Tag Archives: end user exemption

Approaching Ambiguities in the Financial Entity Definition

The third installment of our ongoing series on the 2014 CFTC Reauthorization Act covers a potential change to the definition of a "financial entity", which has been a particularly troublesome and confusing definition for end-users, and the banks that enter into swaps with them. In addition, the CFTC may be able to address the confusion through its rule making and interpretations, without the need for a legislative change.… Continue Reading

Getting Ready for Dodd-Frank: A Checklist for Non-Swap Dealers and Non-Major Swap Participants

Checklist: Non-Swap Dealers / Non-MSPs Getting Ready For Dodd-Frank WHAT TO DO WHEN Obtain your LEI / CICI by going to www.ciciutility.org and following applicable instructions By April 10, 2013 Report all swaps for which you are the reporting counterparty, as required by Parts 43, 45 and 46 of the CFTC Rules Beginning on April 10, 2013 Maintain all records … Continue Reading

The End-User Exception to Central Clearing: A “Walking Map” and Some Introductory Thoughts – NOW IS THE TIME TO FOCUS

Who Should Pay Attention to the end-user exception to central clearing (and, by extension, this posting)? You should pay attention to this posting if you are any of the following: 1) A swap dealer or major swap participant that intends to offer hedging products to counterparties; 2) A non-swap dealer bank that intends to offer … Continue Reading

Attention Financial Institutions: CFTC Proposes Inter-Affiliate Swap Exemption from Central Clearing Mandate

   One of the hallmarks of the derivatives market regulatory reforms under Title VII of the Dodd-Frank Act is the requirement that standardized swaps be subject to central clearing. Yesterday, the Commodity Futures Trading Commission (CFTC) issued a proposal that, if enacted, will afford market participants – including financial institutions – with relief from the … Continue Reading