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 [email protected] Background.
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].’
525 West Monroe Street
Chicago, IL 60661-3693
312.902.5200 tel 312.902.1061 fax
2029 Century Park East, Suite 2600
Los Angeles, CA 90067-3012
310.788.4400 tel 310.788.4471 fax
1-3 Frederick’s Place
London EC2R 8AE
+44.20.7776.7620 tel +44.20.7776.7621 fax
575 Madison Avenue
New York, NY 10022-2585
212.940.8800 tel 212.940.8776 fax
2900 K. Street, North Tower - Suite 200
Washington, DC 20007-5118
202.625.3500 tel 202.298.7570 fax
550 South Tryon Street, Suite 2900
Charlotte, NC 28202-4213
704.444.2000 tel 704.444.2050 fax
5215 North O’Connor Boulevard
Irving, TX 75039-3732
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.
Katten Muchin Rosenman LLP is a Limited Liability Partnership including Professional Corporations. London Affiliate: Katten Muchin Rosenman UK LLP.
Attorney Advertising. Please see our website for further information.