Life on the margin: US margin rules finalized at last

2016 ◽  
Vol 17 (2) ◽  
pp. 70-74
Author(s):  
Marc Horwitz ◽  
Claire Hall ◽  
Bradley Phipps
Keyword(s):  
Foreign Exchange ◽  
Financial Services ◽  
End Users ◽  
End User ◽  
Currency Options ◽  
Futures Trading ◽  
Content Type ◽  
Margin Requirements ◽  
The Us ◽  
Final Rule

Purpose To discuss the US Commodity Futures Trading Commission’s (CFTC’s) final rule regarding margin for uncleared swaps (the CFTC margin rule) and an interim final rule exempting non-financial and certain other end-users who are eligible for the end-user clearing exception from the scope of the CFTC margin rule, both adopted in December 2015. Design/methodology/approach Compares the CFTC margin rule to the similar “Bank margin rule”; explains what trades and types of entities are covered, the treatment of inter-affiliate swaps, the initial margin and the variation margin requirements, the types of collateral that can be posted, the required documentation, how netting is applied, the custodian requirements and the compliance dates. Findings The margin rules apply to uncleared swaps including cross-currency swaps, non-deliverable foreign exchange forwards and currency options. Exempt foreign exchange swaps and deliverable foreign exchange forwards are not required to be margined. Non-financial end-users who rely on the end-user exception are exempt from margin requirements. Originality/value Practical guidance from experienced financial services lawyers.

CFTC enters the market for anti-corruption enforcement

2019 ◽  
Vol 20 (3) ◽  
pp. 32-38
Author(s):  
Alice S. Fisher ◽  
Douglas K. Yatter ◽  
Douglas N. Greenburg ◽  
William R. Baker III ◽  
Benjamin A. Dozier ◽  
...  
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Department Of Justice ◽  
Futures Trading ◽  
Voluntary Reporting ◽  
Content Type ◽  
The Us ◽  
Complex Landscape ◽  
Commodity Futures Trading Commission ◽  
And Training

Purpose This paper aims to analyze the March 6, 2019 enforcement advisory in which the Division of Enforcement (Division) of the US Commodity Futures Trading Commission (CFTC or Commission) announced that it will work alongside the US Department of Justice (DOJ) and other agencies to investigate foreign bribery and corruption relating to commodities markets. Design/methodology/approach This paper explains the enforcement advisory and outlines key considerations for industry participants and their compliance teams, including the CFTC’s plan to investigate in parallel with other enforcement authorities, an expansion of the CFTC’s existing self-reporting, cooperation and remediation policy to address foreign corruption and the CFTC’s focus on market and economic integrity, and provides guidelines for commodities companies concerning anti-corruption compliance and training programs, investigating potential incidents of bribery and corruption, reporting obligations under the Commodity Exchange Act (CEA) and CFTC regulations, voluntary reporting of incidents of foreign corruption and whistleblowing. Findings The CFTC announcement adds a new dimension to an already crowded and complex landscape for anti-corruption enforcement. A range of industries, including energy, agriculture, metals, financial services, cryptocurrencies and beyond, must now consider the CFTC and the CEA when assessing global compliance and enforcement risks relating to bribery and corruption. Originality/value Expert guidance from lawyers with broad experience in white collar defense, investigations, financial services, securities, commodities, energy and derivatives.

The international strength of the euro will grow

2021 ◽  
Keyword(s):  
Euro Area ◽  
Financial Services ◽  
Raw Materials ◽  
Domestic Demand ◽  
Content Type ◽  
The Us ◽  
Us Dollar ◽  
Strategic Autonomy ◽  
Geopolitical Risks ◽  
The Eu

Significance The proposals identified areas where the euro could potentially become more dominant, such as the issuance of green bonds, digital currencies, and international trade in raw materials and energy. Ambitions to enhance the international leverage of the euro are being driven by the aim to strengthen EU strategic autonomy amid rising geopolitical risks. Impacts Developing its digital finance sector would be an opportunity for the EU to enhance its strategic autonomy in financial services. Challenging the US dollar would require the euro-area to rebalance its economy away from foreign to domestic demand. Member state division will prevent the economic reconfiguration the euro-area needed to make the euro a truly global currency.

