Paul N. Watterson, Jr.

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On July 12, 2019, the staffs of several divisions within the SEC published a statement on the transition away from the London Interbank Offered Rate (“LIBOR”). The panel banks which currently report information used to establish LIBOR for different currencies have committed to do so through 2021. After 2021, it is likely that LIBOR will…

Over the past year, there have been regulatory actions that implement or modify the risk retention regulations and requirements applicable to collateralized loan obligations (“CLOs”) in both the U.S. and the EU. In light of these regulatory changes, CLO managers have developed legal structures to enable them to comply with risk retention requirements.

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ISDA has included an Addendum I (the “Addendum”) to the ISDA August 2012 Dodd-Frank Protocol Questionnaire (“Questionnaire”), which provides provisions addressing changes to certain “eligible contract participant” categories that will become effective on Dec. 31, 2012. The Addendum is relevant to any OTC Derivative Counterparties that are “commodity pools” and who (a) rely upon the…

The Depository Trust & Clearing Corporation (DTCC) and SWIFT have launched a Web portal to begin assigning CFTC Interim Compliant Identifiers (CICIs) as required by the CFTC’s Data and Recordkeeping Rule. All swap counterparties are required to be identified by a CICI. All swap counterparties currently adhering to the ISDA Dodd-Frank Protocol are required to…

In July 2012, the Commodity Futures Trading Commission (“CFTC”) and the Securities Exchange Commission (“SEC” and, together with the CFTC, the “Commissions”) jointly adopted new rules and interpretations (the “Definitions Release”) to define the terms “swap,” “security-based swap,” and “security-based swap agreement” (collectively, “Product Definitions”), to provide for the joint regulation by the Commissions of…