This webinar explains the many facets of Dodd-Frank rules and regulations and what companies, such as Producer companies, need to know now in order to be compliant. Our seasoned Compliance and Commodities experts describe exactly how the Dodd-Frank rules and rule changes affect Producer companies and what you can do now to mitigate these challenging risks:
--Producers’ Exposure to Dodd-Frank
--Clearing and End-User Exception
--Recordkeeping and Reporting
--Duties of SDs to Non-SD/MSPs – Counterparty Documentation
--Policies, Procedures, and Training
--Exchange Position Limits
--Achieving Compliance
WG Consulting and ZE PowerGroup, an award winning data collection, monitoring and visualization firm, have partnered to build and deliver a comprehensive Dodd-Frank software solution to fit the current and upcoming challenges faced by Non-Swap Dealers (non-SD), Swap Dealers (SDs), Major Swap Participants (MSPs) and End-Users. With ZE PowerGroup’s award winning Data Management capabilities and WGC’s deep understanding of compliance requirements, we have built a data retrieving and reporting system, unique to the requirements of the Dodd-Frank Act.
Many of the solutions required for Dodd-Frank compliance require the collection and centralization of data; reporting and mapping of data; and finally the publication of that data to the CFTC, ICE Trade Vault or DTCC on a specific schedule and with the ability to monitor for errors and resend files, if needed. The ZEMA Dodd-Frank software solution can handle all of those challenges with award winning capabilities.
The Practical Implementation of Dodd-Frank for End UsersWG Consulting
Jackson Walker, L.L.P. and WG Consulting presented a webinar focused on needs of End Users when implementing a Dodd-Frank Compliance Program. This practical webinar introduces the current landscape of the Dodd-Frank Rules and Regulations, explains the classifications and exceptions, the compliance requirements and the practical steps for achieving compliance. By being lead by experts in deregulated energy transactions and commodity-based financial derivatives as well as seasoned experts on the software and implementation side of Dodd-Frank, this webinar serves as an informative, accurate and practical guide to anyone facing Dodd-Frank Compliance today.
WG Consulting & ZE PowerGroup Lunch and Learn: Presenting a Dodd-Frank Softwa...WG Consulting
During a Lunch and Learn held with one of our esteemed Partners, ZE PowerGroup, our panel of experts discussed the challenges corporations find with Dodd-Frank and presented the software that WG Consulting and ZE PowerGroup built as an answer to those challenges.
NICSA Webinar | Collateral Management Market Practices and New Legislation Im...NICSA
The presentation is designed to give employees of buy side firms who currently trade OTC derivatives a basic knowledge of current collateral management market practices. The presentation will also provide background on the motivation for proposed rule changes to collateralization of OTC derivatives, a brief overview of the proposed rules, the timing of their implication, how the industry has responded in the face of new legislation and what the implications of the new rules are for affected firms.
Financial institutions around the world need to get their collateral management processes ready for the challenges ahead. The goal is to establish robust collateral management. But what is robust collateral management - and how can institutions get there?
Find out even more in our associated whitepaper, available for free on our website: http://foxeye.me/p6c3j
We are also hosting a series of associated webinars to introduce this topic in an interactive session. You may register for free on our website: http://foxeye.me/ttuye
Interest Rate Derivatives under Dodd-Frankmbscullin
An overview of the impact of the Dodd-Frank Act on interest rate derivatives for market participants that are neither swap dealers nor major swap participants. Summarizes swap clearing and trade reporting requirements.
WG Consulting and ZE PowerGroup, an award winning data collection, monitoring and visualization firm, have partnered to build and deliver a comprehensive Dodd-Frank software solution to fit the current and upcoming challenges faced by Non-Swap Dealers (non-SD), Swap Dealers (SDs), Major Swap Participants (MSPs) and End-Users. With ZE PowerGroup’s award winning Data Management capabilities and WGC’s deep understanding of compliance requirements, we have built a data retrieving and reporting system, unique to the requirements of the Dodd-Frank Act.
Many of the solutions required for Dodd-Frank compliance require the collection and centralization of data; reporting and mapping of data; and finally the publication of that data to the CFTC, ICE Trade Vault or DTCC on a specific schedule and with the ability to monitor for errors and resend files, if needed. The ZEMA Dodd-Frank software solution can handle all of those challenges with award winning capabilities.
The Practical Implementation of Dodd-Frank for End UsersWG Consulting
Jackson Walker, L.L.P. and WG Consulting presented a webinar focused on needs of End Users when implementing a Dodd-Frank Compliance Program. This practical webinar introduces the current landscape of the Dodd-Frank Rules and Regulations, explains the classifications and exceptions, the compliance requirements and the practical steps for achieving compliance. By being lead by experts in deregulated energy transactions and commodity-based financial derivatives as well as seasoned experts on the software and implementation side of Dodd-Frank, this webinar serves as an informative, accurate and practical guide to anyone facing Dodd-Frank Compliance today.
