News & Analysis as of

Swap Dealers International Swaps and Derivatives Association Dodd-Frank Wall Street Reform and Consumer Protection Act

Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own... more +
Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules.  less -
Patomak Global Partners

CFTC Eases SDR Error Notification Requirements With New No-Action Relief

Reporting counterparties must correct any error in their SDR reporting “as soon as technologically practicable” and, “[i]n all cases, […] within seven business days” after its discovery. If they fail to do so, they must...more

Hogan Lovells

Understanding the SEC’s new security-based swap dealer regulations - What should commercial end users, funds, and other financial...

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This client alert addresses three aspects of security-based swap (SBS) regulations recently issued by the Securities Exchange Commission (SEC) that are relevant to commercial end users, funds, and other financial end users:...more

Goodwin

ISDA Publishes Dodd-Frank Security-Based Swap Protocol

Goodwin on

On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more

Troutman Pepper Locke

ISDA Swap Primer: Recent Developments and Considerations

Troutman Pepper Locke on

Swap contracts, famously described as the financial equivalent of “weapons of mass destruction,” have continued to evolve since their heyday leading up to the 2008-2009 financial crisis. Most swaps use the standardized...more

Troutman Pepper Locke

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

Troutman Pepper Locke on

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

Orrick, Herrington & Sutcliffe LLP

Derivatives in Review - April 2016

Novo Banco and CDS – A Post-Mortem - The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more

Eversheds Sutherland (US) LLP

Update: An End-User’s Guide to the CFTC’s Final Cross-Border Guidance

There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more

Stinson - Corporate & Securities Law Blog

Who Are The Swap Dealers?

We recently passed the first rolling 12-month period for determining which entities will surpass the CFTC’s de minimis swap dealing levels and thus be “swap dealers” under the Dodd-Frank Act. So, who are they?...more

Wilson Sonsini Goodrich & Rosati

CFTC Extends Deadline to Comply with Certain Trading Documentation Requirements Under Dodd-Frank for Corporate End-Users of...

In late June 2013, the Commodity and Futures Trading Commission (CFTC) issued a no-action letter extending the period for certain corporate end-users of foreign exchange (FX) derivative transactions to comply with the trading...more

Foley Hoag LLP

Swap Users Take Note: March 2013 DF Protocol Deadline is July 1, 2013

Foley Hoag LLP on

Investment advisers with clients (including funds or separate accounts) that use swaps are reminded to have such clients sign up to the ISDA March 2013 DF Protocol (the “March DF Protocol”) by July 1, 2013....more

Mintz - Public Finance Viewpoints

New Swap Business Conduct and Record-Keeping Regulations Kick in for Municipal Bond Issuers and Borrowers

Beginning May 1, 2013, many new business conduct regulations adopted by the Commodity Futures Trading Commission (“CFTC”) pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) will begin to...more

Foley Hoag LLP

DF Protocol Deadline is May 1, 2013

Foley Hoag LLP on

Managers Who Use Swaps Should Act Now - Managers of funds and separately managed accounts that use swaps are reminded that they (or their clients) must complete the DF Protocol Adherence Letter and DF Protocol...more

Eversheds Sutherland (US) LLP

Legal Alert: ISDA Accepting Comments on Draft Dodd-Frank "Protocol 2.0"

Pursuant to Title VII of the Dodd-Frank Wall Street Reform and Customer Protection Act (Dodd-Frank), the Commodity Futures Trading Commission (CFTC) has adopted a number of final regulations that require swap dealers (SDs)...more

Eversheds Sutherland (US) LLP

CFTC Extends Compliance Dates for Dodd-Frank Requirements Necessitating Amendments to Existing Trade Documentation

On December 18, the Commodity Futures Trading Commission (CFTC), by private vote, adopted interim final rules (Interim Final Rules) to amend the compliance dates for previously issued final rules that establish external...more

Stinson - Corporate & Securities Law Blog

CFTC Extends Compliance Dates, Delaying Need To Adhere To ISDA Dodd-Frank Protocol

The CFTC has issued an interim final rule regarding certain business conduct and documentation requirements for swap dealers and major swap participants. The compliance date for the business conduct standards and certain...more

Skadden, Arps, Slate, Meagher & Flom LLP

"ISDA Dodd-Frank Protocol Update: CFTC Delays Compliance"

The Commodity Futures Trading Commission (CFTC) has issued an interim rule to extend the compliance date with certain business conduct standards (BCS) and documentation rules for swap dealers and major swap participants. The...more

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