On February 10, 2022, the Securities and Exchange Commission (the “SEC”) proposed amendments to Schedules 13D and 13G relating to beneficial ownership reports (the “Proposed Amendments”).
The Proposed Amendments are intended to modernize the rules that govern reporting on Schedules 13D and G by, among other things, making information available to
In terms of exponential growth, surely the only recent phenomenon to match the spread of COVID-19 around the world is the explosive growth of cryptocurrencies and their spread into the established financial markets. Central banks, regulators and public authorities worldwide are grappling with how cryptocurrencies fit into existing legal and regulatory frameworks, from the tax treatment of gains (or losses) on trading in cryptocurrencies to the marketing of cryptocurrencies to members of the public.
Continue Reading Growing up: crypto derivatives
In Deutsche Bank v Busto [2021] EWHC 2706, the English High Court recently considered the validity of certain swap contracts entered into between an Italian public authority (“Busto”) and Deutsche Bank AG, London Branch (“DB”). The capacity of public bodies to enter into derivative contracts has been fertile ground for litigation in recent years.
Continue Reading Capacity Request: validity of swaps entered into by Italian public authorities
Two years ago, I was standing in front of our Mayer Brown offices in Frankfurt, boiling in 38 degree heat, filming a trailer for Linkedin for our 5th Annual OTC Derivatives Seminar, which we had clients coming from across Germany, to attend.
Last June , with international lock-down well under way, we took our
The International Swaps and Derivatives Association held its 35th annual general meeting over three days last week. Last year, the conference was due to be in Madrid, but it was postponed, and with international travel even less viable this year, the conference moved online.
For those unable to attend the online version, here is a summary of the highlights, from a few of three of the topics covered: IBOR transition, prudential issues such as Basel III implementation and future challenges and opportunities such as digitalisation.
The Working Group on Sterling Risk-Free Reference Rates (the Sterling Working Group) is an influential body of the Bank of England formed for the purpose of coordinating an orderly market transition from GBP LIBOR to risk free rates such as SONIA, by the end of 2021. During April 2021, it has published papers to assist derivative market participants with this transition. (For further background on the recommended timing for LIBOR transition see our Eye on IBOR Transition blog post here.)
Continue Reading A LIBOR of love: considerations for use of IBOR fall-backs or active transition
Following enactment of Dodd-Frank, and resulting changes to the commodity pool definition, more investment vehicles may be commodity pools.
Join Mayer Brown partners Matt Kluchenek and Anna Pinedo for a discussion of the most recent changes to the commodity pool definition, including relief given in late 2020, and much more in Practising Law Institute (PLI)
Synthetic Securitisation relies heavily on underlying credit derivatives and similarly structured guarantees, and has had the benefit of two new EU “Amendment Regulations“, both of which came into force on 9 April 2021.
The Amendment Regulations amend the EU Securitisation Regulation and the Capital Requirements Regulation (the “CRR“) and implement, the
Have you met Anna? Well actually, although experts in the market pronounce it Anna, it’s spelt “AANA”.
Annually, or perhaps “AANAually” since 2016, with the notable exception of 2020, the breadth of derivatives counterparties in-scope for posting initial margin under the global margin rules, has expanded.
Back in 2016, a “Phase 1” derivatives
The UK Financial Conduct Authority (FCA), the UK regulator responsible, broadly, for market conduct made an announcement (the FCA LIBOR Announcement) on 5 March 2021, on the future cessation or loss of representativeness of all (35) LIBOR benchmarks.
Continue Reading What the FCA’s announced Index Cessation Event means for the 13,500+ adherents and other users of the 2020 ISDA IBOR Fallbacks Protocol and Fallbacks Supplement