Wednesday, May 3, 2017 | 9:00 am – 1:00 pm
Program Chair
N. Adele Hogan
Director
Deutsche Bank
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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: $239 Member | $339 Nonmember
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Daniel N. Budofsky
Pillsbury Winthrop Shaw Pittman LLPLucy W. Farr
Davis Polk & Wardwell LLPIlene Froom
Reed Smith LLPDavid Gilberg
Sullivan & Cromwell LLPStephen R. Kruft
SVP & Associate GC
HSBC Securities (USA) Inc.Andrea Lowenthal
Head of Legal, ANZ America | International & Institutional Legal Group
Australia and New Zealand Banking Group LimitedJennifer S. Myers
Consulting Attorney
Deutsche Bank AGAnna Pinedo
Morrison Foerster LLPScott M. Reinhart
Cleary Gottlieb Steen & Hamilton LLPAlice 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 Froom, Scott Reinhart, Alice Yurke
10:00 am – 10:45 am Key Considerations in Derivatives and Structured Products and Collateral - Regulatory margin requirements
- Collateral posting and protection issues
- Bankruptcy and credit downgrade considerations
- Understanding netting of exposures, risk exposure, valuation and risk: notional values, counterparty risk, pricing and leverage
- Use of derivatives in M&A
- Tax implications of various derivatives an structured notes
Lucy Farr, Anna Pindeo
10:45 am – 11:00 am Break 11:00 am – 12:00 pm Derivatives and Considerations Related to New Regulations - What are the roles of the Securities and 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 Budofsky, David Gilberg, Jennifer Myers
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 abut 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
Norm Champ, Ilene Froom, Steven Kruft, Andrea Lowenthal
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NY: 4.0 total: 3.0 professional practice, 1.0 ethics
NJ: 4.5 total: 3.3 general, 1.2 ethics
CA: 4.0 total: 3.0 general, 1.0 ethics
PA: 3.5 total: 2.5 general, 1.0 ethics -
Sponsoring Association Committees:
Compliance | Michael McMaster, Chair
Financial Reporting | David S. Huntington, Chair
Futures & Derivatives Regulation | Robert M. McLaughlin, Chair;
Mergers, Acquisitions & Corporate Control | Alexandra D. Korry, Chair
Securities Regulation | Marc Rossell, ChairSponsorship Opportunities are Available! Please Contact:
Maricela Alfonso | (212) 382-6619 | malfonso@nycbar.org
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