Willkie Farr Discusses Final CFTC Guidance on Voluntary Carbon-Credit Derivatives Contracts

By Kari Larsen, Neal Kumar, Tamika Bent and Imani Martinez October 29, 2024 by renholding

In recent years, the U.S. Commodity Futures Trading Commission (“CFTC”) has expressed concern about the lack of cohesive product standards and the potential for fraud within the voluntary carbon markets. Just this month, the CFTC announced its first …

CFTC Jurisdiction Should Not Extend to Event Contracts

By Ilya Beylin September 23, 2024 by ilyabeylin

Two weeks ago, there was big news for “event contracts,” which provide for fixed payouts upon the occurrence of specified events and are sometimes referred to as “prediction” products. Kalshi – an exchange that has popularized event contracts on everything …

Is Mandatory Clearing of Single-Name Credit Default Swaps a Good Idea?

By Randy Priem June 18, 2024 by renholding

In a new paper, I discuss whether mandatory central clearing of single-name credit default swaps (CDS) should be adopted in the United States and Europe — an issue with important consequences for financial stability in both regions.

CDS are financial …

Davis Polk Discusses FinCEN, CFTC Penalties on Cryptocurrency Derivatives Exchange

By Robert Cohen, Jai Massari, Daniel Stipano, Zachary Zweihorn and Kendall Howell August 19, 2021 by renholding

The CFTC and FinCEN recently announced a settlement with BitMEX for $100 million to resolve an enforcement action related to the exchange’s failure to register as a futures commission merchant and failure to establish a BSA/AML compliance program.

The Order

…

Democrats’ Gift-Wrapped Cloak of Secrecy for Wall Street

By Joshua Mitts August 11, 2021 by renholding

On July 29, 2021, the House Financial Services Committee voted to advance H.R. 4618, The Short Sale Transparency and Market Fairness Act, a well-intentioned bill with a misguided provision that was likely the product of hurried drafting. The legislation …

SEC Chair Gensler Speaks Before ABA Derivatives and Futures Law Committee

By Gary Gensler July 22, 2021 by renholding

Thank you for the kind introduction. It’s good to be back with the American Bar Association’s Derivatives and Futures Law Committee.

As is customary, I’d like to note that I’m not speaking on behalf of my fellow Commissioners or the

…

Clifford Chance Discusses the Cost of Commodities and Derivatives Market Enforcement Cases

By David Yeres and Brian Yin March 30, 2021 by renholding

The trend of escalating penalties for derivatives and commodities market abuse violations continued in 2020. Civil monetary penalties exceeding $100 million have become commonplace for serious corporate violations. Moreover, the DOJ routinely conducts criminal investigations in parallel with the CFTC, …

Simpson Thacher Discusses SEC Framework for Use of Derivatives by Regulated Funds

By David Blass, Ryan Brizek, Rajib Chanda, Debbie Sutter and Andy Madore March 12, 2021 by Nisha Chandra

In a widely anticipated action that was years in the making, the SEC adopted Rule 18f-4 under the 1940 Act prior to the conclusion of former Chair Jay Clayton’s tenure. The rule overhauls the regulatory framework for the use of …

Latham & Watkins Discusses IBOR Fallbacks Protocol and Supplement from ISDA

By Yvette D. Valdez, Becky Critchley, Adam Bruce Fovent, J. Ashley Weeks, Deric Behar and Anna Lewis-Martinez November 16, 2020 by renholding

On October 23, 2020, the International Swaps and Derivatives Association, Inc. (ISDA) published its IBOR Fallbacks Protocol (Protocol) and Supplement to the 2006 ISDA Definitions (Supplement) in anticipation of the expected discontinuation of the London Interbank Offered Rate (LIBOR) at …

