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Dodd Frank Update — Several Developments of Note:


  •  The Commodity Futures Trading Commission (CFTC) proposed an amendment to its order of July 14, 2011, providing temporary exemptive relief from the Dodd-Frank Act (Dodd-Frank) requirements related to swaps as a result of the delay in the adoption of final rules relating to derivatives. First, the CFTC proposes to extend the expiration dates under the July 14th order for provisions of Dodd-Frank that become effective automatically in July 2011 or provisions that were “self-effectuating” due from December 31, 2011, to the earlier of (i) July 16, 2012, or (ii) the date on which the applicable definitions become final and effective. Secondly, subject to certain conditions, the CFTC’s amendment proposes further temporary relief for swap transactions that currently meet the conditions of CFTC’s exemptive regulations for swap agreements. The CFTC’s proposal would allow swap transactions that are within the scope of the swap exemptions as of December 31 to remain subject to temporary exemptive relief until the earlier of July 12, 2011, or such time as the CFTC determines subject to certain conditions. Comments to the proposed amendments can be submitted to CFTC until November 25, 2011. Click here for the text of the proposed amendment.


  • As discussed in last week’s newsletter, the Federal banking agencies and the SEC are requesting comments on their proposal to implement what is commonly known as the Volcker Rule. For more information on this proposed regulation, please view the GT Alert prepared by Carl Fornaris, Genna Garver and Daniel Blanchard, which discusses the proposal’s general prohibition by any banking entity from engaging in proprietary trading or from acquiring or retaining an ownership interest in, sponsoring, or having certain relationships with a hedge fund or private equity and its related exemptions. 
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About this Author


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...

Carl Fornaris, Greenberg Traurig Law Firm, Miami and Washington DC, Finance and Corporate Law Attorney

Carl A. Fornaris is an attorney in firm's Financial Regulatory and Compliance Practice. With 24 years of legal experience, Carl advises banks and their holding companies, investment advisers, securities broker dealers, gaming firms, money services businesses and other financial institutions on all aspects of their business. These include  licensing, capital-raising transactions, acquisitions and divestitures, USA PATRIOT Act/BSA/AML compliance and OFAC sanctions programs (including permissible financial activities in Cuba), critical examination reports and enforcement proceedings, Dodd-Frank Act compliance (including Volcker Rule implementation), new products and FATCA. Throughout his career, Carl has counseled clients in their dealings with the Federal Reserve, OCC, FDIC, FinCEN, SEC, FINRA, Florida Office of Financial Regulation, New York Department of Financial Services and other state supervisory authorities.

Carl is also active representing lenders and credit parties in financing transactions, particularly credits to non-U.S. loan parties, asset-based credits, acquisition financing and stand-by letters of credit.

Carl is a past General Counsel of the Florida International Bankers Association and sits on its Board of Directors. Previously, he served as Head of Legal and Compliance for the Latin America region of Barclays Bank PLC, with responsibility for managing legal and compliance matters throughout the region. Carl is an adjunct professor in the Business Law Department of the University of Miami. He began his legal career in Washington, D.C. with an international law firm.