Tag Archives: ECP

2015 CFTC Regulatory Agenda

As 2015 is now underway, we wanted to highlight some of the potential regulatory developments from the CFTC that may arise in the new year. Overall we expect 2015 to be a year of continued CFTC implementation of the Dodd-Frank rules and related "tweaks" to those rules to address the concerns of end-users and market participants.… Continue Reading

A Practical Guide to Lender Compliance with Eligible Contract Participant (ECP) Requirements

By David Surbeck, Reed Smith LLP In the attached piece, David Surbeck of Reed Smith LLP offers practical insights about the documentation of eligible contract participant (ECP) provisions in the context of single bank loan and syndicated agent lending transactions. You may access this article by clicking the following link: Download file This article makes reference … Continue Reading

A Practical Guide to the Eligible Contract Participant (ECP) Definition: A Q&A for Banks and Borrowers

 By Andrew Cross, Crystal Travanti and Tom Watterson of Reed Smith LLP We have prepared the above-referenced guide to the eligible contract participant ("ECP") definition under section 1a(18) of the Commodity Exchange Act ("CEA").  The guide does not cover every aspect of the ECP definition, but rather focuses on the application of the so-called "entity" … Continue Reading

A Swap Guarantor Must Be An ECP: CFTC OGC Letter No. 12-17

Section 2(e) of the Commodity Exchange Act requires every swap counterparty to be an eligible contract participant ("ECP").  In CFTC OGC Letter No. 12-17, the CFTC Office of General Counsel stated that it interprets section 2(e) to require each guarantor of a swap to be an ECP.  In other words, as a general rule, a non-ECP can … Continue Reading