WG Consulting & ZE PowerGroup Lunch and Learn: Presenting a Dodd-Frank Softwa...WG Consulting
During a Lunch and Learn held with one of our esteemed Partners, ZE PowerGroup, our panel of experts discussed the challenges corporations find with Dodd-Frank and presented the software that WG Consulting and ZE PowerGroup built as an answer to those challenges.
NICSA Webinar | Collateral Management Market Practices and New Legislation Im...NICSA
The presentation is designed to give employees of buy side firms who currently trade OTC derivatives a basic knowledge of current collateral management market practices. The presentation will also provide background on the motivation for proposed rule changes to collateralization of OTC derivatives, a brief overview of the proposed rules, the timing of their implication, how the industry has responded in the face of new legislation and what the implications of the new rules are for affected firms.
Financial institutions around the world need to get their collateral management processes ready for the challenges ahead. The goal is to establish robust collateral management. But what is robust collateral management - and how can institutions get there?
Find out even more in our associated whitepaper, available for free on our website: http://foxeye.me/p6c3j
We are also hosting a series of associated webinars to introduce this topic in an interactive session. You may register for free on our website: http://foxeye.me/ttuye
Interest Rate Derivatives under Dodd-Frankmbscullin
An overview of the impact of the Dodd-Frank Act on interest rate derivatives for market participants that are neither swap dealers nor major swap participants. Summarizes swap clearing and trade reporting requirements.
In recent years, the financial services industry has experienced a surge in unclaimed property audits and enforcement efforts. As a result, new questions and concerns have emerged in order to maintain compliance in an already complex regulatory environment. This panel discussion, moderated by Keane’s Debbie Zumoff, will address three of the most prevalent concerns that have surfaced in the auditors’ wake: (1) utilization and implementation of date of last contact (DOLC), (2) consolidated escheat reporting at the Fund and Transfer Agent levels, and (3) date of death and IRAs. The panel will outline compliance challenges and best practices for success.
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
A Systematic Approach to Optimizing CollateralCognizant
With high-quality collateral all set to witness increased demand, financial services firm can achieve sizeable savings and competitive edge by rewiring their internal operations.
Default mortgage servicers face a daunting array of regulatory and operating challenges, making a unified default servicing platform an excellent option. We weigh the pluses and minuses and assess build vs. buy considerations.
An Outline for Federal Officials Advocating the Use of Fintech SandboxesRoberto Irizarry
• Identified lessons from foreign sandboxes & generated rationale for the use of AI in US financial system.
• Developed targeted arguments to permit testing of AI in FinTech sandboxes. Provided an outline on how to implement a Regulatory Sandbox in the complex US regulatory environment.
Facing increased regulatory oversight, more banks are opting for an integrated collateral management system that facilitates collateral optimization in coordination with central clearing counterparties (CCPs).
In April 2014, I prepared and presented this seminar for senior bankers and investment professionals in Dubai in collaboration with A&Z Consultants, Dubai, UAE.
I am sharing this here here for everyone's benefit.
Best regards,
Bilal Hasanjee
In recent years, the financial services industry has experienced a surge in unclaimed property audits and enforcement efforts. As a result, new questions and concerns have emerged in order to maintain compliance in an already complex regulatory environment. This panel discussion, moderated by Keane’s Debbie Zumoff, will address three of the most prevalent concerns that have surfaced in the auditors’ wake: (1) utilization and implementation of date of last contact (DOLC), (2) consolidated escheat reporting at the Fund and Transfer Agent levels, and (3) date of death and IRAs. The panel will outline compliance challenges and best practices for success.
By 1st December 2015, BCBS-IOSCO rules mean that all eligible financial and non-financial counterparties must be able to exchange bilateral Variation Margin (VM) and Initial Margin (IM) with their OTC derivatives counterparties. The consequences of this extend far beyond methodology, requiring a re-evaluation of the whole end to end workflow.
A Systematic Approach to Optimizing CollateralCognizant
With high-quality collateral all set to witness increased demand, financial services firm can achieve sizeable savings and competitive edge by rewiring their internal operations.
Default mortgage servicers face a daunting array of regulatory and operating challenges, making a unified default servicing platform an excellent option. We weigh the pluses and minuses and assess build vs. buy considerations.
An Outline for Federal Officials Advocating the Use of Fintech SandboxesRoberto Irizarry
• Identified lessons from foreign sandboxes & generated rationale for the use of AI in US financial system.
• Developed targeted arguments to permit testing of AI in FinTech sandboxes. Provided an outline on how to implement a Regulatory Sandbox in the complex US regulatory environment.
Facing increased regulatory oversight, more banks are opting for an integrated collateral management system that facilitates collateral optimization in coordination with central clearing counterparties (CCPs).
In April 2014, I prepared and presented this seminar for senior bankers and investment professionals in Dubai in collaboration with A&Z Consultants, Dubai, UAE.
I am sharing this here here for everyone's benefit.
