Gain insight into the definitions, provisions, and eligibility tests of the bilateral netting provisions of FDICIA and Regulation EE.
Financial contracts often contain provisions that facilitate netting of various payment obligations and entitlements. This netting is important to both credit risk assessments and regulatory capital calibrations. Many counterparties are subject to insolvency regimes that provide special protections to these netting arrangements. However, in some cases, a counterparty may not be eligible for such a regime. The netting provisions of FDICIA may provide certainty that netting rights against these counterparties will be enforced. This presentation will help individuals responsible for assessing the risks associated with various financial contracts assess when FDICIA may apply to protect netting rights. The presentation will explain the definitions and provisions of the bilateral netting provisions of FDICIA and Regulation EE, as well as the two primary tests the Federal Reserve Board of Governors has developed to determine eligibility under FDICIA. This topic is critical for financial institutions to ensure their netting rights are protected during insolvency proceedings.
Agenda
Faculty
Brandon M. Hammer
Cleary Gottlieb Steen & Hamilton LLP
Brandon Hammer
- Counsel at Cleary Gottlieb
- Practice focuses on a broad range of creditors’ rights, netting, financial regulatory, bankruptcy, digital asset, and market infrastructure issues
- Clients include financial institutions, clearinghouses, sovereigns, and end users. Frequently counsels leading financial market trade associations and ad hoc coalitions on major industry initiatives and industry-standard opinions
- Advised clients regarding close-out netting rights under a variety of different U.S. insolvency regimes, including the Bankruptcy Code, the Federal Deposit Insurance Act, the Securities Investor Protection Act, the New York Banking Law, and the Orderly Liquidation Authority title of the Dodd-Frank Act, and represents clients before federal regulatory agencies and self-regulatory organizations
- Past and current engagements include representing a large investment bank in connection with the default of Archegos Capital Management, advising Goldman Sachs, Morgan Stanley, Nomura, and other financial institutions in connection with the close-out of derivatives, repos, and other financial transactions, and working with Coinbase on structuring its digital asset custody arrangement to facilitate bankruptcy remoteness analyses
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