DRAFT 12-17-12 COMMITTEE CHAIR: ABA BUSINESS LAW SECTION - - PDF document

DRAFT 12-17-12

COMMITTEE CHAIR: SUSAN C. ERVIN DAVIS POLK & WARDWELL LLP COMMITTEE VICE-CHAIRS: KENNETH M. RAISLER SULLIVAN & CROMWELL LLP KENNETH ROSENZWEIG KATTEN MUCHIN ROSENMAN LLP ABA BUSINESS LAW SECTION DERIVATIVES & FUTURES LAW COMMITTEE WINTER MEETING JANUARY 24-26, 2013 LA PLAYA BEACH & GOLF RESORT – NAPLES, FL CONFERENCE CHAIRS: RICHARD A. MILLER PRUDENTIAL FINANCIAL, INC. RITA M. MOLESWORTH WILLKIE FARR & GALLAGHER LLP JANUARY 24 DAY 1 SCHEDULE PANEL PRESENTERS 1:30 P.M. Welcome Remarks by the Chairs Day Chair Charles R. Mills K&L Gates LLP 1:45 – 4:00 P.M. Litigation: Civil and Enforcement This Panel will address current civil and bankruptcy litigation and enforcement issues involving derivatives, including recent developments in the Commodity Futures Trading Commission, Federal Energy Regulatory Commission, and self-regulatory

• rganization enforcement programs and actions, including, among
• thers, MF Global, LIBOR; challenges to CFTC rulemakings; and the

whistleblower program. Co-Chairs: Allison Lurton Covington & Burling LLP Barry Mandell Foley & Larnder LLP Panelists: Geoffrey Aronow Bingham McCutchen LLP Norman Bay (invited) Federal Energy Regulatory Commission Therese M. Doherty Herrick, Feinstein, LLP David Meister CFTC Gregory Mocek Cadwalader, Wickersham & Taft LLP William J. Nissen Sidley Austin LLP Daniel Waldman Arnold & Porter LLP 4:00 - 4:15 P.M. BREAK 4:15 – 5:45 P.M. Entities/Intermediaries (Part 1) Who can do what under which registration in the swap world? This panel will address how to determine an entity’s status under the Dodd-Frank Act and the CFTC’s implementing regulations and the types of activities that trigger status as a swap dealer, major swap participant, FCM, introducing broker (or in certain circumstances a CTA), financial entity, commercial market participant, or an “end- user.” The panel also will discuss the consequences of falling into each category and why a trader needs to know the status of its counterparties. Chair: Paul J. Pantano, Jr. Cadwalader, Wickersham & Taft LLP Panelists: Gary Barnett CFTC Robert F. Klein Citigroup Global Markets Inc. William McCoy Morgan Stanley & Co. Inc. David McIndoe Sutherland Asbill LLP

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Annette Nazareth Davis Polk & Wardwell LLP Barbara Wierzynski (invited) Futures Industry Association 5:45 P.M. ADJOURN FOR THE DAY 6:30P.M. WELCOME RECEPTION [Bayview Ballroom and Terrace at La Playa] 8:00 P.M. REGULATORS' DINNER (by Invitation Only) Sea Salt, Naples JANUARY 25 DAY 2 SCHEDULE PANEL PRESENTERS Day Chair: Kathryn Trkla Foley & Lardner 8:00 - 9:15 A.M. Entities/Intermediaries (Part 2) Everyone into the Pool -- Implications of Regulatory Change for Collective Investments This panel will review how Dodd Frank changes and CFTC rulemakings have changed the regulatory landscape for collective investment vehicles and what constitutes a “commodity pool.” Securitizations, funds of funds, registration, systemic risk reporting, RICs and harmonization, and impact on funds from position limits and the district court decision in the Regulation 4.5 litigation. Chair: Joanne Medero BlackRock Panelists: Jennifer Han Managed Funds Association Gary Barnett CFTC Ellen Marks Latham Watkins Lawrence Patent K&L Gates Thomas Sexton National Futures Association 9:15 - 9:30 A.M. BREAK 9:30 - 11:00 A.M. Follow the Money – Clearing and Financial Security This panel will address mandatory clearing developments, segregation requirements, credit/margin arrangements for uncleared swaps, portfolio margining, cross-border clearing issues, and living wills. Chair: Michael Philipp Morgan, Lewis & Bockius LLP Panelists: Ananda Radhakrishnan CFTC Douglas Harris Promontory Financial Group Tracey Jordal PIMCO Jason Silverstein CME Group James McDaniel Sidley Austin LLP Alessandro Cocco JP Morgan

