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Swap Dealers (SDs) and Major Swap Participants (MSPs)

 

Shipkevich helps Swap Dealers (SDs) and Major Swap Participants (MSPs) register with the CFTC and NFA as well as meet recordkeeping and reporting requirements, capital and margin requirements, and business conduct standards. Our attorneys draft and negotiate policies for maintaining trading records, business conduct standards, counterparty trading documentation, and risk management procedures. We develop procedures for establishing informational firewalls to eliminate conflicts of interest, designating chief compliance officers, and segregating customer funds under uncleared swaps. With regulatory insight and intricate understanding of new policies and procedures constantly in development, Shipkevich attorneys ensure that SDs and MSPs are prepared to register and comply with the CFTC’s rules and ordinances.

 

Shipkevich’s services for supporting SDs include :

  • Alert clients to proposed and finalized legislation affecting SDs;
  • Draft and negotiate procedures to construct informational firewalls between research and traders;
  • Counsel on policies for maintaining trading records, business conduct standards, counterparty trading documentation, and business conduct standards;
  • Advise on risk management policies for SDs;
  • Guide on legislation establishing time limitations for SDs to accept trades into clearing;
  • Assist with meeting recordkeeping, reporting, capital and margin, and business conduct requirements enacted by the CFTC.

 

Shipkevich’s services for supporting MSPs include :

  • Registration with the CFTC and filing regulatory reports on their business;
  • Verification that MSPs meet minimum regulatory capital and margin requirements for uncleared swaps;
  • Draft policies for MSPs to maintain detailed swap records. Negotiating access procedures so that regulators can retrieve and review reports regarding swap transactions, positions, and financial conditions in real time;
  • Counsel on applying business conduct rules and supervisory procedures to address fraud, manipulation, and any other injurious practices related to swaps;
  • Assist with procedures to nominate chief compliance officer to report directly to the board and certify the entity is meeting compliance with the Dodd-Frank requirements.