Best regards,
Bilal Hasanjee
Dodd-Frank Wall Street Reform and Consumer Protection Act, Executive Compensa...Edward Hauder
This presentation looks at the executive compensation provisions (Sections 951-957) and corporate governance provisions (Sections 971-972) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
CLEAR OR NOT CLEAR? CURRENT TRENDS ON THE OTC DERIVATIVES MARKETLászló Árvai
The objectives of regulators and market participants have thus become aligned. While regulators are looking to enhance prudential supervision by
requiring more rigorous capital and liquidity adequacy standards, credit institutions are looking to improve the quality of their asset base both to
reduce credit and counterparty risk and to improve their liquidity profile.
Automated Securities Accounting System SRI Infotech
SRI Infotech’s automated securities accounting system is a powerful tool for asset management that utilizes state-of-the-art technology to deliver a superior solution for large and small entities in the banking, financial services and insurance marketplace.
The presentation summaries the process to implement uncleared margins CFTC and Prudential Regulators rules to collect collateral daily for OTC products for certain banks.
The Carry Trade strategy, often over complicated, is actually quite a simple process but it's for experienced Forex traders only
Here’s how it works...
This subject and many others are covered in more detail in the FREE Forex Guide available at Forex Useful - http://forexuseful.com/new/members/21812-forex-guide/
Since their introduction in the 1990s short term derivatives instruments have become widely used. Their popularity has increased in the wake of the 2007/2008 financial crisis with trading growing by 33% from 2008 to mid 2009 according to the BIS.
It is due mainly to the fact that LIBOR-based instruments often did not capture movements in policy rates as a result of credit-induced widening in LIBOR rates.
Hedgers increased their usage of short-term instruments in order to protect their cash flows better from unexpected moves in spreads and/or policy rates. Meanwhile, speculators increased their trading of more tailored products such as OIS to express views on policy rates while becoming far more active in the basis markets to take advantage of spread movements.
This tutorial focuses on the Libor OIS basis trade. It starts with the building blocks of the LIBOR and moves on to cover the most common instruments in the front-end and basis markets : FRAs and OIS. The salient features of each instrument and the full trade cycle from idea generation and set up, to valuation and marked to market, are presented and illustrated using Bloomberg pricing and analytics.
Real time trade surveillance in financial marketsHortonworks
Who’s winning the deep forensic analysis ‘arms race’ for compliance? Real-time trade surveillance in global financial markets has created a data tsunami. With greater volumes of data comes greater compliance risk. CNBC reports U.S. Banks have been fined over $200B since the financial crisis. How are compliance teams fighting back to make more of the data and stay out of regulatory hot water? Rapid response to suspect trades means compliance teams need to access and visualize trade patterns, real time and historic data, to navigate the data in depth and flag possible violations. Join Hortonworks and Arcadia for this live webinar: we’ll cover the use case at a top 50 Global Bank who now has deep forensic analysis of trade activity. The result: interactive, ad hoc data visualization and access across multiple platforms – without limits on historic data – to detect irregularities as they happen. In-depth expert presentations by:
Shailesh Ambike, Executive Co-Chair of Compliance & Legal Section (CLS) Education Sub-Committee of the Investment Industry Regulatory Organization of Canada (IIROC)
Vamsi K Chemitiganti, GM – Financial Services at Hortonworks
WG Consulting held an early morning breakfast seminar at the Houston Junior League to discuss the Dodd-Frank Compliance landscape as it currently stands as is expected to shape out--and how that effects energy businesses of all sizes today.
FinfraG: Opportunities & Challenges for Global Trading PlatformsCognizant
The Swiss Financial Market Infrastructure Act (FMIA), commonly known by its German name, FinfraG, spells out regulations for global derivative trading platforms and central clearing parties, including reporting, clearing, platform trading and risk mitigation. The act also incorporates laws pertaining to insider information/market abuse and shareholdings/public offers.
EMIR - European market infrastructure regulation has been initiated by European union to avoid situation similar to 2008-09. Financial scenario led Lehman to default and bear stearn near to collapse.
This helps EU regulatory bodies to monitor OTC, CCP and TRs.
OTC Derivatives: Evaluating the Impact of New Regulation in Europe, Thomas He...DerivSource
Thomas Heinatz, Senior Manager, PwC
Presentation at the DerivSource/Omgeo briefing 'OTC Derivatives: Evaluating the Impact of New Regulation in Europe' held in Frankfurt on November 13th 2013.
Introduction to TransPrice Knowledge AllianceAkshay KENKRE
TransPrice flagged off a knowledge circle amongst its members, clients and associates; the purpose of which is to spread awareness about the transfer pricing issues in the industry; to value add by representing the issues discussed in the forum at various larger forums and ultimately provide plausible solutions.
I hereby invite the industry members who are affected by Transfer Pricing and International taxation to join the group.
Interested professionals can write to me on akshaykenkre@transprice.in
This is purely a knowledge awareness session and not a business initiative.
Thanks a lot
Akshay Kenkre
Within this complexity and broad scope, financial institutions need to start assessing impacts to determine efforts, budgets, roadmaps and ensure that their strategy and organization are aligned for compliance by January 2017
Bovill briefing: Making AIFMD business as usual - Annex IV reporting - Octobe...Bovill
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the October 2014 briefing On AIFMD. For more information visit www.bovill.com.
