Advanced Swaps and Other Derivatives 2022 | Practising Law Institute (PLI) | 18 October 2022 | PLI New York, 1177 Avenue of the Americas, Entrance on 45th Street, New York, NY, USA

Why You Should Attend

The Dodd-Frank Act established a novel, comprehensive framework for the regulation of over-the-counter (OTC) derivatives and the market participants who transact in these products. That regulatory framework, split primarily between the SEC and CFTC, has been substantially implemented by the CFTC, and security-based swap dealers and major security-based swap participants are now subject to registration and regulation by the SEC and security-based swaps will begin to be reported to trade repositories in November 2021.

The regulatory regime touches the activities of all participants in the swaps markets, from end-users to major swap participants to swap dealers. The regulations also affect a broad range of market facilities from clearinghouses to exchanges, to newly conceived swap execution facilities and swap data repositories, and other regulatory initiatives that are also reshaping the market.

The Dodd-Frank Act imposes registration requirements, mandatory clearing and trading requirements, margin requirements, capital and business conduct standards, and transaction and position reporting, as well as limitations on swap positions.

The legislation also established limitations on the scope of derivatives and proprietary trading activities that may be conducted by certain financial institutions.

At this program, our distinguished faculty will provide a comprehensive overview of the evolving regulatory framework for OTC derivatives and derivatives market participants, and explain how the regulatory framework affects these products, the structure of the market for these products and market participants. The program will also cover documentation issues, and recent developments in tax, accounting and litigation related to OTC derivatives, as well as professional responsibility issues associated with derivatives.

What You Will Learn

After completing this program, participants will be able to:

Recall views from industry thought leaders on the state of the derivatives markets: problems, opportunities, likely regulatory priorities
Better understand the comprehensive analysis of the current regulatory framework for OTC derivatives:

o What is the status of clearing and trading requirements?

o What are the reporting requirements?

o How is fintech developing and affecting the swaps markets?

o What are the major CFTC changes affecting reporting and conduct rules?

o Implementation of security-based swap dealer registration, substituted compliance, and security-based swap transaction reporting

o When must swap market participants be registered as futures commission merchants?

o How have banks and their affiliates been affected by limitations on derivatives and proprietary trading activities?

o CFTC and SEC requirements for margin on uncleared swaps, capital requirements, effects on liquidity

o What developments have been occurring in the CPO/CTA (funds) space?

o What changes have been made to existing insolvency law or are being considered? What is the Resolution Stay Protocol?

o How are the amended federal commodity and securities laws affecting brokers, advisors and funds transacting in OTC derivatives?

• Structure and implement OTC derivatives transactions
• List developments in the swap activities of banks and Volcker developments
• Describe the NFA and CFTC intermediary coverage and coordination and their current priorities
• Recall tax and accounting developments applicable to derivatives
• Discuss professional responsibility and its relationship to derivatives
• Restate enforcement trends and litigation developments

Who Should Attend

This program is intended for experienced outside counsel, in-house attorneys, government lawyers, documentation managers, compliance officers, bankers, corporate and other end-users of swaps, and others involved in advanced structuring, negotiating and executing swap agreements and other derivative products. Counsel to derivatives market facilities and others involved in structuring, negotiating and executing swap agreements and other derivative products will also benefit from attending this program.

2022 Speakers

MODERATORS:

Wenchi Hu
Attorney at Law, PLLC

Rita M. Molesworth
Willkie Farr & Gallagher LLP

SPEAKERS:

Joshua Beale
U.S. Commodity Futures Trading Commission

Debra W. Cook
The Depository Trust & Clearing Corporation

Curtis A. Doty
Mayer Brown LLP

Noah D. Fiedler
Barron & Newburger, P.C.

Geoffrey B. Goldman
Shearman & Sterling LLP

Elizabeth Groover
U.S. Commodity Futures Trading Commission

Duncan Hennes, Jr.
Promontory Financial Group, an IBM company

Mark H. Leeds
Mayer Brown LLP

Colin D. Lloyd
Sullivan & Cromwell LLP

David G. Lucking
Allen & Overy LLP

Don J. Macbean
Katten Muchin Rosenman LLP

Neelanjan Maitra
Wilson Sonsini Goodrich & Rosati

Peter Y. Malyshev
Cadwalader, Wickersham & Taft LLP

Carol McGee
U.S. Securities and Exchange Commission

Mary McHenry
National Futures Association

Locke R. McMurray
Jones Day

Ryne V. Miller
FTX US

Charles R. Mills
Bracewell LLP

Megan O’Flynn
International Swaps and Derivatives Association, Inc. (ISDA)

Scott D. O’Malia
International Swaps and Derivatives Association, Inc. (ISDA)

Scott Parsons
Delta Strategy Group

Philip W. Raimondi
U.S. Commodity Futures Trading Commission

Gabriel D. Rosenberg
Davis Polk & Wardwell LLP

Randall W. Roy
U.S. Securities and Exchange Commission

John S. Servidio
Goodwin Procter LLP

Fern B. Simmons
U.S. Commodity Futures Trading Commission

Elizabeth T. Simon
Akin Gump Strauss Hauer & Feld LLP

Dale Spoljaric
National Futures Association

Matthew A. Stevens
EY

Kathryn M. Trkla
Foley & Lardner LLP

Scott Walker
Andreessen Horowitz

Robert Wasserman
U.S. Commodity Futures Trading Commission

Joyce Sophia Xu
Paul Hastings LLP