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Edward G. Eisert, Lawrence B. Patent, Gordon F. Peery and Charles R. Mills
The primary objectives of Dodd-Frank are to bring about
greater transparency and to enable regulators to better manage individual
counterparty and broader systemic risks inherent in the OTC derivatives market.
The Dodd-Frank will accomplish these objectives by imposing substantial
requirements on OTC derivatives market participants, such as subjecting
derivatives to central clearing and exchange trading, and repealing exemptions
On July 15, 2010, the U.S. Senate passed by a 60-39 vote
the Dodd-Frank Wall Street Reform and Consumer Protection Act
("Dodd-Frank"), following earlier passage of the legislation by a 237
to 192 vote in the U.S. House of Representatives on June 30, 2010. On July 21,
2010, President Obama signed Dodd-Frank into law.
Dodd-Frank constitutes the most sweeping financial reform package since the
1930s. Title VII of Dodd-Frank, the Wall Street Transparency and Accountability
Act of 2010 ("Title VII"), brings about a complete overhaul of the
OTC derivatives market in the United States. The primary objectives of
Dodd-Frank are to bring about greater transparency and to enable U.S.
regulators to better manage individual counterparty and broader systemic risks
that are inherent in the OTC derivatives market.
The enactment of Dodd-Frank will not be the final word on the reform of
derivatives. Regulators will promulgate several dozen regulations to implement
Dodd-Frank, and Congressman Barney Frank (D-MA) recently stated that a
subsequent bill will be considered in early 2011 to make technical amendments
to Dodd-Frank and to clarify, inter alia, an important exception for
certain end-users from the requirement to centrally clear certain derivatives
that are currently traded over-the-counter ("OTC"). [footnote omitted]
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Edward G. Eisert, a partner in K&L Gates' New York City
office, focuses his practice on the representation of investment firms,
institutional investors, and U.S. and non-U.S. diversified, global financial
institutions, primarily with regard to investment management matters,
securities regulatory matters, capital markets/structured finance matters, and
joint ventures/mergers and acquisitions matters. Mr. Eisert began his career as
a law clerk to the Honorable Charles L. Brieant, U.S. District Court, S.D.N.Y.
Charles R. Mills is a partner in the Washington D.C. office of K&L
Gates. Mr. Mills' practice concentrates on securities and derivatives enforcement,
litigation, and regulatory counseling. His clients include public and private
companies and corporate officers, broker-dealers, investment advisers, hedge
funds, traders, energy marketers, commodity trading advisors and pool
operators, and other professionals and executives. He defends clients in
investigations and enforcement actions of the SEC, CFTC, FERC, DOJ, state
regulators and self-regulatory organizations and in private litigation and
arbitration. He also regularly represents clients in regulatory matters before
these agencies, counsels clients on regulatory compliance, including such
issues as disclosure, internal compliance procedures, regulatory audits,
trading rules, registration, fiduciary obligations and derivatives trading. He
has represented, as well, many companies in listing and de-listing proceedings
before the principal securities exchanges.
Anthony R.G. Nolan, a partner in K&L Gates' New York City office,
specializes in domestic and cross-border structured finance, structured products
Lawrence B. Patent is of counsel in the firm's Washington, D.C. office.
His principal areas of concentration are investment management, commodity
futures, financial services and derivatives matters. Mr. Patent's experience
includes substantial involvement with all of the Commodity Futures Trading
Commission (CFTC) regulations related to intermediaries, including registration
and fitness, sales practices, disclosure, reporting, recordkeeping, minimum
financial requirements, customer funds protection, international trading,
foreign currency, anti-money laundering, bankruptcy, risk assessment and
Gordon F. Peery is a partner in the Boston office of K & L Gates.
Mr. Peery works exclusively as a derivatives lawyer. He represents a wide range
of clients in the firm's Investment Management, Derivatives and Structured
Products practice groups and is a leader of the firm's Derivatives Task Force.
Mr. Peery runs the derivatives, prime brokerage and repurchase facility
training program within the firm.