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Application of U.S. Fed’s QFC Rule on Common Clearing Agreements

27 November 2018 10:00am to 11:00am EST

Please join us for a webinar about the application of the U.S. Federal Reserve Board’s Qualified Financial Contract (“QFC”) stay rule to contracts used by clearing members in connection with their clearing and execution businesses. The webinar will cover the following, among other, topics: 

• The scope of the QFC stay rule; 
• The definition of in-scope QFC; 
• Prohibited cross-default provisions and prohibited contract transfer restrictions; 
• The express acknowledgment requirement for covered QFCs governed by non-U.S. law or with non-U.S. counterparties; 
• Compliance deadlines; 
• An overview of the FIA QFC project; 
• The exclusion of certain service contracts (give-up agreements and electronic access agreements) from the QFC definition; 
• The exclusion of contracts with central counterparties and financial market utilities from the amendment requirements of the QFC rule; 
• An analysis of whether customer and related agreements, including non-U.S. law agreements, contain prohibited provisions; and 
• Processes for amending customer agreements that contain prohibited provisions. 
 

Presenters:  Ana Alfonso, Neal Kumar and Paul Pantano of Willkie Farr & Gallagher

 

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