The SEC turns up the heat on private equity expense allocations

2016 ◽  
Vol 17 (2) ◽  
pp. 35-38
Author(s):  
Samuel Lieberman ◽  
John T. Araneo
Keyword(s):  
Financial Services ◽  
Private Equity ◽  
Equity Fund ◽  
Content Type ◽  
Private Equity Fund ◽  
Fund Managers ◽  
Compliance Programs ◽  
Raising Awareness ◽  
The Us ◽  
Practical Implications

Purpose To discuss the US Securities and Exchange Commission’s (“SEC’s”) increasing focus on disclosure and conflict-of-interest problems arising from how private equity fund (“PE Fund”) managers allocate expenses between management and fund investors. Design/methodology/approach This article summarizes the background of this focus on expense allocations and, drawing from the recent SEC enforcement actions focused on this issue, and identifies the types of both expenses and disclosures that have caught SEC attention. Findings After spending the first two or three years post Dodd-Frank raising awareness of these issues, the SEC has begun to impose large fines over expense-allocation conflicts and disclosure issues. Practical implications It is imperative for PE Fund managers to retain counsel to review their fund offering documents, expense allocation practices, and compliance programs to ensure consistency with the SEC’s recent decisions on these issues. Originality/value Practical guidance from experienced financial services lawyers.

Navigating the US “Green Rush”: anti-money laundering and de-risking implications for banking cannabis-related businesses in Jamaica

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rohan Clarke
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Medical Cannabis ◽  
Content Type ◽  
Drug Enforcement ◽  
The Us ◽  
Banking Relationships ◽  
The Usa ◽  
Related Drug ◽  
Us Federal Government

Purpose This paper aims to illuminate the diverging approaches to marijuana-related drug enforcement at the federal and state levels in the USA, which have facilitated a boom in the US medical cannabis industry (i.e. the “Green Rush”). It further sheds light on how the USA’ aggressive extraterritorial approach to anti-money laundering (AML) enforcement might simultaneously suppress the banking of cannabis-related businesses in Jamaica due to the lingering fear of de-risking. Design/methodology/approach An international and comparative legal and policy analysis was conducted of the nexus among shifting drug enforcement policies, AML laws and the banking of cannabis-related businesses. Findings This study found that the constitutional relationship between the US federal government and states has created a de facto comparative advantage for the US medical cannabis-related businesses that benefit from limited access to financial services. This was found to pose far-reaching implications for the banking and development of the Jamaican cannabis sector due to the dependence of the country’s financial institutions on correspondent banking relationships with the US banks that are regulated by federal AML statutes. Originality/value To the best of the author’s knowledge, this paper is the first of its kind to examine the extraterritorial regulatory risks to the banking of cannabis-related businesses in Jamaica.

scholarly journals Agro-food projects: analysis of procedures within digital revolution

2019 ◽  
Vol 13 (3) ◽  
pp. 648-664 ◽  
Author(s):  
Juan Maria Sagarna Garcia ◽  
David Pereira Jerez
Keyword(s):  
User Involvement ◽  
End Users ◽  
Project Teams ◽  
End User ◽  
Food Sector ◽  
Digital Products ◽  
Content Type ◽  
Digital Revolution ◽  
Early Adopters ◽  
End User Involvement

