Charlie McDonald

Associate

New York


Read full biography at www.orrick.com
Charlie McDonald is an associate in the Structured Finance group in the New York office.Array

Posts by: Charlie McDonald

CFTC Adopts Final Rule Amending De Minimis Exception to Swap Dealer Definition

 

On March 25, the CFTC adopted a final rule amending the de minimis exception to the definition of “swap dealer.” Under the final rule, swaps entered into by Insured Depository Institutions (IDIs) in connection with loans to customers would not count towards the $8 billion aggregate notional amount threshold used in the de minimis exception. Release. Final Rule.

CFTC Approves Comparability Determination for Japan’s Uncleared Swap Margin Rules

 

On March 26, the CFTC approved an amended comparability determination that would extend the substituted compliance permitted for Japan’s margin requirements for uncleared swaps with respect to the scope of entities subject to the margin requirements and the treatment of inter-affiliate transactions. Release. Comparability Determination.

CFTC Issues Interim Final Rule Allowing Uncleared Swaps to Retain Legacy Status in Case of “No-Deal Brexit”

 

On March 25, the CFTC adopted and requested comments on an interim final rule designed to provide greater regulatory certainty to global derivatives markets in the event of a “no-deal Brexit.” If the United Kingdom leaves the European Union without a negotiated withdrawal agreement, affected swap dealers and major swap participants may need to effect legal transfers of uncleared swaps that were entered into before the relevant compliance dates under the CFTC Margin Rule or Prudential Margin Rule. The interim final rule would allow an uncleared swap to retain its legacy status under the CFTC Margin Rule or Prudential Margin Rule when so transferred. Release. Interim Final Rule.

Rating Agency Developments

 

On January 23, DBRS published its revised methodology for Operational Risk Assessment for European Structured Finance Servicers. Release.

On January 23, DBRS published its revised methodology for Operational Risk Assessment for European Structured Finance Originators. Release.

On January 23, DBRS published its methodology for Rating European Auto Wholesale Securitisations. Release.

On January 18, Fitch published a report entitled: Consumer ABS Rating Criteria – Residual Value Addendum. Release.

On January 18, Fitch published a report entitled: Consumer ABS Rating Criteria. Release.

On January 17, Kroll published a report entitled: European RMBS Rating Methodology Country Addendum: Republic of Ireland. Release.