Firm News | November 1, 2021
On June 7, 2023, the Securities and Exchange Commission (the “SEC”) adopted two new rules (the “Rules”) targeting (i) fraud, manipulation and deception in security-based swap transactions, including a new prohibition on manipulation or attempted manipulation of the value of security-based swaps or payments or deliveries thereunder, and (ii) the potential for undue influence over…
Client Alerts | July 13, 2023 | Derivatives | Securities and Corporate Finance
As discussed in our October 26, 2021 client alert, the ICE Benchmark Administration will cease to publish the USD LIBOR benchmarks on June 30, 2023,1 and the Alternative Reference Rates Committee (the “ARRC”) announced its recommendation that the forward-looking Secured Overnight Financing Rate (“SOFR”) term rates published by the CME Group should be utilized as…
December 6, 2021 | Securities and Corporate Finance | Special Situations and Credit | Derivatives
As discussed in our January 29, 2021 client alert, the ICE Benchmark Administration will cease to publish the most widely used tenors of the USD LIBOR benchmarks on June 30, 2023.1 Additionally, financial institutions have been advised not to utilize the most widely used tenors of the USD LIBOR benchmarks for any financial products that…
Client Alerts | October 26, 2021 | Securities and Corporate Finance | Special Situations and Credit | Derivatives
Effective January 27, 2021, the Board of the Loan Syndications and Trading Association (the “LSTA”) published a revised suite of trading documents to reflect the market’s transition from the use of the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) or other alternative risk-free rates (“RFRs”) as a key benchmark for…
Client Alerts | January 29, 2021 | Securities and Corporate Finance | Special Situations and Credit | Derivatives
Kleinberg Kaplan Partner Jared R. Gianatasio was recently quoted in an AlphaWeek article: “Regulatory First Bodes Well For U.S. Hedge Funds Amidst Increasing Uncertainty.” In the article, Jared discusses what became of the first ever joint meeting held with the SEC and the CFTC. Jared shares, “The main takeaway is the fact that it’s a…
Firm News | December 7, 2020 | Derivatives
The ICE Benchmark Administration (“IBA”) announced earlier this week that it will consult on its intention to extend publication of the overnight and one-, three-, six-, and 12-month USD LIBOR rates until June 30, 2023. The June 2023 extension, however, applies only to legacy contracts—no new USD LIBOR contracts will be permitted after 2021.1 The…
Client Alerts | December 3, 2020 | Commercial and Corporate Litigation | Derivatives | Hedge Funds | Risk Management
Following a favorable review from the Antitrust Division of the U.S. Department of Justice, the International Swaps and Derivatives Association (“ISDA”) announced on October 9, 2020 that it intends to publish a protocol, along with updates to its standardized documentation to provide for fallback rates and procedures to account for the potential discontinuation of certain…
Client Alerts | October 19, 2020 | Derivatives | Investment Management
Kleinberg Kaplan is working closely with our clients to provide counsel and guidance during these unprecedented times. A selection of our recent thought leadership pieces related to the implications of COVID-19 includes: Corporate Considerations The PPP Just Got Better (June 10, 2020): Chris Davis, Dov Kleiner, Uri Rosenwasser and Benjamin Goldman discuss the key highlights of the…
Client Alerts | August 18, 2020 | Business Restructuring and Reorganization | Creditors’ Rights and Bankruptcy Litigation | Derivatives | Distressed Real Estate Assets | Employment Litigation | Estate Planning and Administration | Hedge Funds | Investment Management | Investor Activism | Leasing | Mergers & Acquisitions | Nonprofit and Tax-Exempt Organizations | Private Equity Funds | Securities and Corporate Finance | Special Situations and Credit
On May 28, 2020, the Commodity Futures Trading Commission (“CFTC”) approved proposed amendments to CFTC Regulation 3.10(c), which currently provides a jurisdictional based registration exemption for non-U.S. commodity pool operators (“CPOs”) that operate non-U.S. funds with non-U.S. investors (the “Proposed Amendments”). Historically, the CPO registration exemption available under Regulation 3.10(c)(3) has presented challenges for non-U.S.…
Client Alerts | June 9, 2020 | Derivatives | Investment Management
On March 20, 2020, the Commodity Futures Trading Commission (the “CFTC”) provided temporary no-action relief to registered commodity pool operators (“CPOs”) by extending the filing timeline for certain ongoing reporting/filing obligations. The CFTC’s no-action letter provides an extension for the following:(i) filing Form CPO-PQR under Regulation 4.27, (ii) submitting pool annual reports under Regulations 4.7(b)(3)…
Client Alerts | March 24, 2020 | Derivatives
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