"The Dodd-Frank Act: Commentary"

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CFTC and SEC Adopt Rules Defining ‘Swap’ and ‘Security-Based Swap’

August 15, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Prashina J. Gagoomal

On August 13, 2012, the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC, and jointly, as the Commissions) published final rules (Final Rules)1 in the Federal Register that define “swap,” “security-based swap” and other key terms and...

CFTC Proposes Guidance on the Cross-Border Impact of Dodd-Frank’s Swap Regulations

July 16, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Maureen A. Donley

For nearly two years, swap market participants have wanted to know how the Commodity Futures Trading Commission (CFTC) would interpret the extraterritorial reach of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The CFTC recently provided a partial answer to this...

CFTC-SEC Final Swap Rules Start Regulatory Compliance Countdown

July 9, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Maureen A. Donley

Last Friday, July 6, 2012, the Securities and Exchange Commission (SEC) adopted final rules further defining the terms “swap” and “security-based swap” (SB swap). The Commodity Futures Trading Commission (CFTC) plans to adopt these same definitional rules tomorrow at a...

Potential Regulation of Securitization Vehicles as Commodity Pools

July 3, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Andrew M. Faulkner, Mark D. Young

Few, if any, securitization vehicles today are subject to regulation by the Commodity Futures Trading Commission (CFTC) as “commodity pools” and most, if not all, securitization vehicles today are eligible to enter into interest rate, currency and other types of swaps as “eligible...

Government Enforcement Update: Whistleblower Incentives; Changes to the SEC’s ‘Neither Admit Nor Deny’ Policy; Difficulties of Multijurisdictional Settlements

June 19, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Gary DiBianco, Warren Feldman, Charles F. (Chuck) Smith

SEC’s Dodd-Frank Whistleblower Hotline Remains Active Under the new whistleblower program established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC is required to pay monetary awards to whistleblowers who voluntarily provide original information that leads to a...

The Practical Impact of Basel III and Dodd-Frank on Loan Agreements

April 2012 | Thomson Reuters News & Insight

Executive Compensation and Benefits Alert: The JOBS Act – Executive Compensation Reporting Implications and Opportunities

April 25, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Neil M. Leff, Regina Olshan, Erica Schohn, Joseph M. Yaffe, Stuart N. Alperin

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act. The JOBS Act consists of a package of bills intended to make it easier for smaller companies to raise public and private capital in the U.S. financial markets. A general summary of the JOBS Act is available...

Consumer Financial Protection Bureau Inquiry Into Overdraft Fees Highlights Focus on 'Unfair, Deceptive, or Abusive' Acts or Practices

April 12, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Joseph L. Barloon, Anand S. Raman, Austin K. Brown, Darren M. Welch

The Consumer Financial Protection Bureau is in the midst of a comprehensive effort to obtain comments, proposals, and data from both consumer groups and financial institutions relating to bank account overdraft protection programs. The Bureau’s inquiry is the latest in a series of actions by...

CFTC Adopts Internal Business Conduct Standards for Swap Dealers and Major Swap Participants

March 12, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Rachel Kaplan Reicher

On February 23, 2012, by a 3-2 vote, the Commodity Futures Trading Commission (CFTC) adopted rules (the Rules) to implement an array of swap reforms called for by six different sections of the Commodity Exchange Act (CEA), as amended by the Dodd-Frank Act: CEA §§ 4s(f) and (g) (imposing...

CFTC Proposes Minimum Block Trade Sizes and Swap Counterparty Identity Protections

March 6, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Rachel Kaplan Reicher

On February 23, 2012, by a 3-2 vote, the Commodity Futures Trading Commission (CFTC) proposed rules (the Proposal) to set the block trading levels for swaps and to prevent identity disclosure of swap counterparties. On December 20, 2011, the CFTC adopted rules to implement for swaps the real-time...

The CFTC’s New Business Conduct Standards

February 17, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Mark D. Young, Maureen A. Donley, Rachel Kaplan Reicher, Prashina J. Gagoomal

The Commodity Futures Trading Commission (CFTC) published in the Federal Register final rules imposing business conduct standards (BCS) on swap dealers (SDs) and major swap participants (MSPs). See Business Conduct Standards for Swap Dealers and Major Swap Participants With Counterparties, 77 Fed....

Registration of Advisory Entities Affiliated With a Registered Investment Adviser

February 13, 2012 | Skadden, Arps, Slate, Meagher & Flom LLP | Heather Cruz, Lawrence D. Frishman, Anastasia T. Rockas, Andrew Deas

On January 18, 2012, the Division of Investment Management of the Securities and Exchange Commission (the “SEC”) issued a no-action letter (the “No-Action Letter”)1 in response to a request from the American Bar Association’s Subcommittee on Hedge Funds (the “ABA...

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