Further information on the event is below:
Making AIFMD business as usual
When AIFMD came fully into force in July it felt like the end of a long journey. The end of the transitional period, however, was just the beginning. Firms now need to make sure their AIFMD policies and procedures are properly embedded and working effectively.
The Annex IV reporting regime presents a particular challenge for affected firms in remaining compliant with the Directive.
Relevant for anyone involved in meeting AIFMD requirements, Bovill’s briefing covers:
• a recap of what AIFMD is all about
• how to effectively monitor compliance under the Directive
• the practicalities of Annex IV reporting and how Bovill can help.
The Volcker Rule, a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, was adopted on December 10, 2013. Check out how CH&Cie can help your organization implement it
1. The Business Model of Banking and how institutions will have to adapt themselves to the new regulatory environment
2. Investments in capital and human resources
3. Changes/improvements to the Banks’ technology capacity and structure
4. Business Profitability, Staff Compensation and Competitiveness
Compliance program requirements for the Volcker Rule of the Dodd-Frank ActGrant Thornton LLP
Regulatory requirements for both enhanced and standardized compliance programs as stipulated by the Volcker Rule of the Dodd-Frank Act.
Watch our webcast to learn more: http://gt-us.co/1FOw3XF
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Buy Verified PayPal Account | Buy Google 5 Star Reviewsusawebmarket
Buy Verified PayPal Account
Looking to buy verified PayPal accounts? Discover 7 expert tips for safely purchasing a verified PayPal account in 2024. Ensure security and reliability for your transactions.
PayPal Services Features-
🟢 Email Access
🟢 Bank Added
🟢 Card Verified
🟢 Full SSN Provided
🟢 Phone Number Access
🟢 Driving License Copy
🟢 Fasted Delivery
Client Satisfaction is Our First priority. Our services is very appropriate to buy. We assume that the first-rate way to purchase our offerings is to order on the website. If you have any worry in our cooperation usually You can order us on Skype or Telegram.
24/7 Hours Reply/Please Contact
usawebmarketEmail: support@usawebmarket.com
Skype: usawebmarket
Telegram: @usawebmarket
WhatsApp: +1(218) 203-5951
USA WEB MARKET is the Best Verified PayPal, Payoneer, Cash App, Skrill, Neteller, Stripe Account and SEO, SMM Service provider.100%Satisfection granted.100% replacement Granted.
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
3. Introduction to WG Consulting
The Risk, Systems & Compliance (RSC) service line of WG Consulting (WG) specializes in:
• Developing
• Implementing and
• Maintaining risk management solutions
WG Regulatory Compliance Consultants specialize in the:
• Mechanics of the underlying commercial trading and marketing activities
• Letter and intent of those external laws, rules and regulations that govern these
activities
• Information systems and processes required to support a Regulatory Compliance
Program
• Development and implementation of a systematic approach to Compliance
#DoddFrankWebinar
As of June 2013
Page 3
4. Definition of a Swap
• Commodity swaps and commodity options, whether or not physically settled, are
subject to regulation under Dodd-Frank, subject to certain Exclusions and Exemptions
• Exclusions exist for any sale of a nonfinancial commodity for deferred shipment or
delivery, so long as the transaction is intended to be physically delivered (the Forward
Contract Exclusion)
• Commodity Trade Options are still deemed a swap, but are exempt from some of the
Dodd-Frank swap regulations
• In order to determine whether a transaction is a swap, excluded from the definition of
a swap, or exempt from some of the rules regulating swaps, the CFTC will examine the
facts and circumstances of each transaction
#DoddFrankWebinar
As of June 2013
Page 4
5. Producers’ Exposure to Dodd-Frank Rules
Hedging Production can actually create exposure to:
•
Mandatory Clearing of Swaps
•
Reporting and Recordkeeping
•
Counterparty Documentation (ISDA Protocols)
•
Anti-Manipulation
•
Margining and Capital
•
Exchange Position Limits
#DoddFrankWebinar
As of June 2013
Page 5
6. Mandatory Clearing of Swaps
• Mandated central clearing for all swaps
• As of August 2012 the CFTC declared following swap types as required to be cleared:
• Interest Rate Swaps
• Credit Default Swaps
• Compliance Dates to note:
• Interest Rate and Credit Default Swaps: September 9, 2013
• Other Commodity Swaps: TBD
• Non-SD/MSPs may elect the End-user Exception if the swaps are eligible
#DoddFrankWebinar
As of June 2013
Page 6
7. End User Exception To Clearing
•
•
•
•
Clearing requirements do not apply if one counterparty applies for the End-User
Exception to Clearing and
• Is not a Financial Entity
• Is using swaps to hedge or mitigate commercial risk
• Notifies the Commission, in a manner set forth by the Commission, how it
generally meets its financial obligations associated with entering into noncleared swaps
A party’s ability to elect the end-user exception is a function of the purpose of the
particular swap in question
Not limited to physical position hedging
Use of the exception by non-financial entities for financial risk-hedging must be an
incidental part (i.e. not central to) of the Electing Counterparty’s business
#DoddFrankWebinar
As of June 2013
Page 7
8. Part 43 Real Time Reporting
Part 43 establishes the requirements for real time dissemination to the public of all swap
transaction and pricing data, including those swaps executed on or pursuant to the rules
of a Swap Execution Facility (SEF) or Designated Contract Market (DCM) and those
executed bilaterally, off-facility between counterparties.
