Swap Collateral Documentation and the New Final Margin Regulations for Uncleared Swaps
Preparing for Profound Changes to Swap Activities, Revising Collateral Documentation to Comply With New Rules
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will analyze the newly finalized regulations regarding uncleared swap margin requirements, how the new changes impact the ability of financial institutions to enter into over-the-counter swaps generally, and how collateral documentation will need to be revised to ensure that derivative relationships comply with the final rules. The program will also discuss the ISDA’s newly revised forms of Credit Support Annex (CSA) and related documents used in conjunction with ISDA Master Agreements.
Outline
- Overview of new regulation
- Covered entities
- New margin requirements
- Cross-Border Application of Margin Requirements
- Impact on swap documentation between covered entities and their swap counterparties
- General Considerations
- ISDA Documentation and Protocol
- New 2016 Credit Support Annex for Variation Margin
- Phase One Credit Support Annex for Initial Margin
- Variation Margin Protocol
- Regulatory Margin Self-Disclosure Letter
Benefits
The panel will review these and other key issues:
- The impact of the new margin rules on the ability of financial institutions, funds and securitization vehicles to engage in hedging activities
- Revisions to collateral documentation that covered entities and their bank counterparties must make to ensure their relationships comply with the new rules
- ISDA’s new versions of the CSA to help market participants comply with the new margin requirements
Faculty
Conrad G. Bahlke
Partner
Stroock & Stroock & Lavan
Mr. Bahlke practices in the areas of derivative transactions, commodities regulation and banking regulation, and heads... | Read More
Mr. Bahlke practices in the areas of derivative transactions, commodities regulation and banking regulation, and heads his firm's Financial Transactions Regulation group. He represents clients in structuring and entering into a broad variety of derivative instruments and commodity transactions and also advises clients on related financial services regulatory matters. He represents clients before banking and commodities regulatory agencies, self-regulatory organizations, exchanges and clearinghouses on acquisitions, regulatory audit, registration, risk management and compliance matters. He also counsels clients on a wide variety of matters raised by the Dodd-Frank Act and related commodities, securities and banking regulations. He has held prior positions with the Federal Reserve Board and with the Division of Economic Analysis and Planning of the Chicago Board of Trade. He is a frequent speaker and writer on derivatives, commodities and banking topics.
CloseClaire L. Hall
Partner
DLA Piper
Ms. Hall has significant experience representing financial institutions, hedge funds, private equity firms,... | Read More
Ms. Hall has significant experience representing financial institutions, hedge funds, private equity firms, dealers and end users in relation to a variety of derivatives and structured finance transactions. Her experience also includes acting as deal counsel, collateral manager counsel and as counsel to investors in relation to cash flow and market value collateralized debt obligations, credit opportunity funds and synthetic CLO structures. She advises clients on bond issuances, securitizations, private placements and structured products such as credit linked note programs, single-name and portfolio credit default swaps, asset swaps and total return swaps.
CloseYvette D. Valdez
Counsel
Latham & Watkins
Ms. Valdez specializes in the representation of dealers, broker-dealers and end-users in connection with derivatives... | Read More
Ms. Valdez specializes in the representation of dealers, broker-dealers and end-users in connection with derivatives legal and regulatory matters under the Dodd-Frank Act as well as other CFTC, SEC and prudential regulation. She has extensive experience representing investment banks, corporations, private equity firms and asset managers in structured investments and derivatives transactions, which include interest rate and credit derivatives, foreign exchange transactions, total return swaps and commodity transactions. She also has substantial experience in representing clients in structuring finance-linked hedging structures in the energy, infrastructure and asset finance industry. Her regulatory practice consists of assisting foreign investment banks, futures commission merchants, broker-dealers and commodity pools with their regulatory compliance efforts under the Dodd-Frank Act and advises clients in connection with the registration and compliance obligations of swap execution facilities.
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