Global Market and Cross-Border Harmonization: Synergizing US and European Laws and Regulation in the Derivative Market
Director & Assistant General Counsel – Fixed Income Derivatives
Bank of America Merrill Lynch
- 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?