By Hyun K. Kim

On April 18, 2012, the Commodity Futures Trading Commission (the “CFTC”) and the Securities and Exchange Commission (the “SEC,” and together with the CFTC, the “Commissions”) adopted the much-anticipated joint final rules further defining “swap dealer,” “major swap participant,” “security-based swap dealer,” and “major security-based swap participant” under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

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By Adia M. Goss

Pursuant to Section 737 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) and Section 4(a) of the Commodity Exchange Act, the Commodity Futures Trading Commission (the “CFTC”) issued a final rule to establish position limits for “28 exempt and agricultural commodity derivatives, including futures and options contracts and the physical commodity swaps that are economically equivalent.”[1]  The final rule also implements a new statutory definition of “bona fide hedging” transactions and revises the standards for aggregation of positions.  This rule is effective as of January 17, 2012.

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By Sylvia Mayer, Kathlene Burke, and Brian M. Wells

On October 16, 2012, the Federal Deposit Insurance Corporation (“FDIC”) issued the final rule implementing §210(c)(16) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), codified as 12 U.S.C. § 5390(c)(16).

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By Harvey Miller and Maurice Horwitz

Weil Business Finance & Restructuring partner Harvey Miller and associate Maurice Horwitz co-authored an article addressing the challenges that arise when resolving a failed global financial institution across national borders.  For legislators and regulators looking for a solution to this issue, the authors argue that the key to solving the cross-border conundrum is not legal harmonization, but rather, mandated coordination among regulators, and a shift in fiduciary obligations from individual legal entities or jurisdictions to the group and the global financial system.

The article titled “A Better Solution Is Needed for Failed Financial Giants” appears in the October 9, 2012 edition of The New York Times in the Dealbook section.

View the article.

By Derrick D. Cephas, Dimia Fogam,

Weil Corporate attorneys Derrick Cephas and Dimia Fogam co-authored an article discussing the need for foreign banks to pay close attention to the “ring-fencing” provision in New York State’s bank insolvency law, under which the state can seize certain assets of foreign banks doing business in New York for the benefit of creditors of their New York branches and agencies.

The article titled “Foreign Banks Watch Out: A Look at Liquidation Law in New York” was published on on September 28, 2012.

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