By Stephen A. Keen and Andrew P. Cross
Subject to Steve’s caveat regarding the definition of an “unfunded commitment agreement,” we continue our exploration of Rule 18f-4 with a focus on the treatment of such commitments under paragraph (e) of
The Derivatives & Repo Report, published by Perkins Coie LLP, focuses on legal and regulatory developments affecting derivatives and repurchase agreement (repo) markets. It covers topics such as Commodity Futures Trading Commission (CFTC) rule proposals and amendments, risk management program requirements for swap dealers and futures commission merchants, and regulatory changes impacting margin and capital requirements. The report also analyzes market events like repo rate spikes, market segmentation, and trading practices in bilateral repo markets. It provides insights into the intersection of financial regulation, market structure, and risk management relevant to financial institutions, asset managers, and market participants involved in derivatives and repo transactions.
By Stephen A. Keen and Andrew P. Cross
Subject to Steve’s caveat regarding the definition of an “unfunded commitment agreement,” we continue our exploration of Rule 18f-4 with a focus on the treatment of such commitments under paragraph (e) of…
In Episode 4 of our Podcast Series, Todd Zerega and Andrew Cross discuss the use of derivatives on cryptocurrencies by institutional investors. Specific attention is given to regulatory and product development considerations for registered investment advisors and fund sponsors,…
By Stephen A. Keen
This is the seventh installment of Andrew Cross and my review of the compliance requirements of new Rule 18f‑4 and the first to deal with “unfunded commitment agreements.” Before plunging into the substance of paragraph (e)…
Every Friday afternoon the U.S. Commodity Futures Trading Commission (the “CFTC”) publishes its Commitments of Traders Report (“COT Reports”).
As explained at the CFTC’s website, these reports “provide a breakdown of each Tuesday’s open interest for futures and options on…
On February 10, 2021, the Office of the Comptroller of the Currency (the “OCC”) published OCC Bulletin 2021-7, Libor Transition: Self-Assessment Tool for Banks, in order to help OCC-regulated financial institutions to identify and mitigate risks related to preparedness…
By Stephen A. Keen & Andrew P. Cross
This is the sixth installment of our discussion of the compliance requirements of new Rule 18f‑4 and wraps up our discussion of paragraph (d) of the new rule and its application to business…
This is the fifth installment of our discussion of the compliance requirements of new Rule 18f‑4 and completes our consideration of paragraph (d) of the new rule and its application to business development companies, closed-end funds and open-end funds other than…
This is the fourth installment of our discussion of the compliance requirements of new Rule 18f‑4. Our last post considered the application of paragraph (d) of the new rule to reverse repurchase agreements (“reverse repos”) and the compliance alternatives provided to…
By Stephen A. Keen and Andrew P. Cross
This post is the third installment of our discussion of the compliance requirements of new Rule 18f‑4. From this point forward, we will be dealing with exemptions that apply only to business development…
Short Answer
Yes, for all intents and purposes.
Explanation
The administrative process related to the deferral of Rule 4210 has become a perennial source of confusion, given the perennial deferral of margining on to-be-announced securities (or what can be described…