DRAFT 12-17-12
COMMITTEE CHAIR:
SUSAN C. ERVIN
DAVIS POLK & WARDWELL LLP
COMMITTEE VICE-CHAIRS:
ABA BUSINESS LAW SECTION
DERIVATIVES & FUTURES LAW
COMMITTEE
WINTER MEETING
JANUARY 24-26, 2013
LA PLAYA BEACH & GOLF
RESORT – NAPLES, FL
KENNETH M. RAISLER
SULLIVAN & CROMWELL LLP
CONFERENCE CHAIRS:
RICHARD A. MILLER
PRUDENTIAL FINANCIAL, INC.
RITA M. MOLESWORTH
WILLKIE FARR & GALLAGHER LLP
KENNETH ROSENZWEIG
KATTEN MUCHIN ROSENMAN LLP
JANUARY 24
DAY 1 SCHEDULE
1:30 P.M.
1:45 – 4:00 P.M.
4:00 - 4:15 P.M.
4:15 – 5:45 P.M.
PANEL
Welcome Remarks by the Chairs
PRESENTERS
Day Chair
Charles R. Mills
K&L Gates LLP
Litigation: Civil and Enforcement
This Panel will address current civil and bankruptcy litigation and
enforcement issues involving derivatives, including recent
developments in the Commodity Futures Trading Commission,
Federal Energy Regulatory Commission, and self-regulatory
organization enforcement programs and actions, including, among
others, MF Global, LIBOR; challenges to CFTC rulemakings; and the
whistleblower program.
Co-Chairs:
Allison Lurton
Covington & Burling LLP
Barry Mandell
Foley & Larnder LLP
BREAK
Entities/Intermediaries (Part 1)
Who can do what under which registration in the swap world?
This panel will address how to determine an entity’s status under the
Dodd-Frank Act and the CFTC’s implementing regulations and the
types of activities that trigger status as a swap dealer, major swap
participant, FCM, introducing broker (or in certain circumstances a
CTA), financial entity, commercial market participant, or an “enduser.” The panel also will discuss the consequences of falling into
each category and why a trader needs to know the status of its
counterparties.
Panelists:
Geoffrey Aronow
Bingham McCutchen LLP
Norman Bay (invited)
Federal Energy Regulatory
Commission
Therese M. Doherty
Herrick, Feinstein, LLP
David Meister
CFTC
Gregory Mocek
Cadwalader, Wickersham & Taft
LLP
William J. Nissen
Sidley Austin LLP
Daniel Waldman
Arnold & Porter LLP
Chair:
Paul J. Pantano, Jr.
Cadwalader, Wickersham & Taft
LLP
Panelists:
Gary Barnett
CFTC
Robert F. Klein
Citigroup Global Markets Inc.
William McCoy
Morgan Stanley & Co. Inc.
David McIndoe
Sutherland Asbill LLP
Annette Nazareth
Davis Polk & Wardwell LLP
Barbara Wierzynski (invited)
Futures Industry Association
5:45 P.M.
ADJOURN FOR THE DAY
6:30P.M.
WELCOME RECEPTION
[Bayview Ballroom and Terrace at La Playa]
8:00 P.M.
REGULATORS' DINNER (by Invitation Only)
Sea Salt, Naples
JANUARY 25
DAY 2 SCHEDULE
PANEL
PRESENTERS
Day Chair:
Kathryn Trkla
Foley & Lardner
8:00 - 9:15 A.M.
Entities/Intermediaries (Part 2)
Everyone into the Pool -- Implications of Regulatory Change for
Collective Investments
This panel will review how Dodd Frank changes and CFTC
rulemakings have changed the regulatory landscape for collective
investment vehicles and what constitutes a “commodity pool.”
Securitizations, funds of funds, registration, systemic risk reporting,
RICs and harmonization, and impact on funds from position limits and
the district court decision in the Regulation 4.5 litigation.
9:15 - 9:30 A.M.
BREAK
9:30 - 11:00 A.M.
Follow the Money – Clearing and Financial Security
This panel will address mandatory clearing developments, segregation
requirements, credit/margin arrangements for uncleared swaps,
portfolio margining, cross-border clearing issues, and living wills.
-2-
Chair:
Joanne Medero
BlackRock
Panelists:
Jennifer Han
Managed Funds Association
Gary Barnett
CFTC
Ellen Marks
Latham Watkins
Lawrence Patent
K&L Gates
Thomas Sexton
National Futures Association
Chair:
Michael Philipp
Morgan, Lewis & Bockius LLP
Panelists:
Ananda Radhakrishnan
CFTC
Douglas Harris
Promontory Financial Group
Tracey Jordal
PIMCO
Jason Silverstein
CME Group
James McDaniel
Sidley Austin LLP
Alessandro Cocco
JP Morgan
11:00 - 11:15 A.M.
