{"id":12474,"date":"2012-05-23T14:58:15","date_gmt":"2012-05-23T14:58:15","guid":{"rendered":"https:\/\/wordpress-693215-2610341.cloudwaysapps.com\/index.php\/2012\/05\/23\/ao-seminar-on-dodd-frank-and-emir\/"},"modified":"2012-05-23T14:58:15","modified_gmt":"2012-05-23T14:58:15","slug":"ao-seminar-on-dodd-frank-and-emir","status":"publish","type":"post","link":"https:\/\/theotcspace.com\/ao-seminar-on-dodd-frank-and-emir\/","title":{"rendered":"A&#038;O Seminar on Dodd Frank and EMIR"},"content":{"rendered":"<p><a href=\"https:\/\/theotcspace.com\/wp-content\/uploads\/2012\/05\/trading.jpg\"><img decoding=\"async\" class=\"size-full wp-image-1556 alignright size-full wp-image-12467\" title=\"trading\" src=\"https:\/\/theotcspace.com\/wp-content\/uploads\/2012\/05\/trading.jpg\" alt=\"\" width=\"408\" height=\"284\" \/><\/a><\/p>\n<p>Allen and Overy provided one of their lunchtime seminars on Monday with a comparison between Dodd Frank and EMIR. Below are my notes from their presentation and a PDF of the slides.<\/p>\n<p>You should follow up with the very knowledgeable A&amp;O staff on this:<\/p>\n<ul>\n<li>EU: <a href=\"mailto:damian.carolan@allenovery.com\">damian.carolan@allenovery.com<\/a><\/li>\n<li>US: <a href=\"mailto:deborah.north@allenovery.com\">deborah.north@allenovery.com<\/a><\/li>\n<li>US: <a href=\"mailto:john.williams@allenovery.com\">john.williams@allenovery.com<\/a><\/li>\n<\/ul>\n<p>Key points:<\/p>\n<ol>\n<li>Entity definitions for SD &amp; MSP are done<\/li>\n<li>Product definitions are not, once they are, the rest of the regulations will lock into place<\/li>\n<li>EMIR final text not yet published, still being finalised<\/li>\n<li>Regulatory and Implementing Technical Standards are being prepare for Sept 30th European Commission<\/li>\n<li>First text of MIFIR out 9th May &#8216;first compromise text&#8217;\n<ul>\n<li>Trading<\/li>\n<li>Transparency<\/li>\n<li>Position limits<\/li>\n<li>Mandatory clearing of certain contracts<\/li>\n<li>Now goes into trialogue before final text<\/li>\n<\/ul>\n<\/li>\n<li>SEC &amp; CFTC product exceptions (page 7)\n<ul>\n<li>Insurance<\/li>\n<li>Consumers<\/li>\n<li>Fx forwards and Swaps but not NDFs<\/li>\n<\/ul>\n<\/li>\n<li>Page 8, definitions of an OTC product sources for Europe<\/li>\n<li>No carve out in Europe for FX contracts, MIFID doesn&#8217;t capture physically settled FX forwards<\/li>\n<li>Page 9: Not clear if trades with non-US parties count in aggregation towards SD threshold of $8bn<\/li>\n<li>Page 10\n<ul>\n<li>Branches not yet clear<\/li>\n<li>Is a branch of a non-EU entity included?<\/li>\n<li>Intra-group exemptions for clearing and reporting<\/li>\n<\/ul>\n<\/li>\n<li>Page 11\n<ul>\n<li>Pre-enactment swaps<\/li>\n<li>Designation of clearable trades coming in the autumn<\/li>\n<li>Will probably be an exemption for inter-affiliate trades in the US<\/li>\n<\/ul>\n<\/li>\n<li>Page 12: Exemption must be invoked on a trade by trade basis, to show they are hedging or mitigating commercial risks<\/li>\n<li>Page 13: LSOC implementation Nov 8th 2012<\/li>\n<li>Page 14: April 9th LSOC rule published, Compliance by Nov 8th 2012<\/li>\n<li>Page 16:\n<ul>\n<li>A trade struck between a CCP offering it for clearing and ESMA agreeing it should be mandatory, should be back-loaded (front loading)<\/li>\n<li>Group assessment criteria need working through in detail to get group exemptions<\/li>\n<\/ul>\n<\/li>\n<li>Page 21: Once mandatory clearing rules finalised (product definitions), then trading is 30 days after<\/li>\n<li>Page 24\n<ul>\n<li>All swaps must be reported regardless of exemptions<\/li>\n<li>Regulators seem unconcerned whether swaps get reported to multiple repositories<\/li>\n<li>Who regulates the repositories?<\/li>\n<li>Trades struck on a SEF or at a CCP can be reported by the SEF of CCP, you need to provide valuation data on an on-going basis<\/li>\n<\/ul>\n<\/li>\n<li>Page 25: Reporting is either July 16th or 60 days after the product definitions of swap<\/li>\n<li>Page 30\n<ul>\n<li>If no repository available, then report to ESMA<\/li>\n<li>Reporting will be retrospective<\/li>\n<\/ul>\n<\/li>\n<li>Page 36: Trades with NFCs don&#8217;t require collateral unless threshold reached<\/li>\n<li>Page 37:\n<ul>\n<li>Once the product definitions are issued, registration will be required<\/li>\n<li>ISDA protocol project on business conduct standards<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<p>The full presentation can be downloaded as a <a title=\"PDF\" href=\"\/sites\/default\/files\/2012\/05\/2012-05-21-us-vs-eu-reg-reform.pdf\" target=\"_blank\" rel=\"noopener\">PDF here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Allen and Overy provided one of their lunchtime seminars on Monday with a comparison between Dodd Frank and EMIR. Below are my notes from their presentation and a PDF of &#8230; <\/p>\n<div><a href=\"https:\/\/theotcspace.com\/ao-seminar-on-dodd-frank-and-emir\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":1,"featured_media":165322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2941,2857,2850,2855],"tags":[3179,3346,3082,3172,3178],"acf":[],"_links":{"self":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts\/12474"}],"collection":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/comments?post=12474"}],"version-history":[{"count":0,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/posts\/12474\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/media\/165322"}],"wp:attachment":[{"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/media?parent=12474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/categories?post=12474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theotcspace.com\/wp-json\/wp\/v2\/tags?post=12474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}