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Sep 04, 2012

OTC Derivatives Regulation and Extraterritoriality II

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Comprehensive new EU and U.S. measures to regulate over-the-counter (“OTC”) derivatives are progressing ever closer to full implementation. EMIR entered into force in the EU on 16 August 2012, with the clearing obligation expected to take effect by the end of the year. In the U.S., the Dodd-Frank Act requirements are being implemented, with dealer registration and other requirements expected to begin in the third and fourth quarters of 2012. Both measures have some degree of extraterritorial application, and long-awaited CFTC guidance on Dodd-Frank’s extraterritorial scope has now been proposed. In the absence of agreement between the U.S. and EU regulators, extraterritoriality has the potential to cause intractable and irreconcilable conflicts for the derivatives industry. This note sets out some of the situations in which extraterritoriality is likely to result in such conflicts.

View full memo, "OTC Derivatives Regulation and Extraterritoriality II"

Authors and Contributors

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London

Bradley K. Sabel

Of Counsel

Financial Institutions Advisory & Financial Regulatory

+1 212 848 8410

+1 212 848 8410

New York

Azam Aziz

Partner

Derivatives & Structured Products

+1 212 848 8154

+1 212 848 8154

New York

Patrick Clancy

Partner

Finance

+44 20 7655 5878

+44 20 7655 5878

London

Geoffrey Goldman

Partner

Derivatives & Structured Products

+1 212 848 4867

+1 212 848 4867

New York

Donna Parisi

Partner

Derivatives & Structured Products

+1 212 848 7367

+1 212 848 7367

New York

Charles Gittleman

Of Counsel

Financial Institutions Advisory & Financial Regulatory

+1 212 848 7317

+1 212 848 7317

New York

John Adams

Partner

Investment Funds

+44 20 7655 5740

+44 20 7655 5740

London

Ellerina Teo

Senior Associate

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5070

+44 20 7655 5070

London