March 7, 2017 |9 am-12 pm
Robert McLaughlin
Fried, Frank, Harris, Shriver & Jacobson LLP
Ira Reid
Baker & McKenzie LLP
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Safe Harbors for derivatives contracts under the U.S. Bankruptcy Code have for decades protected the rights of non-debtor counterparties in this vital marketplace. Long thought to be both essential to the proper functioning of derivative markets and bulwarks against systemic risk, the Safe Harbors have more recently become the subject of intense criticism, especially since the financial crisis. Moreover, the international regulatory response to the financial crisis has begun to impose new limitations on the exercise of Safe Harbor rights of non-debtor derivatives counterparties not only under the U.S. Bankruptcy Code but also under other major U.S. and non-U.S. bankruptcy and insolvency regimes. A basic understanding of the Safe Harbors and the current attacks and limitations on them is essential to derivatives, bankruptcy, securities, banking and finance lawyers, whether they have established practices or are just beginning their careers. This program will provide an introduction to the Safe Harbors and their role in derivatives transactions and the financial system, and it will also furnish an opportunity for experienced practitioners to engage in a lively discussion of the cross-currents of criticisms and concerns now confronting the derivatives and bankruptcy bars.
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Conrad G. Bahlke
Stroock & Stroock & Lavan LLPRichard J. Corbi
Otterbourg PCThomas V. D’Ambrosio
Morgan, Lewis & Bockius LLPMarvin J. Goldstein
Stroock & Stroock & Lavan LLPSeth Grosshandler
Cleary Gottlieb Steen & Hamilton LLPIra L. Herman
Blank Rome LLPGary E. Kalbaugh
Deputy General Counsel and Director
ING Financial Holdings Corp.Christian A. Johnson
Dean and Professor of Law
Widener University Commonwealth Law SchoolJack Rose
Ashurst LLPMichael S. Sackheim
Sidley Austin LLPFredric Sosnick
Shearman & Sterling LLPLauren Teigland-Hunt
Managing Partner
Teigland-Hunt LLPJanet M. Weiss
Dorsey & Whitney LLPErika D. White
Davis Polk & Wardwell LLP -
9:00 am – 9:05 am Welcoming Remarks of Co-Chairs Robert M. McLaughlin & Ira A. Reid
9:05 am – 10:00 am The Bankruptcy Code and the Derivatives Safe Harbor - How the Bankruptcy Code operates in ordinary course; the automatic stay, fraudulent preferences, and the prohibition on ipso facto
- What are the Bankruptcy Code provisions known as the “derivatives safe harbors”?
Moderator: Conrad G. Bahlke
Panelists: Michael S. Sackheim, Janet M. Weiss & Richard J. Corbi
10:00 am – 10:55 am Non-Legislative Initiatives to Modify the Derivatives Safe Harbors - ISDA Resolution Stay Protocol and foregoing safe harbor benefits via contract; “soft” regulation of pushing largest financial institutions to adhere.
- Possible expansion of scope of stay protocol; impact of EU Bank Recovery and Resolution Directive and other international initiatives.
- What is the motivation for these initiatives?
Moderator: Fredric Sosnick
Panelists: Christian A. Johnson, Lauren Teigland-Hunt &
Erika D. White
10:55 am – 11:00 am Break 11:00 am – 12:00 pm The Best Way Forward - What is the public policy underlying the automatic stay, prohibition on fraudulent preferences and ipso facto
- What is the public policy underlying the derivatives safe harbors?
- Is it good public policy to keep the derivatives safe harbors as they are?
- Is there a role for bilateral or multilateral contractual arrangements modifying the automatic stay?
Moderator: Gary E. Kalbaugh
Panelists: Thomas V. D’Ambrosio, Marvin J. Goldstein, Seth Grosshandler, Jack Rose & Ira L. Herman
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NY: 3.0 PP
CA: 3.0 PP
NJ: 3.4 general
PA: 2.5 general
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Sponsoring Association Committees:
Bankruptcy and Corporate Reorganization, Thomas R. Slome, Chair
Futures and Derivatives Regulation, Robert M. McLaughlin, Chair
Sponsorship Opportunities are Available! Please Contact:
Maricela Alfonso, Membership and CLE Relations Associate | (212) 382-6608 | MAlfonso@nycbar.org
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