Part 43 applies to all transactions considered as “Swaps”; including:
• Swaps subject to the mandatory clearing requirement
• Swaps that are not subject to the mandatory clearing requirement, but are cleared at
a registered derivatives clearing organization (DCO)
• Swaps that are not cleared at a registered DCO and are reported to a registered swap
data repository (SDR) that accepts and publicly disseminates swap transaction and
pricing data in real-time
• Any executed swap that is an arm’s-length transaction between two parties that
results in a corresponding change in the market risk position between the two parties
• Any termination, assignment, novation, exchange, transfer, amendment, conveyance,
or extinguishing of rights or obligations of a swap that changes the pricing of the swap
#DoddFrankWebinar
As of June 2013
Page 8
9. Part 43 Real Time Reporting
Out of Scope Transactions include:
• Internal swaps between one hundred percent owned subsidiaries of the same parent
entity
• Swaps between Exempt Entities
• Portfolio compression exercises
Part 43 applies to all parties to a swap including swap dealers, major swap participants
and U.S.-based market participants (non-Swap Dealers / non-Major Swap Participants).
#DoddFrankWebinar
As of June 2013
Page 9
10. Part 45 Swap Data Reporting
Part 45 establishes the requirements for reporting swap confirmation, continuation, and
valuation data to a SDR, including those swaps executed bilaterally, off-facility between
counterparties.
• Reporting party must report all confirmation, continuation, and valuation data for the
swap to a SDR
• Confirmation data includes all Primary Economic Terms (PET) to a swap and must be
reported to a SDR “as soon as technologically practicable”
• Continuation data includes any changes to the PET to a swap and generally must be
reported the day the change happens throughout the life of the swap
• Valuation data is the current daily mark of the swap as of the last day of each fiscal
quarter and must be reported to a SDR within 30 calendar days of the end of each
fiscal quarter
Part 45 applies to all parties to a swap including swap dealers, major swap participants,
U.S. and Non-US based market participants (non-Swap Dealers / non-Major Swap
Participants).
#DoddFrankWebinar
As of June 2013
Page 10
11. Part 45 Swap Data Recordkeeping
Part 45 implements rules relating to the swap data recordkeeping and reporting of certain
economic terms to a swap transaction to ensure swap data is current and readily available
to Regulators to carry out their market monitoring and enforcement duties.
Recordkeeping Requirements
All non-SD/MSP counterparties subject to the jurisdiction of the Commission shall keep
full, complete, and systematic records, together with all pertinent data and memoranda,
with respect to each swap in which they are a counterparty, including, without limitation,
all records demonstrating that they are entitled, with respect to any swap, to elect the
clearing requirement exception.
Record Retrieval
Records required to be kept by Non-SD/MSP swap counterparties shall be retrievable by
that counterparty within five business days throughout the period during which it is
required to be kept.
Records required to be kept by non-SD/MSP counterparties may be kept in either
electronic or paper form, so long as they are retrievable, and information in them is
reportable.
#DoddFrankWebinar
As of June 2013
Page 11
12. Part 46 Historical Swap Reporting
Part 46 establishes the requirements for reporting and retaining certain information
regarding swap transactions entered into prior to the implementation of the Swap Data
SDR Reporting and Swap Data Recordkeeping rule.
Historical Reporting Requirements
• Reporting of swaps executed before July 21, 2010 and remain open as of July 21, 2010
• Reporting of swaps executed on or after July 21, 2010 and before April 10, 2013
• These records must be reported In the format required by the Commission, just as in the
Part 45 Swap Data Reporting rule
• Same general information is required to be reported as in the Part 45 Swap Data
Reporting rule
#DoddFrankWebinar
As of June 2013
Page 12
13. External Business Conduct Standards
The ISDA August 2012 DF Protocol (in effect as of May 1, 2013) addresses:
• Confirmation of Counterparty Eligibility (ECP)
• Documentation of Counterparty’s Status and Business Purpose
• Counterparty Acknowledgement of Qualified Personnel
The ISDA March 2013 DF Protocol (in effect on of July 1, 2013) addresses:
• Agreement on handling of Confirmations, Clearing
• General Method and Agreement of Entering into Portfolio Reconciliation
• Documentation on Non-SD/MSP requirements when electing End-User Exception to
Clearing
#DoddFrankWebinar
As of June 2013
Page 13
14. Policies, Procedures, and Training
A robust Risk Management Program contains:
• Identification of risks and risk tolerance limits
• Procedures for detecting risk limit violations
• Actions to mitigate specific risks,
• Periodic Risk Exposure Reports highlighting your risk exposure
• Monitoring of compliance with the Risk Management
• Distribution of risk management policies and procedures to applicable supervisors
• Recordkeeping, including retaining copies of all written approvals required under the
Risk Management Program
• An annual review and testing of the Risk Management Program policies and
procedures
Training
Due to the complex and highly prescriptive nature of the Dodd-Frank rules and
regulations, it is good practice to provide training to your Trading and Compliance
personnel in order to ensure the relevant personnel within your organization have
sufficient knowledge of the applicable rules and how they affect their day-to-day
operation.
