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|ISDA Section 2(a)(iii) Amendment Limits Prerogatives of Non-Defaulting Parties|
James M. Cain, Daphne G. Frydman, David T. McIndoe, Mark D. Sherrill, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 22, 2014On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master Agreement (Section 2(a)(iii)) is a condition precedent that suspends a...
|D.C. Circuit Court’s Surprising Ruling on Chinese CFIUS Case May Result in Greater Transparency in Certain National Security Proceedings|
Jeffrey P. Bialos, Amanda R. Callais, Mark D. Herlach; Sutherland Asbill & Brennan LLP;
July 24, 2014, previously published on July 21, 2014On July 15, the United States Court of Appeals for the District of Columbia Circuit ruled that the President violated the due process rights of Ralls Corporation, a U.S. company owned by two Chinese nationals when, pursuant to Section 721 of the U.S. Defense Production Act...
|CFTC Further Extends Comment Periods on Position Limits Proposals|
Maureen A. Donley, Daniel S. Konar II, W. Graham McCall, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
July 11, 2014, previously published on July 7, 2014The Commodity Futures Trading Commission (Commission or CFTC) has further extended the comment periods for its November 2013 proposal concerning position limits aggregation and its December 2013 proposal concerning position limits for physical commodity derivatives. The comment periods for these...
|Customers of Florida Coop to Get Millions|
Sutherland Asbill Brennan LLP;
June 23, 2014, previously published on June 17, 2014Florida-based Lee County Electric Cooperative has approved an equity distribution of $6.1 million to current and inactive customers and an additional distribution of $6.1 million to memberships that have been closed since 2006. Customers receiving a distribution of less than $250 will receive a...
|Prison Sentence in Air India Bribery Scheme Sends Deterrent Message to Canadian Executives|
Milos Barutciski, Matthew S. Kronby, Steven T. Robertson; Bennett Jones LLP;
May 28, 2014, previously published on May 25, 2014On May 23, Nazir Karigar, an agent of Cryptometrics Canada Inc. (Cryptometrics), was sentenced to three years in federal prison under Canada’s foreign bribery statute. Mr. Karigar was convicted last August of conspiring to pay approximately $450,000 to India’s Minister of Civil Aviation...
|CFTC Adopts Streamlined Approach for Delegation of CPO Registration|
James M. Cain, Warren N. Davis, Daphne G. Frydman, David T. McIndoe, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
May 27, 2014, previously published on May 19, 2014On May 12, 2014, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a staff letter (the Staff Letter) that provides a streamlined approach for commodity pool operators (CPOs) to request no-action relief to delegate the CPO...
|CFTC Deadlines Approach for Swap Dealer Margin Segregation Notifications and Buy-Side Responses|
Maureen A. Donley, Theodore M. Kneller, W. Graham McCall, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
April 4, 2014, previously published on April 2, 2014Market participants that enter into uncleared swaps should expect to receive notifications from swap dealer (SD) and major swap participant (MSP) counterparties regarding segregation of initial margin for swaps. Dodd-Frank amended Commodity Exchange Act Section 4s(l) to provide SD and MSP...
|Georgia Coop Retires Nearly $11 Million in Patronage Capital|
Sutherland Asbill Brennan LLP;
March 4, 2014, previously published on January 21, 2014Sawnee Electric Membership Corporation (Sawnee EMC) has announced that it will retire $10.6 million to approximately 63,900 eligible members through a general retirement of patronage capital for the years 1991, 1992 and 1993. This means that members that received electric service from Sawnee EMC...
|Contemplating IRS Safe Harbor for Rehabilitation Credits and its Impact on the Energy Investment Tax Credit|
John A. Eliason; Foley & Lardner LLP;
January 8, 2014, previously published on January 6, 2014The IRS recently issued Revenue Procedure 2014-12, providing a safe harbor under which the IRS will not challenge partnership allocations of “section 47” federal rehabilitation tax credits. In the aftermath of the IRS’s win in Historic Boardwalk Hall, LLC v. Commissioner, the...
|Expiration of CFTC Cross-Border Exemption May Impact Non-US Swap Trading|
Maureen A. Donley, Theodore M. Kneller, Daniel S. Konar, Mark D. Young; Skadden Arps Slate Meagher Flom LLP;
December 20, 2013, previously published on December 19, 2013Earlier this year, the Commodity Futures Trading Commission (CFTC) issued Cross-Border Guidance that set out the agency’s interpretation on the extent to which CFTC swap regulations would apply outside the U.S. The Cross-Border Guidance also addressed whether the CFTC could permit...