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Recent Developments in Derivatives Regulation Reform

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  • Exemptions:¡¡End-users benefit from an exemption to the requirement to submit swaps for clearing and to execute swap trades on registered exchanges ¡¡Other DFA provisions continue to apply to swaps with End-users. However proposed rules on margin requirements for non-cleared OTC derivatives permit thresholds to set by parties below which no margin should be required
  • any exchange registered with the CFTC for the trading of non-security-based swaps. Boards of trade include:designated contract markets (DCMs), large recognized exchanges on which physical commodities and other non-security-based swaps are traded; andswap execution facilities (SEFs), smaller electronic platforms on which non-commodity swaps such as interest rate swaps are traded.
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    • 1. Recent Developments in Derivatives Regulation Reform Presented by Robin Powers
    • 2. AGENDA Status of Dodd Frank Status of European Market Infrastructure Regulation (EMIR) Substituted Compliance What are the near term deadlines What can we expect in the coming months Questions
    • 3. DODD FRANK OVERVIEW
    • 4. WHERE ARE WE ON DODD FRANK
    • 5. STATUS OF CENTRAL CLEARING Company XYZ ABC BankCentral Clearing Party PREMIUM PREMIUM MARGINS MARGINS
    • 6. END USER EXCEPTION REQUIREMENT Applies to both CFTC and SEC regulations Is not a financial entity; uses swaps to hedge or mitigate commercial risks Annual or trade by trade filing
    • 7. SWAP EXECUTION FACILITY (SEF) OR DESIGNATED CONTRACT MARKET
    • 8. RECLASSIFICATION OF U.S. PERSONS Principal Place of Business in the U.S. U.S. Persons Requirements: Entity-Level Requirements Transaction-Level Requirements
    • 9. WILL DODD-FRANK EVER BE FINISHED?
    • 10. EMIR OVERVIEW
    • 11. EMIR What is EMIR? To whom does EMIR apply? Clearing obligation Reporting obligation Risk mitigation Schedule and timeline
    • 12. EMIR PROTOCOL
    • 13. IMPLEMENTATION TIMELINE
    • 14. DF VERSUS EMIR VS
    • 15. SUBSTITUTED COMPLIANCE Principals Presumptively Comparable Jurisdictions Risks DODD-FRANK EMIR
    • 16. QUESTIONS???? Robin.Powers@rimonlaw.com (212) 363 0270 x223