#DoddFrankWebinar
As of June 2013
Page 14
15. Exchange Position Limits
Written policies and procedures should be established to represent how you monitor
compliance with Exchange Position Limits:
• Diligent monitoring to ensure compliance with Exchange Position Limits
• Implementation of an early warning system to flag positions in danger of breaching
the limits
• Development of a process for promptly notifying Governing Body and the CFTC when a
position limit is violated
• Quarterly testing of Position Limit Procedures for effectiveness
• Annual training should be held on applicable position limits
• A process for retaining documentation of the implementation of the Position Limit
Procedures, including:
• Training records
• Early warning notifications
• Quarterly testing and annual audit written reports
• Changes to the Position Limit Procedures.
#DoddFrankWebinar
As of June 2013
Page 15
16. Dodd-Frank Compliance Monitoring
Exchange Position Limits (Intraday)
• With ICE and CME listing Swap products on their Futures Exchange platform,
organizations that previously only traded OTC products are now subject to exchange
position limits.
CFTC Position Limits (Intraday)
• CFTC Position Limits were vacated in September of 2012 but should return sometime
in 2013.
MSP Calculations (Frequency varies)
• There are a number of MSP tests and safe harbor calculations that are needed to
identify if your organization is an MSP.
Swap Dealer Notional (Monthly)
• Organizations will need to calculate their annual notional value to determine if they
are a Swap Dealer.
#DoddFrankWebinar
As of June 2013
Page 16
17. Exchange Position Limits
WG Consulting has built an Exchange Position Limit tool that can monitor your
organization's position limits by commodity code, based on various data sources.
Thresholds:
1. Spot(Front) Month Limit*
2. Any Single Month Level
3. All Month Level
#DoddFrankWebinar
As of June 2013
Spot (Front) Month
Total and % of Limit
Any Single Month
Total and % of Limit
All Month Combined
Total and % of Limit
Page 17
18. MSP Calculations
WG Consulting has built an MSP Calculation tool that can perform the three MSP and Safe
Harbor tests on an as needed basis.
#DoddFrankWebinar
As of June 2013
Page 18
19. Recordkeeping & Reconciliation
Recordkeeping
The goal is to retain full, complete, systematic records, together with related data and
memoranda with respect to each swap. WG has a simple, spreadsheet based solution
that allows you to seamlessly connect to the SDR or SDRs of your choice and download
your relevant trade data in the format consistent with Dodd Frank requirements.
• Quick to implement
• Connects seamlessly to SDR
• Single record with all required Dodd Frank data elements
• Easily exportable reports and Integrated audit log
Reconciliation
• Ability to validate that trades in your C/ETRM system match the data that is being
disseminated to the public through the various SDRs.
• Ability to validate that trades in your C/ETRM systems match the data that is being
reported on your behalf to a SDR when you are not the Reporting Party to a swap.
#DoddFrankWebinar
As of June 2013
Page 19
20. Recordkeeping
WG Consulting has built an agile Recordkeeping tool to pull data from the Swap Data
Repositories (SDR) and transform the data to meet Part 45 Recordkeeping requirements.
Log: Provides audit transactional
information in addition to separate
Audit Log view
#DoddFrankWebinar
As of June 2013
Recordkeeping Data: Contains all the
reporting elements required for
recordkeeping
Page 20
21. Reconciliation
The complimenting Reconciliation tool will identify any discrepancies between your
internal ETRM system(s) and the multiple SDRs used by you and your counterparties. The
intelligent design allows users to “teach” the tool to improve performance.
