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Recent Developments in Derivatives Regulation Reform

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Recent Developments in Derivatives Regulation Reform

  1. 1. Recent Developments in Derivatives Regulation Reform Presented by Robin Powers
  2. 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. 3. DODD FRANK OVERVIEW
  4. 4. WHERE ARE WE ON DODD FRANK
  5. 5. STATUS OF CENTRAL CLEARING Company XYZ ABC BankCentral Clearing Party PREMIUM PREMIUM MARGINS MARGINS
  6. 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. 7. SWAP EXECUTION FACILITY (SEF) OR DESIGNATED CONTRACT MARKET
  8. 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. 9. WILL DODD-FRANK EVER BE FINISHED?
  10. 10. EMIR OVERVIEW
  11. 11. EMIR What is EMIR? To whom does EMIR apply? Clearing obligation Reporting obligation Risk mitigation Schedule and timeline
  12. 12. EMIR PROTOCOL
  13. 13. IMPLEMENTATION TIMELINE
  14. 14. DF VERSUS EMIR VS
  15. 15. SUBSTITUTED COMPLIANCE Principals Presumptively Comparable Jurisdictions Risks DODD-FRANK EMIR
  16. 16. QUESTIONS???? Robin.Powers@rimonlaw.com (212) 363 0270 x223

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