Derivatives

LEADERS

Overview

Gibson Dunn’s Derivatives practice advises clients on regulatory, policy, transactional and enforcement matters related to all aspects of commodities and derivatives. The practice is comprised of lawyers with prior government experience at the U.S. Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), the Federal Energy Regulatory Commission (FERC), Capitol Hill and the White House. Regardless of how our clients use derivatives, we are uniquely equipped to provide cutting-edge legal, policy and compliance advice on all issues pertaining to their derivatives-related activities.

Our diverse client base includes swap dealers, commercial banks, investment banks, asset managers, private funds, sovereign wealth funds, commercial end-users, insurance companies and other financial end-users, market utilities, futures commission merchants and industry trade associations.

EXPERIENCE & RECENT REPRESENTATIONS

We help our clients solve complex regulatory compliance issues, answer difficult interpretive questions regarding derivatives and navigate government investigatory matters before the CFTC, the SEC and the U.S. federal banking agencies. In addition, we provide legislative advice on derivatives policy issues before the U.S. Congress. Our lawyers have firsthand experience drafting and interpreting Dodd-Frank Act regulations and working constructively with agency principals and staff in connection with the development of no-action relief and interpretive guidance. Additionally, we frequently engage with lawmakers and policymakers in the United States, Europe and other jurisdictions to inform them of the ways in which derivatives legislative and regulatory proposals would impact our clients. As a result of our engagement, we have guided beneficial legislative changes through to enactment. Indeed, we have drafted and been the lead advocates for some of the most significant changes to the Dodd-Frank Act since it was signed into law. We know how to build coalitions to get results.

Our lawyers are skilled in negotiating documentation relevant to the full range of over-the-counter and exchange-traded instruments, including equity derivatives, credit derivatives and total return products, commodities, interest rates and foreign exchange hedging, and credit- and equity-linked securities issuances. Our transactional representations have covered transaction negotiation, documentation and execution as well as ongoing legal risk management and enforcement (including defaults and close-outs), regulatory-inquiry response and litigation and bankruptcy-related work. We have deep familiarity not only with established products and structures, but also with the development and execution of innovative and “bespoke” products and risk management structures to address clients’ new or unique needs.

We have substantial experience handling CFTC and exchange enforcement investigations and related internal investigations. We defend claims brought under the Commodity Exchange Act by the CFTC and private plaintiffs, including class actions. Our enforcement and investigations team has decades of combined involvement in government enforcement and litigation against the CFTC, U.S. Department of Justice, U.S. Federal Trade Commission, UK regulators and others. Our lawyers’ knowledge of how government agencies conduct investigations and prosecute enforcement actions enables them to assist clients in successfully navigating those processes.

RECENT PUBLICATIONS

New York Adopts LIBOR Legislation

-April 9, 2021

The End Is Near: LIBOR Cessation Dates Formally Announced

-March 10, 2021

Cryptocurrency Developments: Office of Foreign Assets Control’s Recent Enforcement Cases Against Digital Asset Firms

-February 24, 2021

The Biden Administration: New Priorities in the Banking, Fintech and Derivatives Sectors

-February 16, 2021

Virtual Currency/Fintech Update: OCC Approves Anchorage Trust’s Charter Conversion and Expands the General Fiduciary Powers of National Banks

-January 26, 2021

What the CFTC’s Settlement with Vitol Inc. Portends about Enforcement Trends

-January 20, 2021

Proposal to Publish LIBOR Beyond 2021

-December 1, 2020

CFTC Division of Enforcement Issues New Guidance Regarding the Recognition of Cooperation, Self-Reporting, and Remediation in Enforcement Orders

-November 30, 2020

European Market Infrastructure Regulation for Derivatives End-Users – A Shift in Responsibility for Reporting

-June 15, 2020

CFTC Issues Proposed Rule on Speculative Position Limits on Derivatives

-March 3, 2020

CFTC Divisions Release No-Action Relief Related to LIBOR Transition: Summary and Analysis

-January 15, 2020

Brexit – Reporting of Derivatives under EMIR

-December 10, 2019

Treasury Releases Guidance on the Transition from LIBOR to Other Reference Rates

-October 16, 2019

Dodd-Frank 2.0: U.S. Agencies Revise the Volcker Rule on Proprietary Trading

-September 9, 2019

EMIR Refit Enters into Force on June 17, 2019 – Impacts and Action Items for End-Users

-June 5, 2019

Impact of CFTC’s Proposed Amendments to Swap Data Reporting Requirements on Reporting and Non-Reporting Counterparties

-May 16, 2019

Derivatives End-User’s Guide to the QFC Resolution Stay Requirements

-December 7, 2018

Financing Arrangements and Documentation: Considerations Ahead of Brexit

-October 11, 2018

The Commodities Activities of Banks: Comments on the Federal Reserve’s Notice of Proposed Rulemaking Reveal Key Concerns and Divides

-April 28, 2017