SEC Chair Clayton Speaks on Regulations for Funds’ Use of Derivatives

By Jay Clayton October 29, 2020 by renholding

Today [October 28], we are considering a new rule to provide an updated and comprehensive regulatory framework for the use of derivatives by registered investment funds, including mutual funds and exchange traded funds (ETFs). I have spoken before on the

…

Stealth Takeovers: How Hidden Shareholders Are Buying Companies

By Pietro Bonetti, Miguel Duro and Gaizka Ormazabal April 1, 2020 by renholding

In 2014, luxury firms LVMH Moët Hennessy, Louis Vuitton, and Hermès signed a truce, ending a long and arduous battle popularly known as the “handbag war.” The melee erupted in October 2010, when the fashion giant controlled by Bernard Arnault …

SEC’s Director of Investment Management Division Talks Securities Law Developments

By Dalia Blass December 4, 2019 by renholding

Good Morning. Thank you Susan [Olson], and thank you all for the opportunity to come back and update you on the Division’s work.[1]

I recently came across a September Compliance Minute Podcast, titled: Where Have you Gone, Dalia Blass?

…

SEC Commissioners Jackson and Lee on Proposed Rules for Funds’ Use of Derivatives

By Robert J. Jackson, Jr. and Allison Herren Lee November 27, 2019 by renholding

Yesterday [November 25] the Commission proposed rules on funds’ use of derivatives to obtain leverage.[1] Appropriate use of derivatives can produce benefits for investors, like better risk-adjusted returns or more efficient exposure to certain asset classes. But that same

…

SEC Commissioners Peirce and Roisman on Proposed Rules for Funds’ Use of Derivatives

By Hester M. Peirce and Elad L. Roisman November 27, 2019 by renholding

We thank the staff of the Division of Investment Management (the “Division”) for undertaking the challenging task of devising and presenting for Commission vote a proposal to modernize the way we regulate the use of derivatives in investment funds’ portfolios.

…

Gibson Dunn Discusses How Brexit Will Affect Financing and Documentation

By Amy Kennedy, Jeffrey Steiner and Alex Hillback October 17, 2018 by renholding

Since the result of the Brexit referendum was announced in June 2016, there has been significant commentary regarding the potential effects of the UK’s withdrawal from the EU on the financial services industry.

As long as the UK is negotiating …

The Real but Exaggerated Threat of Financial Institution Mobility to Financial Regulation

By Ilya Beylin October 11, 2018 by ilyabeylin

Where jurisdictions differ in how they regulate an activity, migration allows private parties to choose between regulatory regimes. In the context of financial regulation, scholars assert that harmonization of regulation across jurisdictions is necessary to prevent institutions from opting into …

Was Glass-Steagall’s Demise Both Inevitable and Unimportant?

By Arthur E. Wilmarth, Jr. September 18, 2018 by renholding

The financial crisis of 2007-09 caused the Great Recession, the most severe global economic downturn since the Great Depression. The financial crisis began with the collapse of the subprime mortgage market in the U.S. and spread to financial markets around …

Skadden Discusses LIBOR Replacement Plans

By Mark D. Young, Maureen A. Donley, Daniel B. O'Connell and Shekida A. Smith September 4, 2017 by renholding

Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world’s most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017, Andrew Bailey, chief executive …

Shearman & Sterling Discusses Derivatives Regulation Under Trump

By Geoffrey Goldman, Donna Parisi, Azam Aziz and Nicholas Emguschowa January 9, 2017 by renholding

How will derivatives regulation change in the Trump Administration? During the campaign and since the election, President-elect Trump and his advisors, as well as key Congressional Republicans and other market participants, have suggested that aspects of the Dodd-Frank Wall Street …

SEC Investor Advocate Talks Dodd-Frank and Regulation’s Future

By Rick A. Fleming November 17, 2016 by renholding

Today (November 16), we will consider the future of financial regulation and, more specifically, whether the Dodd-Frank Act went too far.^[1]. I am I happy to share my views with you, but before I begin, I must give

…

1 2 Next »

The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

derivatives