Purpose The purpose of this paper is to provide insights about the approaches and techniques of professionals that nowadays are designing Digital Products and Services (DPS) in the European agriculture. The emphasis is paid on the integration of end-users and participatory approaches such as agile, considering its current influence. Design/methodology/approach A survey was conducted to professionals of businesses and entities from 14 European countries. A balanced sample of replies was achieved between private–public background, size of the business or experience of experts. Afterwards, the collection of answers and the opinions of professionals were compared with the state of the art referred in the literature. It allowed checking its soundness and critically discusses the results. Findings From the raw analysis of responses, professionals show awareness about the importance of end-user involvement and they are eager to incorporate innovative farmers and early adopters to collect the best requirements for products and services. They also declare knowledge and uptake in their companies of new approaches, such as agile. Confronting results with literature, the discussion highlights some inconsistencies and possibilities for leveraging. Types of end-users considered should be enlarged. Their superficial participation must also be avoided. Originality/value There is a lack of research on procedures for projects in agro-food sector. Due to the momentum in the digital transformation of agriculture, there are many project teams working in developing DPS and are relevant to discuss about proper methodologies for improving success.

scholarly journals End-user involvement in rehabilitation virtual reality implementation research

2019 ◽  
Vol 13 (2) ◽  
pp. 92-100 ◽  
Author(s):  
Rachel Proffitt ◽  
Stephanie Glegg ◽  
Danielle Levac ◽  
Belinda Lange
Keyword(s):  
Virtual Reality ◽  
Research Design ◽  
Implementation Research ◽  
User Involvement ◽  
End Users ◽  
Lessons Learned ◽  
End User ◽  
Content Type ◽  
End User Involvement ◽  
Design And Methods

Purpose Despite increasing evidence for the effectiveness of off-the-shelf and rehabilitation-specific active video games (AVGs) and virtual reality (VR) systems for rehabilitation, clinical uptake remains poor. A better match between VR/AVG system capabilities and client/therapist needs, through improved end-user involvement (UI) in VR/AVG implementation research, may increase uptake of this technology. The purpose of this paper is to review four case examples from the authors’ collective experience of including end users in VR/AVG research to identify common benefits, challenges and lessons learned. Design/methodology/approach The authors apply knowledge and lessons learned from the four cases to make recommendations for subsequent user-engaged research design and methods, including evaluation of the impact of end UI. Findings A better match between VR/AVG system capabilities and client/therapist needs leads to improved end UI in all stages of VR/AVG implementation research. There are common benefits of increasing buy-in and soliciting early on the knowledge and skills of therapists as well as input from the ultimate end users: people participating in rehabilitation. Most settings have the challenges of balancing the technology requirements with the needs and goals of the practice setting and of the end users. Research limitations/implications Increasing end UI in VR/AVG implementation research may address issues related to poor clinical uptake. In the VR/AVG context, end users can be therapists, clients or technology developers/engineers. This paper presented four case scenarios describing the implementation of different VR/AVG systems and involving a variety of populations, end users and settings. Originality/value The set of recommendations for subsequent user-engaged research design and methods span the process of development, research and implementation. The authors hope that these recommendations will foster collaborations across disciplines, encourage researchers and therapists to adopt VR/AVGs more readily, and lead to efficacious and effective treatment approaches for rehabilitation clients.

SEC publishes final rules amending the rules of practice for administrative proceedings

2016 ◽  
Vol 17 (4) ◽  
pp. 54-60
Author(s):  
Joan McKown ◽  
Henry Klehm III ◽  
Harold Gordon ◽  
David Woodcock ◽  
Daniel Bradley
Keyword(s):  
Financial Services ◽  
Content Type ◽  
The Us ◽  
Administrative Proceeding ◽  
Affirmative Defenses ◽  
Administrative Proceedings ◽  
The Right ◽  
Hearsay Evidence ◽  
Practical Impact ◽  
Practical Implications

