Recent Developments in Derivatives Regulation Reform

Presented by Robin Powers

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AGENDA

Status of Dodd Frank

Status of European Market Infrastructure Regulation (EMIR)

Substituted Compliance

What are the near term deadlines

What can we expect in the coming months

Questions

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DODD FRANK OVERVIEW

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WHERE ARE WE ON DODD FRANK

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STATUS OF CENTRAL CLEARING

Company XYZ ABC BankCentral Clearing Party

PREMIUM PREMIUM

MARGINS MARGINS

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END USER EXCEPTION REQUIREMENT

Applies to both CFTC and SEC regulations

Is not a financial entity; uses swaps to hedge or mitigate commercial risks

Annual or trade by trade filing

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SWAP EXECUTION FACILITY (SEF) OR DESIGNATED CONTRACT MARKET

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RECLASSIFICATION OF U.S. PERSONS

Principal Place of Business in the U.S.

U.S. Persons Requirements:

Entity-Level Requirements

Transaction-Level Requirements

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WILL DODD-FRANK EVER BE FINISHED?

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EMIR OVERVIEW

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EMIR

What is EMIR?

To whom does EMIR apply?

Clearing obligation

Reporting obligation

Risk mitigation

Schedule and timeline

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EMIR PROTOCOL

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IMPLEMENTATION TIMELINE

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DF VERSUS EMIR

VS

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SUBSTITUTED COMPLIANCE

Principals

Presumptively Comparable Jurisdictions

Risks

DODD-FRANK EMIR

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QUESTIONS????

Robin.Powers@rimonlaw.com

(212) 363 0270 x223