Publications
The New ISDA Protocol: What Investment Managers Need to Know
June 2013
Investment funds (or investment managers on their behalf) may now adhere to the ISDA March 2013 DF Protocol Agreement (Protocol 2.0). Protocol 2.0, as with the ISDA August 2012 DF Protocol, is an efficient means for swap dealers to comply with certain new Commodity Futures Trading Commission (CFTC) rules applicable to bilaterally negotiated swap transactions. Adherence to the Protocol 2.0 is in addition to, and not in lieu of, adhering to the August Protocol. Protocol 2.0 provides a mechanism for compliance with three separate CFTC rules. In this article, SRZ partner Craig Stein and former SRZ attorney Kristin Boggiano discuss the CFTC rule regarding trading documentation and reconciling trade data.
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Alerts
On March 6, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of Justice (“DOJ”) and the US Department of Commerce (collectively, the “Agencies”) published their latest in a series of Tri-Seal Compliance Notes in which they emphasized that foreign-based persons have an obligation to comply with US sanctions and export controls.[1] The Compliance Note does not reflect any policy change, but serves as a reminder that the Agencies have enforced sanctions and export controls against non-US persons, and highlights that non-US firms should implement measures to mitigate their risk of violating US laws. The Compliance Note also comes just a few months after the issuance of Executive Order (“E.O.”) 14114, which authorizes OFAC to sanction foreign financial institutions that engage in significant transactions with Russia’s military-industrial sector.[2] Below, we focus on the Compliance Note’s description of transactions in which OFAC has asserted authority to bring enforcement actions against non-US persons for sanctions violations and summarize some key implications for non-US fund managers.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 6, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of Justice (“DOJ”) and the US Department of Commerce (collectively, the “Agencies”) published their latest in a series of Tri-Seal Compliance Notes in which they emphasized that foreign-based persons have an obligation to comply with US sanctions and export controls.[1] The Compliance Note does not reflect any policy change, but serves as a reminder that the Agencies have enforced sanctions and export controls against non-US persons, and highlights that non-US firms should implement measures to mitigate their risk of violating US laws. The Compliance Note also comes just a few months after the issuance of Executive Order (“E.O.”) 14114, which authorizes OFAC to sanction foreign financial institutions that engage in significant transactions with Russia’s military-industrial sector.[2] Below, we focus on the Compliance Note’s description of transactions in which OFAC has asserted authority to bring enforcement actions against non-US persons for sanctions violations and summarize some key implications for non-US fund managers.
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
On March 6, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the US Department of Justice (“DOJ”) and the US Department of Commerce (collectively, the “Agencies”) published their latest in a series of Tri-Seal Compliance Notes in which they emphasized that foreign-based persons have an obligation to comply with US sanctions and export controls.[1] The Compliance Note does not reflect any policy change, but serves as a reminder that the Agencies have enforced sanctions and export controls against non-US persons, and highlights that non-US firms should implement measures to mitigate their risk of violating US laws. The Compliance Note also comes just a few months after the issuance of Executive Order (“E.O.”) 14114, which authorizes OFAC to sanction foreign financial institutions that engage in significant transactions with Russia’s military-industrial sector.[2] Below, we focus on the Compliance Note’s description of transactions in which OFAC has asserted authority to bring enforcement actions against non-US persons for sanctions violations and summarize some key implications for non-US fund managers.