Derivatives and Structured Products Law Committee Activity In Review

As published in the NY Business Law Journal:

Summer 2012 NY Business Law Journal
Derivatives and Structured Products Law Committee

The Derivatives and Structured Products Law Committee kept its members informed of the constantly changing Dodd-Frank regulatory proposals to reshape the industry’s structure, eligible participants, trading, clearing and valuation. The committee heard from Securities and Exchange Commission staff members on securities-based swaps and clearing issues and from leading attorneys on netting arrangements on changes overseas and segregation and posting of customer swaps collateral under Dodd-Frank, and the committee provided robust opportunities for members to share ideas amongst themselves. In this more participatory forum, constituent input helped shape the direction of this valuable committee on a variety of other relevant topics, including the proposed 871(m) regulations from the Treasury regarding dividend payments, as well as the Foreign Account Tax Compliance Act.

-- Daniel N. Budofsky, Chair

Winter 2011 NY Business Law Journal
Derivatives and Structured Products Law Committee

The Derivatives and Structured Products Law Committee has held several meetings on the ways in which the Wall Street Reform and Consumer Protection (“Dodd- Frank”) Act and the regulations promulgated under it have affected practice. The most recent meeting of the committee considered recent regulatory developments affecting structured products, fiduciary standards proposed for broker dealers, and the backtesting of data on customer indexes and client communications under FINRA’s recent rule proposals. The committee had a meeting at which members of the Securities and Exchange Commission staff discussed these developments. The meeting prior to that heard from Securities and Exchange Commission staff members on that agency’s considerations under Dodd-Frank. The committee is looking to invite representatives of the Commodity Futures Trading Commission to discuss its regulations and releases.

---Daniel Budofsky, Chair

Fall 2007 NY Business Law Journal
Derivatives and Structured Products Law Committee

The mission of the Derivatives and Structured Products Law Committee is to apprise members of developments in laws relating to the futures and derivatives markets and to maintain liaisons with trade associations, industry leaders, and representatives of governmental and regulatory bodies, such as the SEC, the CFTC, and the Federal Reserve System. Over the past year, the Committee has hosted meetings that brought the membership valuable information and interaction with important figures directly or indirectly involved in the futures and derivatives markets. Based on their positive experiences to date, members are seeking to expand membership by continuing to refine this mission and by sharing their experience with colleagues and contacts.

Our Committee meets one day each month, typically around lunchtime, during which time we have presentations by members and guest speakers covering a variety of intriguing topics relating to the futures and derivatives markets. We also seek out opportunities to prepare comment letters and articles.

If you are interested in joining our Committee, please contact the New York State Bar Association. When completing your membership in the Association, be sure to elect to join the Business Law Section and the Derivatives and Structured Products Law Committee.

—Ilene K. Froom, Chair

Summer 2006 NY Business Law Journal
Derivatives and Structured Products Law Committee

The Derivatives and Structured Products Committee holds monthly lunch meetings, which generally include a CLE presentation on a relevant topic by a guest speaker. Over the past year, we have heard presentations on the energy markets; the 7th Circuit decision in CFTC v. Zelener; prime brokerage and give-up agreements; recent litigation involving derivatives; whether recent cases brought by the CFTC evidence the Commission’s attempt to regulate OTC derivatives; Reg AB; the new ISDA CDS on ABS templates; and the ISDA Novation Protocols. The June meeting focused on tax issues affecting derivatives. Our speakers consist of partners at law firms, in-house lawyers, business professionals and regulators, all of whom are experts in their respective fields.

This year, the Committee changed its name from the Futures and Derivatives Law Committee to the Derivatives and Structured Products Committee to reflect the evolution of the derivatives markets and, consequently, the expanded mission of the Committee.  Please refer to the BLS website for our revised mission statement.

—Sherri Venokur, Chair