The New Regulatory Regime for Derivatives


Corporate Finance | Capital Markets, Financial Institutions + Financial Services, Derivatives + Commodities, and Structured Products

Morrison & Foerster LLP
1290 Avenue of the Americas
39th Floor
New York, NY 10104

David H. Kaufman

David H. Kaufman


Christie Adams
(212) 336-4024

In December 2009, the House of Representatives passed the Wall Street Reform and Consumer Protection Act of 2009.  In May 2010, the Senate passed the Restoring American Financial Stability Act.  Over the course of the next few months, there will be a reconciliation process to resolve the differences between the House and Senate versions of the regulatory reform legislation.  Although it may still be too early to predict how certain particularly controversial measures will be addressed, there is significant overlap or commonality between the House and Senate versions of legislation affecting the OTC derivatives market.  It is not too early to begin to focus on:

  • The new key definitions;

  • Exceptions/exemptions available;

  • Treatment of existing swaps;

  • Things to think about in connection with central clearing;

  • Margin and collateral issues;

  • The impact of changes to Section 23A/B;

  • "Volcker Rule" and pushout provisions;

  • Reporting obligations;

  • Fiduciary duty and business conduct standards;

  • Basel III proposals relating to derivatives; and

  • Areas of additional rulemaking still to come.


  • Richard Grove, Chief Executive Officer, Rutter Associates LLC

  • David H. Kaufman, Partner, Morrison & Foerster LLP

  • David A. Trapani, Of Counsel, Morrison & Foerster LLP


CLE credit is pending for this event.

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