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11:00 - 11:15 A.M. BREAK 11:15 - 12:45 P.M. Derivatives Market Structure in 2018; How Might Analogous Historical Precedents Help Predict Evolution This panel will look forward five years and conjecture what derivatives markets will look like: how will derivatives be executed and cleared, both OTC and on exchange or exchange-like platforms, and how regulation will influence such evolution or react to it. Drawing on historical precedents for swaps clearing and trading, as well as the evolution of clearing, reporting and trading in other asset classes such as futures, equity options and corporate debt, this panel will try to extrapolate to what may happen as Title VII of Dodd Frank is finally

• implemented. The panel will consider key factors such

as: standardization versus customization, collateral and capital dynamics, transparency, deployment of new technologies, multiple CCPs and trading venues, the role of brokers and other intermediaries, and futurization. Finally, this panel will consider the US role in shaping or reacting to equivalent developments outside of its borders, as well as the possible evolution of regulators in overseeing markets both within the US and internationally. Chair: Gary DeWaal Newedge Panelists: Dan Berkovitz CFTC Tony Leitner

A J Leitner & Associates

Trabue Bland ICE Randall Costa Citadel Arthur Hahn Katten Muchin Rosenman LLP Suzanne Calcagno LCH.Clearnet 1:00 P.M. LUNCHEON [Speaker TBA ] 2:15 P.M. ADJOURN FOR THE DAY [subcommittee meetings deleted] 6:00 P.M. COCKTAIL RECEPTION [Gulf Lawn at LaPlaya] 7:30 P.M. DINNER ON OWN – DOWNTOWN NAPLES Transportation will be provided to and form LaPlaya JANUARY 26 DAY 3 SCHEDULE PANEL PRESENTERS Day Chair: Ronald S. Oppenheimer Vitol Inc. 8:30 – 9:30 A.M. Professional Responsibility Ethical challenges uncovered in the Dodd Frank implementation process The panel will discuss some of the many ethical issues uncovered as Firms move to implement a wide range of Dodd-Frank regulations, including:

• 1. Challenges in making the new whistleblower provisions work
• 2. The perils of the anti-evasion prohibition
• 3. Keeping both the CCO and the organization safe
• 4. Rethinking conflicts and confidential information in the new world

Chair: Alexandra Guest Barclays Capital Panelists: Howard Schneider Navigant Economics, Inc. Michael Sackheim Sidley Austin LLP Peter Y. Malyshev Latham & Watkins Robert Mass Goldman Sachs & Co. Robert Paul Tradeweb

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9:30 - 10:45 A.M. International Developments The international panel will focus on legislative and regulatory initiatives inside and outside the United States and their impacts on the financial services industries in the US, Canada, Europe and Asia. Panelists will compare and contrast a variety of regulatory proposals and will discuss their impact on competition, cost, legal certainty and

• risk. Panelists also will discuss global initiatives that influence the

legislative and regulatory work, including current work in standard setting bodies such as IOSCO. Chair: Jacqueline Mesa CFTC Panelists: Christopher Bates Clifford Chance LLP Andrea Corcoran Align International Ronald Filler New York Law School Kevin Fine Ontario Securities Commission Michael Otten Nomura 10:45 - 11:00 A.M. BREAK 11:00 A.M. – 12:30 P.M. Implementation of DFA: Biggest Challenges and Biggest Risks A wrap-up examination of the impact of the Dodd-Frank Act on the markets and market participants. Open issues and regulators’ next steps will be examined. Timing, litigation and legislative amendment potential will be addressed. Co-Chairs: Kenneth M. Raisler Sullivan & Cromwell LLP Panelists: Robert Pickel ISDA Edward Rosen Cleary Gottlieb, Steen & Hamilton LLP Jerrold Salzman Skadden, Arps, Slate, Meagher & Flom, LLP

• Hon. Mark P. Wetjen

CFTC Walter Lukken Futures Industry Association Philip McBride Johnson Former CFTC Chairman Lauren Teigland-Hunt Tiegland Hunt LLP 12:30 P.M. ADJOURN