Dodd-Frank Derivatives 101: What In-House Counsel Needs to Know Now
11/01/2012 Jones Day"So—you are in-house counsel to a company that, either occasionally
or on a regular basis, enters into swaps. Perhaps you're hedging
interest rate or currency risk, or maybe you're even using
derivatives to address credit risk on some of your major customers.
You've been hearing a lot about "Dodd-Frank," but you're not sure
whether it will affect you—after all, you haven't seen too many
changes in the two years since Dodd-Frank was enacted. Is there
anything you really need to know?
Unfortunately, the answer to that question is "yes." The development and publication of final rules implementing the derivatives provisions of Dodd-Frank have taken longer than Congress anticipated, but we are finally entering the home stretch. You will start seeing changes to swap documentation within the next few months, and you will need to begin to address reporting, recordkeeping, and clearing requirements by early 2013."
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Unfortunately, the answer to that question is "yes." The development and publication of final rules implementing the derivatives provisions of Dodd-Frank have taken longer than Congress anticipated, but we are finally entering the home stretch. You will start seeing changes to swap documentation within the next few months, and you will need to begin to address reporting, recordkeeping, and clearing requirements by early 2013."
More information