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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...
|CFTC Division of Market Oversight Releases Questions for June 19 Roundtable on Position Limits|
James M. Cain, Daphne G. Frydman, Catherine M. Krupka, David T. McIndoe, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
June 23, 2014, previously published on June 18, 2014The Commodity Futures Trading Commission (CFTC) will host a public roundtable on June 19, 2014, to discuss questions related to a proposed rulemaking to establish speculative position limits for 28 exempt and agricultural commodity futures and option contracts and their economically equivalent...
|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...
|Significant Upwind Impact: The Supreme Court Upholds Cross-State Air Pollution Rule|
Sohair A. Aguirre, Athena Velie Eastwood, Kenneth W. Irvin, Gregory K. Lawrence, Sarah Tucker; Cadwalader, Wickersham & Taft LLP;
May 15, 2014, previously published on May 9, 2014On Tuesday, April 29, 2014, the U.S. Supreme Court upheld the U.S. Environmental Protection Agency’s (“EPA”) Cross-State Air Pollution Rule (“CSAPR”). EPA v. EME Homer City Generation, L.P., No. 12-1182. In a 6-2 decision, the majority held that: (1) the Clean Air Act...
|New Jersey Appeals Court Interprets Force Majeure Clause in NAESB|
Sohair A. Aguirre, Kenneth W. Irvin, Daryl L. Rice; Cadwalader, Wickersham & Taft LLP;
May 15, 2014, previously published on May 7, 2014In a ruling of significant importance for those confronting force majeure (“FM”) issues in natural gas trades, and a win for Hess Corporation (“Hess” or “Plaintiff”), the Superior Court of New Jersey, Appellate Division ruled that Eni Petroleum US, LLC...
|Going Public: Powhatan Energy Fund’s “Insurance Policy” Regarding FERC Enforcement’s Non-Public Manipulation Investigation into the Fund’s “High-Frequency” PJM Trading Activity|
Lynna Cobrall, Gregory K. Lawrence; Cadwalader, Wickersham & Taft LLP;
May 7, 2014, previously published on May 5, 2014 On February 28, 2014, Powhatan Energy Fund (“Powhatan”) launched a public website disclosing that for more than three years, the Federal Energy Regulatory Commission (“FERC”) Office of Enforcement (“OE”) has been investigating Powhatan for alleged manipulation of...
|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...
|CFTC Affords Market Participants a “Second Bite” at the Swap Recordkeeping and Reporting Rules|
James M. Cain, Meghan R. Gruebner, Alexander S. Holtan, Meltem F. Kodaman, Raymond A. Ramirez; Sutherland Asbill & Brennan LLP;
April 4, 2014, previously published on April 2, 2014Last month, the Commodity Futures Trading Commission (CFTC) issued a request for public comment on its swap data recordkeeping and reporting requirements under Part 45 of its regulations. The CFTC adopted Part 45 in 2012 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act...
|District Court Cites Recent “Evolution” of Rule 23 Standards to Deny Class Certification Motion in Securities Action Based Upon Allegedly Misleading Registration Statement|
John M. Landry, John P. Stigi; Sheppard, Mullin, Richter & Hampton LLP;
April 1, 2014, previously published on April 1, 2014In In re Kosmos Energy Ltd. Securities Litigation, No. 3:12-CV-373-B, 2014 U.S. Dist. LEXIS 36365 (N.D. Tex. Mar. 19, 2014), the United States District Court for the Northern District of Texas (Boyle, J.) denied lead plaintiff’s class certification motion in a consolidated action alleging...
|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...