Business Conduct Standards for Derivatives under Dodd-Frank October 27, 2011. Nathaniel W. Lalone Katten Muchin Rosenman UK LLP 125 Old Broad Street, London EC2N 1AR firstname.lastname@example.org. Background.
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Nathaniel W. Lalone
Katten Muchin Rosenman UK LLP
125 Old Broad Street, London EC2N 1AR
NB: special rules apply to “Special Entities”, which are not addressed here.
Entering into Swaps with an RSE
Entering into Swaps with an RSE:Clearing
Registration as an RSE
Registration as an RSE:Anti-Manipulation
Entering into Swaps with an RSE:Fair Dealing
‘With respect to any communication between a swap dealer or major swap participant and any counterparty, the swap dealer or major swap participant shall communicate in a fair and balanced manner based on principles of fair dealing and good faith.’
Entering into Swaps with an RSE:Suitability
‘have a reasonable basis to believe that any swap or trading strategy involving swaps recommended to a counterparty is suitable for the counterparty based on information obtained through reasonable due diligence concerning the counterparty’s financial situation and needs, objectives, tax status, ability to evaluate the recommendation, liquidity needs, risk tolerance, ability to absorb potential losses related to the recommended swap or trading strategy, and any other information known by the [RSE].’
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CIRCULAR 230 DISCLOSURE: Pursuant to Regulations governing practice before the Internal Revenue Service, any tax advice contained herein is not intended or written to be used and cannot be used by a taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer.
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