Swap Regulation


Cadwalader is the "go-to choice for some of the most challenging projects" and "advises banks, thrifts and holding companies on all matters relating to Dodd-Frank compliance." - Chambers USA

Cadwalader attorneys are actively involved in responding to the legal, regulatory and compliance requirements created as a result of the financial reforms under the Dodd-Frank Wall Street Reform and Consumer Protection Act as well as the parallel European regulatory initiatives, including MiFID, MiFIR, EMIR and AIFMD. Once fully implemented by the required regulations, the Act will significantly alter the U.S. financial regulatory system. In addition to financial institutions that will be directly and materially affected by the Act's accompanying regulations, commercial companies that use regulated financial products will also be affected.

To assist clients in managing the complex requirements imposed by the Act, Cadwalader has brought together a leading group of derivatives, commodities, banking, and broker-dealer lawyers with unparalleled breadth and depth of expertise in both regulatory and transactional matters. With more than 80 attorneys, we have more dedicated and experienced derivatives attorneys than any other law firm in the country.

Our leadership role in advising on Dodd-Frank is evidenced by our current engagement by clients including U.S. and international commercial and investment banks, plan asset managers, investment advisers, money managers and other buy-side investors, hedge funds, registered investment companies, various industry organizations, electronic trading platforms and trade compression companies and public commodity pools, financial products, energy and agricultural trading companies, companies and monoline insurers, and government sponsored enterprises.

Analysis and Implementation: Given Cadwalader's strong relationship as a legal advisor to many of the world's leading users and dealers of derivatives products, we offer clients insight and analysis on identifying, assessing and communicating the reach and impact of the new regulations, developing plans to address and mitigate the impact on our clients, counseling on business structure, including how the new regulations will require modifications to current business models, and developing policies and procedures for compliance. We also provide clients with ongoing advice regarding the potential impact of Dodd-Frank legislation on businesses involving ERISA and governmental plans and assistance in commenting upon proposed implementation rules.

Immediately upon enactment of the Dodd-Frank Act, Cadwalader prepared an Overview Memorandum that provided a brief summary of significant Titles of Dodd-Frank as well as a series of more detailed memoranda, each discussing a different aspect of Dodd-Frank and how it will affect particular industries, types of entities and transactions. We have supplemented this information with more than 45 Dodd-Frank related memoranda in response to legislative and market developments, offered specialized programs and information sessions to our clients with respect to the impact of Dodd-Frank on their respective businesses and industries, and served as a commentator to the press regarding the implications of the act. Our complete library of Dodd-Frank Act memoranda can be found by clicking the News & Resources tab above. In addition, we have developed a very extensive web-based library, known as the "Cabinet," that includes Dodd-Frank Act related materials, including, SEC and CFTC rules and releases and Cadwalader's analyses of the Dodd-Frank Act.

The Volcker Rule: Cadwalader lawyers are also assisting clients around the world with the implications of Section 619 of the Dodd-Frank Act, the "Volcker Rule," which imposes restrictions on banking entities engaged in either proprietary trading or owning or sponsoring certain funds. The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodities Futures Trading Commission all have proposed regulations to implement the Volcker Rule, further defining provisions and exemptions available to banking entities as well as adding significant reporting and compliance obligations on the banking entities that rely on certain exemptions. In preparation for the implementation of the Volcker Rule, our lawyers assisted clients in conducting impact analyses, developing strategic alternatives necessitated by activities in which they currently engage, implementing quantitative trading measures, and reviewing and revising compensation.

In addition to the memos and analyses prepared by Cadwalader regarding Dodd-Frank, we have also authored numerous pieces specifically on the Volcker Rule.

8 Attorneys

Bartlett, Maurine R. Senior Counsel New York
T. +1 212 504 6218
Cammarn, Scott A. Senior Counsel Charlotte
T. +1 704 348 5363
Foster, Brian Partner New York
T. +1 212 504 6736
Greenberg, Andrew M. Associate New York
T. +1 212 504 6077
Highman, Mark Counsel New York
T. +1 212 504 5604
Lofchie, Steven Partner New York
T. +1 212 504 6700
Patel, Nihal S. Partner New York
T. +1 212 504 5645
Stromfeld, Lary Partner New York
T. +1 212 504 6291