Zoomed Image

White Papers

Don't waste time searching for expert commentary and analysis from thought leaders in your industry. We've already compiled and vetted valuable content for you.  

Be the most informed member of your team.  Learn what these experts have to say regarding industry developments impacting you.  


  • Recently Added

    Clear Rift Highlighted by Commissioners’ Lack of Action on New England’s Most Recent Forward Capacity Auction Results
    Published on September 24, 2014
    On September 16, 2014, the Federal Energy Regulatory Commission’s four Commissioners issued statements explaining a 2-2 deadlock between Chairman LaFleur and Commissioner Moeller on the one hand and Commissioner Clark and new Commissioner Bay on the other, over whether to accept rates resulting from ISO New England Inc.’s (“ISO-NE”) most recent capacity auction as just and reasonable.  In addition to fueling concern that capacity resources in New England cannot necessarily rely on the results of future capacity auctions, the sharp contrast among the Commissioners’ statements provides a glimpse of what to expect when Norman Bay takes over as Chairman on April 15, 2015. Commissioner Bay’s joint statement with Commissioner Clark also does little to alleviate concerns raised by some during his confirmation proceedings that Bay’s past experience as head of FERC’s Office of Enforcement will be featured prominently during his tenure as Chairman.
    Cadwalader, Wickersham & Taft LLP (CWT)
    Summary of Prudential Regulators’ Re-Proposed Margin Rules
    Published on September 4, 2014
    On September 3, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”) voted to re-propose rules to implement Sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) (a draft of which has been published online – the “Draft Proposal”). The Draft Proposal would impose initial and variation margin requirements on prudentially regulated swap dealers, security-based swap dealers, major swap participants and major security-based swap participants (“Covered Swap Entities”) entering into uncleared swaps and security-based swaps.
    Cadwalader, Wickersham & Taft LLP (CWT)
    REMIT Draft Implementing Acts Further Define Data Reporting Obligations
    Published on August 15, 2014
    On 8 July 2014, the European Commission’s DG Energy published an updated draft of the implementing acts on data reporting under the Regulation on Wholesale Energy Market Integrity and Transparency (“REMIT”). This document sets out the requirements for the reporting of wholesale energy products and fundamental data in the EU as part of the REMIT implementing acts. This draft will come into effect when it is published in its final version in the EU’s Official Journal, which is expected to occur in Autumn 2014.
    Cadwalader, Wickersham & Taft LLP (CWT)
    CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps
    Published on September 18, 2014
    On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re‑propose rules to impose initial and variation margin requirements on uncleared swaps entered into by swap dealers and major swap participants that are not regulated by a “Prudential Regulator” (such entities, the “Covered Swap Entities”). The CFTC vote comes two weeks after the Prudential Regulators voted to re-propose analogous rules for swap dealers and major swap participants under their jurisdiction (the “PR Margin Proposal”). According to the discussion at the CFTC’s open meeting, the CFTC proposal - the text of which has not yet been made publicly available – is expected to be substantially similar to the PR Margin Proposal.
    Cadwalader, Wickersham & Taft LLP (CWT)
    Update to New CME Rule on Disruptive Trading Practices Summary Chart
    Published on September 15, 2014
    On August 28, 2014, the Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, the New York Mercantile Exchange, Inc., and the Commodity Exchange, Inc. (collectively, the “CME”) submitted a notice of a rule adoption to the Commodity Futures Trading Commission (the “CFTC”) regarding new Rule 575, titled “Disruptive Practices Prohibited.”  Rule 575 became effective September 15, 2014.  The CME also issued Market Regulation Advisory Notice RA1405-5 (“CME MRAN”) which, with new Rule 575, provides regulatory guidance on various types of prohibited disruptive order entry and trading practices.  On September 11, 2014, the Futures Industry Association (“FIA”) hosted a webinar with staff from the CME to discuss new Rule 575 and the CME MRAN.  This Clients & Friends Memo updates our previous memo on this topic based on FIA’s webinar.  In addition, on September 15, 2014, CME issued an updated MRAN with “minor modifications” based on CME’s discussions with the CFTC.  The updated MRAN did not change the September 15, 2014 effective date.
    Cadwalader, Wickersham & Taft LLP (CWT)
    The Intersection of Classic Rock and Modern Pop
    Published on September 1, 2014
    Chilton Capital provides its August update on the state of and outlook for the REIT Sector and REIT investing.
    Chilton Capital Management
    REIT Composite August 2014
    Published on September 1, 2014
    YTD performance metrics Summary for the North American REIT sector.
    Chilton Capital Management
    Proposed Margin Requirements for Uncleared Swaps Under Dodd-Frank 2014
    Published on September 10, 2014
    On September 3, 2014, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency (“OCC”), the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”) issued a proposed rule to establish minimum initial and variation margin collection requirements for uncleared swaps entered into by certain swap dealers and major swap participants. The proposal supersedes the Prudential Regulators’ previous proposal originally issued in April 2011 (the “2011 Proposal”), is intended to take into account the comments received by the Prudential Regulators in response to the 2011 Proposal and follows the promulgation of the international framework for margin requirements of uncleared swaps, uncleared security-based swaps, foreign exchange forwards and foreign exchange swaps finalized in September 2013 by the Basel Committee on Banking Supervision and the Board of the International Organization of Securities Commissions. If adopted, the proposed rule would require that swap dealers and major swap participants subject to the jurisdiction of the Prudential Regulators collect and post minimum initial and variation margin amounts from and to certain swap counterparties, depending on the type of counterparty, in connection with swap transactions.
    Sullivan & Cromwell LLP
    Volcker Rule 2014
    Published on September 10, 2014
    Earlier today, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the “Agencies”) provided an addition to their existing list of Frequently Asked Questions (“FAQs”) addressing the implementation of section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule.”
    Sullivan & Cromwell LLP
    Security-Based Swaps
    Published on September 10, 2014
    On September 8, 2014, the Securities and Exchange Commission proposed a rule under the Securities Act of 1933 to provide that the publication or distribution of price quotes relating to security-based swaps that may be purchased only by eligible contract participants and are traded or processed through a national securities exchange or a security-based swap execution facility will not be deemed to constitute offers of such security-based swaps (or any guarantees of such security-based swaps), for the purposes of the registration requirements of the Securities Act. Comments on the proposed rule are due on or before 60 days from the date of its publication in the Federal Register.
    Sullivan & Cromwell LLP
Please Note:
close

If you are an SNL subscriber, log-in to access the webinar for free.

If you are not an SNL subscriber, click here

If your company subscribes and you need to create a log-in, click here.
Unsure? Call +1 888-275-2822. Not a subscriber? Get a free trial subscription, click here.

Welcome to SNL!
close

This content is available only to SNL subscribers. Please log in here

If your company subscribes and you need to create a log-in, click here.
Unsure? Call +1 888-275-2822. Not a subscriber? Get a free trial subscription, click here.

Terms of Use | Privacy Policy
Twitter LinkedIn Bookmark and Share  
Home | Contact Us | Join Our Mailing List | Be a Speaker | Calendar of Events | About Us    
Copyright © 2014, SNL Knowledge Center