2012 Alston & Bird Dodd-Frank Teleseminar Series: A Practical Guide for Users of Derivatives

Friday, September 14th, 2012

September 19, 2012
12pm – 1pm EST

Click here to register.

On Wednesday, September 19, 2012, Alston & Bird will host the fifth in its series of programs addressing issues of concern for entities impacted by the significant regulatory reforms of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank represents a fundamental reworking of derivatives markets and derivatives contracts. Every company that enters into derivatives transactions will be impacted by the changes brought about by Dodd-Frank. The regulators have adopted dozens of rules and orders, with more to come, and the derivatives industry is adopting new mechanisms, documentation and technological applications to meet the torrent of changes from Dodd-Frank.

Willa Bruckner and Andrea Wolfman will discuss how Dodd-Frank affects users of derivatives who are not swap dealers and major swap participants, with a focus on the practical steps users have to take and the key questions they should be asking. The panelists will also talk about the legal and regulatory consequences associated with those questions. The program will be relevant for companies using derivatives to hedge business risk or to trade, including banks, credit unions, corporations, energy companies, investment funds, pensions and other users of derivatives.

This session will begin at 12:00 p.m. EDT, with the last 15 minutes available for participant Q&A. Registrants will receive the call-in number and registration code in advance of this teleseminar.

Financial Services & Products Advisory

Friday, September 14th, 2012

CFTC Extends Compliance Date for Amended Rules 4.5 and 4.13(a)(4) Regarding CPO/CTA Registration

On July 13, 2012, the Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a letter (the “No Action Letter”) to the Managed Funds Association, the Investment Company Institute, and other industry associations that extends relief from compliance with the changes to Regulations 4.13(a)(4) and 4.5 until the end of the year for commodity pool operators (CPOs) and commodity trading advisors (CTAs) of pools launched after July 13, 2012. This advisory discusses how CPOs and CTAs for pools launched after July 13, 2012, may rely on the rescinded 4.13(a)(4) exemption and the amended 4.5 exclusion through the end of the year if they comply with certain criteria.

Click here to view the entire advisory.

NSCP Currents

Friday, September 14th, 2012

Should You Have a Formal ERISA Compliance Program?

A broad range of financial services providers are impacted by the fiduciary and prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”) and the prohibited transaction provisions of the Internal Revenue Code of 1986 (the “Code”). Such providers include those who provide both fiduciary and non-fiduciary services to a plan or other entity subject to ERISA as well as those who provide such services to individual retirement accounts (“IRAs”). Yet, while many of these same providers have extensive written procedures assure compliance with the myriad of state and federal securities laws and regulations that apply to them, very few have detailed written procedures on compliance with ERISA and the Code. The purpose of this article is to advise readers on some of the key ERISA and Code provisions to which advisers, brokers and other providers may be subject to by providing services ERISA-governed plans (“Plans”) and IRAs and to provide framework for the establishment of an ERISA and Code compliance program and manual, which include such procedures.

Click here to view the entire article.

SEC Advisory

Thursday, September 13th, 2012

SEC Proposes Rule Amendments to Lift Prohibition on General Solicitation and General Advertising in Connection with Private Offerings Made Pursuant to Regulation D

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the “JOBS Act”), which was designed to facilitate the raising of capital by small businesses. Section 201(a) of the JOBS Act called for a significant relaxation of the current restrictions on general solicitation and general advertising (hereinafter referred to together as “general solicitation”) in connection with private offerings made pursuant to Rule 506 of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”). This advisory discusses recent Securities and Exchange Commission (SEC) proposed amendments to Rule 506 (the “Proposed Amendments”) to implement these changes mandated by the JOBS Act.

Please click here to view the full advisory.

The Investment Lawyer

Monday, April 18th, 2011

Are You Ready to Comply with the DOL’s New Disclosure Regime? 
January 2011
Published by David Kaleda, Partner, Alston & Bird LLP
david.kaleda@alston.com; (202)239-3329

At the time this article is published, covered service providers will have about seven months to assure they are in compliance with the Department of Labor’s (DOL) Interim Final Rule on a Reasonable Contract or Arrangement under Section 408(b)(2)-Fee Disclosure(the IFR).   The disclosure requirements are more extensive than those under current regulations and will require evaluation of current disclosure procedures. If the IFR’s requirements are not met, potentially significant excise taxes may be assessed. 

Click here to view the entire article


Two weeks after this was published the DOL extended the compliance deadline from July 2011 to January 1, 2012.

SEC Advisory

Tuesday, December 21st, 2010

SEC proposes new rules and rule amendments implementing the investment advisor provisions of the Dodd-Frank Act. 

This advisory discusses several new proposed SEC rules and rule amendments (the “Proposed Rules”) that implement various provisions of Title IV of the Dodd- Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Included among the Proposed Rules are provisions that (1) increase the statutory threshold for investment adviser registration with the SEC; (2) require advisers to hedge funds and other private funds to register with the SEC; (3) require reporting by certain investment advisers that are exempt from registration; (4) amend the “pay-to-play rule” as it relates to regulated municipal advisers; and (5) implement new exemptions from the registration requirements of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) for certain advisers.  The comment period for the Proposed Rules will remain open until January 24, 2011.

Click here to view the full advisory