Friday, January 22, 2016| 9:00 am – 1:00 pm
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This course will enable both in-house and outside counsel to expand their skills and be more valuable to their clients by covering the why, what, when, where and how of derivatives. Derivatives are used by most large public and many private companies, in part to manage risk. This basic course will cover how the International Swaps Dealer Agreements (“ISDA”) and Credit Support Agreements (“CSAs”) work; how to avoid common, costly mistakes and unintended consequences when negotiating ISDA contracts; and understanding the differences among the three contract types. One hour of ethics credit related to compliance with new derivatives and structured products regulations will also be available.
Live Program/Webcast/DVDs & CDs: $239 Member/$339 Nonmember
On-Demand: $189 Member/$289 Nonmember
Materials Only (No CLE Credit): $99 Member/$129 Nonmember -
Daniel N. Budofsky
Morgan Lewis & Bockius LLPLucy W. Farr
Davis Polk & Wardwell LLPIlene K. Froom
Reed Smith LLPStephen R. Kruft
Senior Vice President and Associate General Counsel
HSBC Securities (USA) Inc.
Colin D. Lloyd
Cleary Gottlieb Steen & Hamilton LLPJames E. Odell
Blank Rome LLPAnna T. Pinedo
Morrison & Foerster LLPAlice F. Yurke
Alston & Bird LLP -
9:00 am – 10:00 am
Basic Derivatives and Structured Products
- Why and when do companies use derivatives?
- How the ISDA contracts actually work
- How to avoid common, costly mistakes and unintended consequences when negotiating ISDA contracts
- Selected differences related to the five classes of underlying assets: interest rates (largest class), foreign exchange, equity, credit and commodities
- Securities law issues
- Structured products linked to common indices, such as the S&P, Russell 2000, individual company stocks and foreign indices
Ilene K. Froom, Colin D. Lloyd, Alice F. Yurke
10:00 am – 10:45 am
Key Considerations in Derivatives and Structured Products and Collateral
- Contrasting between a derivative and a structured product
- Hedge related to a structured product
- Regulation of derivatives versus regulation of structured products
- Structured product issuers and “wrappers”
- Suitability concerns
- Tax implications of various derivatives and structured notes
Lucy W. Farr, Anna T. Pinedo
10:45 am – 11:00 am
Break
11:00am – 12:00 pm
Derivatives and Considerations Related to New Regulations
- What are the roles of the Securities Exchange Commission (“SEC”) and Commodities Futures Trading Commission (“CFTC”)
- Working with multiple regulators
- Derivatives clearing requirements of the Dodd Frank Act – reporting, compliance and unintended consequences
- How to keep up with fast-paced regulatory changes in the derivatives and clearing area
Daniel N. Budofsky
12:00 pm – 1:00 pm
Ethics Related to New Regulations of Swaps Clearing and Structured Products
- Ethical implications of understanding, implementing, and advising business people about new, complex regulations, including
- Bilateral swaps vs. centralized clearing
- Types of OTC derivatives—interest rate swaps vs. credit default swaps
- Classification of dealers, major swap participants, and end users
- Clearing houses and central counterparties
- Eligible over-the-counter transactions
- Ethical rules related
- Ethical rules related to the organization as a client, competence, diligence, and conflicts of interest
N. Adele Hogan, Ilene K. Froom, Stephen R. Kruft, James E. Odell
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NY: 4.0 total: 3.0 professional practice & 1.0 ethics
NJ: 4.5 total: 3.3 general & 1.2 professional responsibility
CA: 4.0 total: 3.0 general & 1.0 professional responsibility
PA: 3.5 total: 2.5 general & 1.0 professional responsibility -
Click Here to View our Catalog for On-Demand Programs
Click Here to View our Catalog for CDs, DVDs, and Materials
* New York residents will be charged the New York sales tax for all audio visual purchases.
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Sponsoring Association Committees:
Financial Reporting | David S. Huntington, Chair
Futures & Derivatives Regulation | Robert M. McLaughlin, Chair
Mergers, Acquisitions & Corporate Control | Alexandra D. Korry, Chair
Securities Regulation | Mark Rossell, ChairSponsorship Opportunities are Available! Please Contact:
Laura Stine Poles, Program Attorney, City Bar Center for CLE | (212) 382-6619 | lpoles@nycbar.org
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