Purpose To explain and evaluate amendments to the rules of practice governing the US Securities and Exchange Commission’s (SEC’s) Administrative Proceedings that were adopted by the Commission on July 13, 2016. Design/methodology/approach Describes SEC’s increased pursuit of enforcement actions in APs, criticisms of the AP process, and corrective legislation. Describes the July 2016 amendments covering expansion of the prehearing period, allowance of depositions, timing for completion of document production in discovery phase, required disclosure of affirmative defenses, permitted dispositive motions, and admissibility of hearsay evidence. Assesses the practical impact of the amendments. Makes recommendations concerning advanced preparation for APs, depositions and witness-interview strategies, particular care concerning statements in Wells submission, availability of investigative record to defense counsel, admissibility of hearsay evidence, and defenses based on reliance on counsel. Findings The amended rules are a step in the right direction but do not fully correct the numerous and severe imbalances that exist in the Commission’s administrative enforcement process with respect to the availability of various discovery mechanisms, the timeline for trying a case, and more. Practical implications Every entity or individual that is involved in an SEC enforcement investigation, or that may become a respondent in an SEC Administrative Proceeding, should take certain practical steps such as those recommended in this article to minimize the structural disadvantages it will face and to maximize the benefits conferred by these latest amendments to the rules of practice. Originality/value Practical background and guidance from experienced enforcement, litigation, securities and financial services lawyers.

SEC targets investment adviser community

2014 ◽  
Vol 15 (1) ◽  
pp. 45-47
Author(s):  
Robert P. Bramnik ◽  
Mauro M. Wolfe
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Practical Advice ◽  
Compliance Programs ◽  
The Us ◽  
Investment Advisers

Purpose – To draw attention to the US Securities and Exchange Commission's (SEC) disciplinary focus on the investment adviser community Design/methodology/approach – Describes six recent enforcement cases for disclosure, custody, supervisory, procedural, and other rule violations and compliance failures; explains changes in registered investment adviser (RIA) exemptions following enactment of the Dodd-Frank Act; discusses recent SEC announcements concerning inspections and examinations of RIAs. Findings – The SEC's recent announcements and enforcement actions signal that all advisers (both registered investment advisers and exempt reporting advisers) may want to pay particular attention to their compliance programs and supervisory procedures. Originality/value – Practical advice from experienced financial services lawyers.

Hong Kong and Denmark will keep currency pegs

2015 ◽  
Keyword(s):  
Hong Kong ◽  
Exchange Rate ◽  
Foreign Exchange ◽  
Medium Term ◽  
Content Type ◽  
The Us ◽  
Exchange Rate Arrangements ◽  
Exchange Markets ◽  
Us Dollar ◽  
Currency Pegs

Subject The longevity and outlook for currency pegs. Significance The abandonment of the Swiss franc's three-year-old peg to the euro on January 15 put into question the longevity of pegged exchange rate arrangements. It also highlights how unusual such arrangements are today. Impacts The SNB will still have to continue to intervene in foreign-exchange markets to stabilise the Swiss franc. The SNB move will not cause Danish authorities to stop pegging the Danish krone to the euro. The near- and medium-term longevity of the Hong Kong dollar peg to the US dollar will not be questioned.

Cryptocurrency regulations will become more variable

2018 ◽  
Keyword(s):  
Securities And Exchange Commission ◽  
Futures Trading ◽  
Content Type ◽  
Securities Law ◽  
The Us ◽  
Commodity Futures Trading Commission ◽  
Regulatory Scrutiny ◽  
Market Capitalisation ◽  
And Control

Subject Cryptocurrency classification. Significance The classification of crypto assets under US securities law is less clear than in Japan, China and South Korea, but a working group comprising senior officials of the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) is discussing it. The unclear status of Ethereum’s ether and Ripple’s XRP, the second- and third-largest crypto assets by market capitalisation, is the centre of attention. Impacts Mined crypto assets including bitcoin and litecoin are likely to remain classed as commodities. Ether and XRP are unlikely to be designated as commodities as they were initial coin offerings (ICOs) but also not as standard securities. As ICOs come under increasing regulatory scrutiny and control, more will fail, but a few may achieve notable success.

Sign in / Sign up

Export Citation Format

Share Document