11:15 - 12:45 P.M.
BREAK
Derivatives Market Structure in 2018; How Might Analogous
Historical Precedents Help Predict Evolution
This panel will look forward five years and conjecture what derivatives
markets will look like: how will derivatives be executed and cleared,
both OTC and on exchange or exchange-like platforms, and how
regulation will influence such evolution or react to it. Drawing on
historical precedents for swaps clearing and trading, as well as the
evolution of clearing, reporting and trading in other asset classes such
as futures, equity options and corporate debt, this panel will try to
extrapolate to what may happen as Title VII of Dodd Frank is finally
implemented. The panel will consider key factors such
as: standardization versus customization, collateral and capital
dynamics, transparency, deployment of new technologies, multiple
CCPs and trading venues, the role of brokers and other intermediaries,
and futurization. Finally, this panel will consider the US role in
shaping or reacting to equivalent developments outside of its borders,
as well as the possible evolution of regulators in overseeing markets
both within the US and internationally.
1:00 P.M.
LUNCHEON [Speaker TBA ]
2:15 P.M.
ADJOURN FOR THE DAY [subcommittee meetings deleted]
6:00 P.M.
COCKTAIL RECEPTION
[Gulf Lawn at LaPlaya]
7:30 P.M.
DINNER ON OWN – DOWNTOWN NAPLES
Transportation will be provided to and form LaPlaya
JANUARY 26
DAY 3 SCHEDULE
PANEL
Chair:
Gary DeWaal
Newedge
Panelists:
Dan Berkovitz
CFTC
Tony Leitner
A J Leitner & Associates
Trabue Bland
ICE
Randall Costa
Citadel
Arthur Hahn
Katten Muchin Rosenman LLP
Suzanne Calcagno
LCH.Clearnet
PRESENTERS
Day Chair:
Ronald S. Oppenheimer
Vitol Inc.
8:30 – 9:30 A.M.
Professional Responsibility
Ethical challenges uncovered in the Dodd Frank implementation
process
The panel will discuss some of the many ethical issues uncovered as
Firms move to implement a wide range of Dodd-Frank regulations,
including:
1. Challenges in making the new whistleblower provisions work
2. The perils of the anti-evasion prohibition
3. Keeping both the CCO and the organization safe
4. Rethinking conflicts and confidential information in the new world
-3-
Chair:
Alexandra Guest
Barclays Capital
Panelists:
Howard Schneider
Navigant Economics, Inc.
Michael Sackheim
Sidley Austin LLP
Peter Y. Malyshev
Latham & Watkins
Robert Mass
Goldman Sachs & Co.
Robert Paul
Tradeweb
9:30 - 10:45 A.M.
10:45 - 11:00 A.M.
11:00 A.M. –
12:30 P.M.
International Developments
The international panel will focus on legislative and regulatory
initiatives inside and outside the United States and their impacts on the
financial services industries in the US, Canada, Europe and Asia.
Panelists will compare and contrast a variety of regulatory proposals
and will discuss their impact on competition, cost, legal certainty and
risk. Panelists also will discuss global initiatives that influence the
legislative and regulatory work, including current work in standard
setting bodies such as IOSCO.
Panelists:
Christopher Bates
Clifford Chance LLP
Andrea Corcoran
Align International
Ronald Filler
New York Law School
Kevin Fine
Ontario Securities Commission
Michael Otten
Nomura
BREAK
Implementation of DFA:
Biggest Challenges and Biggest Risks
Co-Chairs:
Kenneth M. Raisler
Sullivan & Cromwell LLP
A wrap-up examination of the impact of the Dodd-Frank Act on the
markets and market participants. Open issues and regulators’ next
steps will be examined. Timing, litigation and legislative amendment
potential will be addressed.
12:30 P.M.
Chair:
Jacqueline Mesa
CFTC
ADJOURN
-4-
Panelists:
Robert Pickel
ISDA
Edward Rosen
Cleary Gottlieb, Steen & Hamilton
LLP
Jerrold Salzman
Skadden, Arps, Slate, Meagher &
Flom, LLP
Hon. Mark P. Wetjen
CFTC
Walter Lukken
Futures Industry Association
Philip McBride Johnson
Former CFTC Chairman
Lauren Teigland-Hunt
Tiegland Hunt LLP