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Derivatives — Inter-Affiliate Swaps Exemption from Dodd-Frank is Sought in Congress

Congress introduced a bill designed to “exempt inter-affiliate swaps from most of the new swap regulatory requirements under the Dodd-Frank Act (Dodd-Frank). The bill (H.R. 2779) would exclude from the definition of “swap” or “security-based swap,” swap contracts that are, “entered into by a party that is controlling, controlled by, or under common control with its counterparty.”

However, these inter-affiliate swaps would still need to be reported to either a swap data repository, the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), as applicable. The bill was referred to the House Committee on Financial Services and the Committee on Agriculture. A copy of the bill is available by clicking here.

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Ms. Durham has experience on both the legal and business sides of derivatives, private funds, complex financing transactions, and structured products. Prior to joining Greenberg, she was an investment banker and Head of Structured Equity Products at BNP Paribas where she concentrated on structuring equity financing and equity derivative transactions for corporations and hedge funds. Prior to BNP, she was a partner in the Corporate Dept. at the law firm of Weil, Gotshal & Manges LLP.

Ms. Durham has been involved as both a lawyer and...

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