Global Market and Cross-Border Harmonization: Synergizing US and European Laws and Regulation in the Derivative Market

June 29, 2015 9:25am

Jennifer Oosterbaan
Legal Counsel
TMX Group

Lawrence B. Patent
Of Counsel
K&L Gates LLP

Jamila Piracci
Vice President
National Futures Association

Waqaas Fahmawi
Director & Assistant General Counsel – Fixed Income Derivatives
Bank of America Merrill Lynch

Laura Engelhardt
Vice President
Goldman Sachs & Co.

  • Which regulations will govern?
  • What is the standard for determining whether Dodd-Frank applies?
  • What standards will the CFTC use to determine whether a country satisfies the “substituted compliance” test?
  • How do the CFTC’s regulations apply to transactions or entities in jurisdictions for which there is not a finding of “substituted compliance”?
  • What will be the effect on entities or transactions in these jurisdictions?
  • How should the rules be harmonized among countries?
  • How is it impacting foreign dealers and US dealers with foreign branches or affiliates? How is it affecting hedge funds and other collective investment vehicles?
  • What are the issues arising in implementation of MiFID and EMIR?
  • Possible reconciliation with the SEC?
  • What’s the trigger for becoming a swap dealer and what can be done, if anything, to stay below triggering levels?
  • To the extent that one is considered to be a swap dealer, in dealing with the counterparties, what are the transaction and entity level rules?
  • What are the execution and clearing requirements?
  • Under what circumstances will one be required to execute and clear?
  • Must a US Person who engages in a swap transaction with a non-US swap dealer clear the swap on a DCO or not?
  • What changes, if any, are needed with respect to LSOC regarding swaps involving non-US firms?
  • Trade reporting for OTC derivatives
  • How the regulations within EMIR may be parallel but not necessarily synergistic with the US
  • How EMIR is intended to regulate the European financial market and slower time schedule with the US with a different focus
  • What are the distinctions between EMIR and Dodd-Frank?
  • What are the different rules on capital? What effect does the different rules have on the customer?