Mar 28, 2012
Cadwalader, Wickersham & Taft LLP, one of the world’s leading international law firms, has been retained by the International Swaps and Derivatives Association (ISDA) to provide legal counsel in connection with ISDA’s industry-leading initiative to bring standard market documentation into compliance with regulations under the Dodd-Frank Act. The mandate includes, among other initiatives and tasks, a comprehensive analysis of the rules affecting documentation under the Dodd-Frank Act, the development of master agreement and credit support annex amendments to facilitate compliance with new regulatory requirements, and presentations at market education conferences. Leading this effort are Cadwalader partners Lary Stromfeld, Jeffrey Robins, Steven Lofchie and Paul Pantano.
Cadwalader has been actively engaged in the regulatory developments arising out of the Dodd-Frank Act from the beginning of the legislative process, and has represented numerous clients and trade associations in commenting on proposed regulations, prepared extensive analysis of the new regulations, advised clients on updates to their compliance policies and procedures, and developed documentation and strategies for engaging in derivatives businesses with customers under the new regulations. A complete library of the firm’s Dodd-Frank Act memoranda can be found at: http://www.cadwalader.com/Resources/The_Dodd-Frank_Act/234.
Cadwalader attorneys have successfully negotiated thousands of ISDAs for dealer and end-user clients. The scope of products and transactions encompassed by the firm’s derivatives practice includes (i) fixed-income, equity, currency, credit and commodity derivatives, (ii) hybrid instruments with embedded derivatives (such as structured notes), (iii) catastrophe-risk derivatives, and (iv) synthetic securities and repackagings. The firm is also involved with all aspects of the OTC market from product development to transactional execution, hedging, sales practices and settlement issues.
Given Cadwalader’s strong relationship with many leading users and dealers of derivatives products, the firm is well-positioned to offer ISDA insight and analysis on identifying, assessing and communicating the reach and impact of the new regulations promulgated under Dodd-Frank, developing plans to address and mitigate their impact, and developing policies and procedures for compliance.
ISDA, with 815 members from 58 countries, is a leader in promoting sound risk management practices and processes, and engages with policymakers and legislators around the world to advance the understanding and treatment of derivatives as a risk management tool. ISDA pioneered the development of the ISDA Master Agreement and a wide range of related documentation materials, helping to in ensure the enforceability of netting and collateral provisions. Its members include a broad range of OTC derivatives market participants: global, international and regional banks, asset managers, energy and commodities firms, government and supranational entities, insurers and diversified financial institutions, corporations, law firms, exchanges, clearinghouses and other service providers.
Howard Hawkins, Mark Ellenberg, Michele Maman, Thomas Curtin, Elizabeth Ruocco
Scott Cammarn, Jonathan Watkins, Mark Chorazak, Aaron Lang
On 7 June 2019, Regulation (EU) 2019/876 (CRR II) was published in the Official Journal of the EU.