIR 3 requires that counterparties...more

K&L Gates LLP

Middle East: New Saudi Netting Regulation Creating a Buzz

K&L Gates LLP on

There was a buzz during the joint association conference in Riyadh, Saudi Arabia on the 19 February. A collaboration by ISDA, ISLA and ICMA, the industry associations representing parties that enter into transactions such as...more

A&O Shearman

European Central Bank publishes FAQs on initial margin models under EMIR 3

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The European Central Bank(ECB) has published FAQs on initial margin (IM) model approvals under EMIR 3. EMIR 3 requires, for the first time in the EU, counterparties to apply for authorisation before using, or adopting a...more

A&O Shearman

Commission Implementing Decision extends temporary equivalence of UK CCPs

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Commission Implementing Decision (EU) 2025/215 has been published in the Official Journal of the European Union, extending EU equivalence for U.K. CCPs under the European Market Infrastructure Regulation (EMIR)...more

A&O Shearman

International bodies report on effective practices for streamlining variation margin in centrally cleared markets

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The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a final report on examples of effective practices for streamlining variation margin in centrally...more

A&O Shearman

International bodies issue final report on transparency and responsiveness of initial margin in centrally cleared markets

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The Basel Committee on Banking Standards, Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions has published a final report on transparency and responsiveness of...more

Morgan Lewis

CFTC Adopts Amendments to Permissible Customer Funds Investments by FCMs and DCOs

Morgan Lewis on

The Commodity Futures Trading Commission recently published a final rule amending the list of permissible investments for customer funds by futures commission merchants and derivatives clearing organizations....more

Jones Day

The CFTC Proposes "Guidance" for Derivatives Markets on Listing Voluntary Carbon Credit Derivatives

Jones Day on

In Short - The Background: As voluntary carbon credits ("VCCs") have grown in popularity, questions about their integrity and quality have arisen for investors and among regulators and lawmakers. For this reason, many have...more

Goodwin

SEC Adopts Broad Exempt Offering Reforms

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

A&O Shearman

European Banking Authority Launches Consultation on Technical Standards for Counterparty Credit Risk

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The European Banking Authority has launched a consultation on the Regulatory Technical Standards that it is developing to govern certain aspects of counterparty credit risk in derivatives transactions. The EBA has been...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Blake, Cassels & Graydon LLP

Year in Review: Legislation and Guidance for Financial Institutions in 2015

Financial institutions in Canada witnessed yet another year of significant growth in legislation and regulatory guidance impacting their operations, while the financial marketplace is continuing to adapt to the impact of...more

Carlton Fields

SEC Proposes Major Disclosure Changes for Funds and Advisers

Carlton Fields on

The SEC recently published two rule proposals to address concerns over the Commission’s ability to gauge and monitor any risks that the asset management industry poses to the financial system and investors. This includes the...more

Broker-Dealer Compliance + Regulation

SEC Expected to Propose Liquidity Risk Management Programs for Funds

The Securities and Exchange Commission announced that it will consider proposals for liquidity risk management programs and related disclosures for open-end management investment companies. The Commission will consider the...more

Morrison & Foerster LLP

Structured Thoughts: News for the financial services community, Volume 6, Issue 5

OCIE Issues Risk Alert Relating to Structured Note Sales - Earlier this year, the SEC’s Office of Compliance Inspections and Examinations (the “OCIE”) indicated branch offices and structured products as two of its...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Assessing the Impact of Post-Financial Crisis Regulation"

The financial crisis of 2008 demonstrated that the then-existing financial regulatory system was in need of substantial repair. By any measure, the financial regulatory reform that has followed has been extensive. In areas...more

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