#DoddFrankWebinar
As of June 2013
Page 21
22. Dodd-Frank for Producers
Reporting Requirements
WG Compliance Reporting Solutions
• Reporting and Recordkeeping
• Quick & Easy to Implement
• Compatible with Microsoft Office
• Easy to read in a familiar Microsoft
Excel format
• Connects seamlessly to SDR
• Single record with all required Dodd
Frank data elements
• SDR Recordkeeping Reports
• SDR Reconciliation Reports
• MSP Calculations
• Exchange Position Limits
Procedures & Policies Requirements
• Counterparty Documentation (ISDA
Protocols)
• Mandatory Clearing of Swaps
• Anti-Manipulation
• Margining and Capital
#DoddFrankWebinar
As of June 2013
WG Solutions
• Assist in the completion of ISDA
protocols
• Assist in the rewrite completion of
company Policies
• Assist in company training sessions
• Ease of mind knowing your company is
compliant
Page 22
23. Financial Advisory Services
Financial Advisory
CFO Services
Financial & Operational
Reporting
Transaction
Advisory
Business Process & Controls
Process Improvement
Internal Controls
• SEC & IFRS
Reporting
• M&A Services (buy/sell
side)
• Sarbanes-Oxley
Compliance
• Private Equity Services
• External Audit
Preparation
• Business
Transformation
• Project Management
• Turnaround
Management
• Regulatory Reporting
• Capital Transaction
Services (equity & debt
raises)
• Technical Research
• Transaction Due Diligence
• Procure-to-Pay Process
• Controls Needs
Assessment & Program
Development
• Lender & Private Equity
Services
• Financial Reporting
Process
• Budgeting &
Forecasting
• Interim or Outsourced
Corporate Development
• Supply Chain /
Inventory Management
• Management Reporting
& Dashboards
• Valuation & Dispute
Resolution
• Demand Planning &
Forecasting
• Oil & Gas Reporting
• Restructuring Services
• Control Design &
Integration
• Interim CFO
• IPO Services
• Merger Integration
• Interim Controller / CAO
• Treasury Management
• Strategic Planning &
Analysis
• Federal & State Tax
• Quote-to-Cash Process
• Controls Risk
Assessment
• IT Controls
• Interim Personnel
• Controls Testing
• Fraud Investigations &
Forensics
• FCPA
• Change Management
#DoddFrankWebinar
As of June 2013
Page 23
24. Risk, Systems & Compliance Services
Regulatory
Compliance &
Dodd Frank
Solutions
Trading and
Risk
Management
•
•
•
•
ETRM System
Selection &
Implementation
•
Strategy &
Operations for
Front, Middle &
Back Office
•
Supply, Trading &
Risk Management
•
•
Interim CRO
•
•
•
#DoddFrankWebinar
As of June 2013
Enterprise
Performance
Management
(EPM)
Business
Intelligence (BI)
All aspects of DF
CFTC Final Rules
Implementation
•
Data Discovery
•
Visualization Design
Policies,
Procedures,
Manual Drafting
•
Dashboard Design
and Implementation
•
Analytical
Application Design &
Development
Training
Compliance
Program Reviews
and Testing
Trade Monitoring
Service
Regulatory
Reporting and
Recordkeeping
Compliance
Function
Outsourcing/
Interim CCO
•
•
Project
Management
•
Application
functionality
enhancement
and end user
training
•
Self-Discovery &
Analytics Training
•
Workflow Control
•
Areas of Expertise:
TIBCO Spotfire,
Oracle BIEE, SAP
BusinessObjects
•
Reporting
Strategy, Process
Review and
Optimization
Enterprise
Architecture
Strategy and
Roadmap
•
Interim and
Outsourced
Managed Services
•
Application
Upgrades and
Assessments
Enterprise
Resource
Planning (ERP)
•
System Selection
•
Implementation
•
Upgrades
•
Functional
Enhancements
•
•
•
•
Application
Integration
Areas of
Expertise: J.D.
Edwards, Oracle
eBusiness Suite,
PeopleSoft, SAP,
OGSYS
Managed
Services
Treasury
Services
•
•
Improvement and
Automation of
Treasury and
Finance Processes
Asset Based
Lending Facilities
(ABL) Set-up,
Automation and
Maintenance
Treasury and
Cash
Management
Functions
•
System Support
•
Process Design
•
Report
Management
•
Quality
Assurance
•
System
Assessment
•
Middle Tier
Administration
•
Database
Support
•
System
Forensics/Root
Cause Analysis
•
Middle and Back
Office
processing
Financial Analysis
Page 24
25. Let’s Stay in Touch
Dan Masch
Tim McKone
Director,
Regulatory Compliance
DMasch@wgconsulting.com
C: 832.863.6659
Director,
Regulatory Compliance
TMcKone@wgconsulting.com
C: 713.962.5586
James Yu
Managing Director,
Trading & Risk Management
JYu@wgconsulting.com
C: 832.603.1572
For more information, email letstalk@wgconsulting.com
www.wgconsulting.com
WG Consulting, LLC
@thewgcpromise
WG Consulting
WG Consulting 1415 Louisiana, Suite 3450 Houston, TX 77002
Page 25
26. Appendix – Compliance Services
Dodd Frank & CFTC Final Rules
Trade Monitoring Service
All aspects of CFTC Final Rules implementing Dodd Frank,
including:
• Reporting requirements under Parts 43, 45, and 46 and LTR Part 20
• Business Conduct Standards (Internal and External)
• Confirmations, Portfolio Reconciliation, Portfolio Compression, and
Swap Documentation Standards
• Whistleblower Provisions
• End User Exception to Clearing
• Commodity Options
• Chief Compliance Officer duties
• Prohibition on Manipulation
• SD Registration and de-minimis calculations
• WG SMEs review our client’s trading activity against a variety of
Scenarios to identify potential areas of exposure for further
investigation
• WG SMEs have designed the Scenarios and coded the logic within
its monitoring tools, and use these tools to analyze the client’s
trades and trading patterns
• These Scenarios incorporate the factors that underlie many of the
violations described in enforcement actions and experienced by
WG SMEs during our industry practice
• The basis of the approach is identifying trading anomalies based
on patterns of behavior, activities and market movements , and
applying the knowledge and experience of WG SMEs to highlight
targeted high risk activities for mitigation
• It is a robust, secure and cost effective approach that supports our
client’s efforts to take reasonable steps to prevent and detect noncompliant activity, thus effectively mitigating the risk of violations
while satisfying Regulatory expectations
Services include:
• Explaining the requirements and validating the specifications
• Training applicable personnel on the Rules and the resulting
Policies, Procedures and Manuals
• Providing IT and business process support, including coding,
mapping and source system modifications
• Performing gap analyses, measuring current practices against the
requirements, and recommending solutions for closing those gaps
• Drafting Policies, Procedures and Manuals tailored to the client’s
commercial profile and internal controls
• Proposing monitoring activities to ensure compliance and prevent
evasion of the CEA and CFTC regulations.
• Reviews and testing
#DoddFrankWebinar
As of June 2013
Page 26
27. Appendix – Compliance Services
The WG IT team, in conjunction with our Regulatory Compliance SMEs, understand the
regulatory requirements, source systems and most effective tools to deliver tailored
solutions that maximize efficiencies in support of your Program. We can assist in any part
of your compliance program in regards to the following:
Dodd Frank CFTC Final Rules
• SDR Requirements (Parts 43, 45 and 46)
• Assessing trade data setup
• Mapping of source systems to SDRs
• Gathering and validating reportable data
• Creating a common trade data warehouse for centralized reporting
• Enhancing systems and processes to align with regulations
• SD de minimis calculation
FERC
• EQR
• Natural Gas Order 704 Form 552
CFTC/Exchanges
• Position Limits Monitoring Tool
#DoddFrankWebinar
As of June 2013
Page 27
28. Appendix - Policies, Procedures, and Training
While SD/MSPs are explicitly required to establish, document, maintain, and enforce a system of
written risk management policies and procedures designed to monitor and manage the risks
associated with its Swaps Activities (‘‘Risk Management Program”) by the Dodd-Frank Act, NonSD/MSPs are not. Though not a Dodd-Frank requirement for Non-SD/MSPs, an effective Risk
Management Program is an expectation. In order to be as prepared as possible, you should consider
implementing a Risk Management Program containing the following elements:
•
•
•
•
•
Identification of risks and risk tolerance limits, to be reviewed and approved quarterly by senior
management and annually by the Governing Body
Procedures for detecting risk limit violations and alerting senior management of the violations
Actions to mitigate specific risks, including: market, credit, liquidity, foreign currency, legal,
operational, and settlement
Periodic Risk Exposure Reports highlighting your risk exposures, to be submitted to senior
management immediately upon detection of any material change in risk exposures
New Product Policy, designed to identify and take into account the risks of any new product prior
to engaging in transactions involving the new product, and including an assessment, signed by a
supervisor in the risk management unit, as to whether the new product would materially alter
the overall entity-wide risk profile of your company
#DoddFrankWebinar
As of June 2013
Page 28
29. Appendix - Policies, Procedures, and Training
•
•
•
•
Monitoring of compliance with the Risk Management Program, including policies and procedures
designed to detect and respond to violations of the Risk Management Program, encourage
employees to report violations to senior management without fear of retaliation, and take
specified disciplinary action against employees who violate the Risk Management Program
Distribution of its written risk management policies and procedures to applicable supervisors
Recordkeeping, including retaining copies of all written approvals required under the Risk
Management Program
An annual review and testing of the Risk Management Program policies and procedures
By creating, and complying with, a robust Risk Management Program you reduce the risk of being
assessed hefty penalties by the CFTC in the case of unknown or accidental rule violations.
#DoddFrankWebinar
As of June 2013
Page 29
30. Appendix -Exchange Position Limit Monitoring
•
•
•
•
•
•
•
•
•
•
SD/MSP is to establish and enforce written policies and procedures reasonably designed to
monitor for and prevent violations of CFTC, DCM and SEF position limits and position limit
exemptions (“Position Limit Procedures”), including:
Converting all swap positions into equivalent futures positions (as required).
Annual training to all relevant personnel on applicable position limits and prompt notification to
them upon any change to these limits.
Diligent monitoring and supervision of trading personnel’s trading activity to ensure compliance
with SD/MSP’s Position Limits Procedures.
Implementation of an early warning system to notify applicable personnel when SD/MSP’s
positions are in danger of breaching the limits.
A process for promptly notifying SD/MSP’s Governing Body and the CFTC when a position limit is
violated.
Quarterly testing of SD/MSP’s Position Limit Procedures for effectiveness.
A quarterly written report that documents SD/MSP’s compliance with the CFTC’s position limits,
to be promptly reported to and reviewed by SD/MSP’s CCO, senior management and Governing
Body.
An annual audit of SD/MSP’s Position Limits Procedures as part of the audit of the Risk
Management Program.
A process for retaining documentation of the implementation of the Position Limit Procedures,
including training records, early warning notifications, quarterly testing and annual audit written
reports, and changes to the Position Limit Procedures.
#DoddFrankWebinar
As of June 2013
Page 30