Day 1 – Thursday, January 21, 2010
8:00 Registration Opens – Coffee Served
9:00 Co-Chairs’ Opening Remarks
Timothy Baron
Partner
Davies Ward Philips Vineberg LLP
Carol E. Derk
Partner
Borden Ladner Gervais LLP
9:15 Preparing and Responding to OTC Derivatives Regulatory Trends and Developments: What Steps Do You Need to Take?
Ian Cuillerier
Partner
White & Case LLP
Christopher J. Fowles
Partner
Torys LLP
- Exploring the latest developments in the regulation of OTC derivatives in the U.S.
- Comparing transparency issues in the market place before and after regulated central clearing: what challenges and opportunities does this create?
- Setting out the steps OTC derivatives dealers need to take under new regulations
- Successfully managing the interplay of securities commodities futures and insurance regulatory requirements
- Anticipating the response of market participants
10:15 Networking Refreshment Break
10:30 Mastering the Rules of the Game: The Legal Framework of OTC & Exchange-Traded Derivatives in Canada
Panel:
Timothy Baron
Partner
Davies Ward Philips Vineberg LLP
François Gilbert
Vice-President, Legal Affairs, Derivatives
Bourse de Montreal Inc.
Alana Hunt
Lawyer
Ogilvy Renault LLP
- Clarifying the scope of the legal framework as it applies to exchange-traded OTC derivatives
- Key legal issues relating to the clearing by a central counterparty of OTC and exchange-traded derivatives
- Navigating the provincial regulatory framework for OTC derivatives
- What you need to know about federal efforts to harmonize futures and securities in Canada
- Lessons gleaned from the Hockin Report
- Getting up to speed with the progress of the Canadian Securities Act
11:45 Exploring the Building Blocks of the Quebec Derivatives Act (QDA) and its Potential Impact on the Rest of Canada
Alix d’Anglejan-Chatillon
Partner
Stikeman Elliott LLP
- Identifying the key compliance requirements for OTC and exchange-traded products under the QDA
- Analyzing the “hybrid product” test for structured products
- Clarifying the conditions and mechanics of available exemptions
- Understanding the registration requirements under the QDA and their interaction with 31-103
- Top tools for managing transactions under the new requirements
- Examining the potential implications of the QDA for the rest of Canada
12:30 Networking Luncheon for Delegates and Speakers
Sponsored by:
1:30 The Latest in Derivatives Regulation in Ontario: Insights, Developments and Trends
Francesca Guolo
Partner
Goodmans LLP
- Examining the perspective and activities of the Ontario Securities Commission, including in the context of the Pan-Canadian Investors Committee for Third-Party Structured Asset Backed Commercial Paper
- Analyzing the registration reform proposals under National Instruments 31-103
- Delving into the amendments of the Commodity Futures Act
2:15 Networking Refreshment Break
2:30 Effectively Managing Counterparty Credit Risks to Minimize Legal and Business Risks
James Feehely
Senior Vice President of Canadian Structured Finance
DBRS Limited
George Kormas
Director Business Development
Canadian Derivatives Clearing Corporation
Candace Pallone
Counsel
McCarthy Tétrault LLP
- Strategies for avoiding termination of the swap and litigation
- Defining and applying suitability and KYC rules
- Lessons learned from current events
- Exploring the SWAP criteria for Canadian and global structured finance transactions
- Analyzing remedial actions when a Counterparty becomes downgraded
- Tools for managing and minimizing credit risks and counterparty downgrades
- Making the case for centralized clearing of OTC derivatives
- Gaining insights into the use of clearing houses for credit risk mitigation
- Best practices for achieving compliance with SWAP criteria
3:45 Leveraging Your Knowledge When Working with ISDA® Agreements
P. Jason Kroft
Partner
Stikeman Elliott LLP
- Top tips working with ISDA®’s Protocol on collateral dispute resolution and the various Protocols
- Gaining an understanding of the intricacies of the “Big Bang” and “Small Bang” Protocols
- Lessons learned from working with the new ISDA® Protocols
- Tips on using ISDA®’s Credit Support Annex as collateral
- Clarifying how counterparties proceed under the ISDA® Protocols when faced with an insolvency
4:45 Co-Chairs’ Closing Remarks
Conference Adjourns
Day 2 – Friday, January 22, 2010
8:30 Coffee Served
9:00 Co-Chairs’ Opening Remarks
Timothy Baron
Partner
Davies Ward Philips Vineberg LLP
9:15 Managing Insolvency Challenges and Credit Risks Brought by the Financial Crisis
Shahen A. Mirakian
Partner
McMillan LLP
Adam C. Maerov
Partner
McMillan LLP
- Understanding the impact of the credit crisis on the use and regulation of credit derivatives: what has changed?
- How has the financial crisis affected the use of collateral in derivatives transactions?
- Segregation of collateral and use of independent custodians
- Use and holding of independent amounts
- Dispute resolution mechanics
- Cash collateralization of derivatives: the situation following the Supreme Court of Canada decision in Caisse populaire Desjardins de l’Est de Drummond v. Canada
- Gaining insights into the protection available under legislation
- Special treatment of Eligible Financial Contracts in restructurings under the Bankruptcy and Insolvency Act and Companies’ Creditors Arrangement Act
- Exemption from stay of proceedings
- Preference protection
- Priming liens
- Equity derivatives
- Assessing the amendments to the Canadian Deposit Insurance Corporation Act
10:30 Networking Refreshment Break
10:45 Contracts for Difference (CFDs): A New Trading Tool in Canada?
Paul Hayward
Senior Legal Counsel, Corporate Finance
Ontario Securities Commission
Aaron Palmer
Partner
Blake, Cassels & Graydon LLP
- Understanding the mechanism of CFDs
- Analyzing the current regulatory framework under the Securities Act
- Identifying the pros and cons of using CFDs for Investors
- Examining the potential for growth of CFDs and Spread Betting in Canada
- Regulation of CFDs and Equity Derivatives under Take-Over Bid Rules
12:00 Networking Luncheon for Delegates and Speakers
1:15 Seizing New Opportunities: Carbon and Electricity Derivatives Trading
Barbara Hendrickson
Partner
McMillan LLP
- Updates on Gas and Electricity Derivatives Trading
- Analyzing the ISDA® Annex for oil and gas in Canada
- Preparing for carbon emissions trading in Canada:
- Clarifying the evolving framework for carbon trading
- Legal updates on the developing regulatory framework in the different provinces
- Understanding the mechanics of trading
- What is the projected cost of compliance and participation?
- Exploring the emissions allowance transactions documents and annexes
2:15 Networking Refreshment Break
2:30 Critical Tax Considerations to Optimize Your Gains from Derivatives Transactions
Barry N. Segal
Partner
Ogilvy Renault LLP
- Analyzing recent developments
- Learning about the characterization of derivatives and how to avoid mismatches
- Understanding the tax treatment of cross border derivatives
- Examining tax considerations when hedging foreign currency exposure
- Understanding the tax implications of default derivatives
3:30 Monitoring and Documenting Derivatives Transactions to Improve Your Operations and Reduce Risks
Fareena Rahim
Director, Global Documentation Unit
Bank of Nova Scotia
- OTC derivative life cycle from trade capture to trade confirmation
- Walk through of a trade from deal capture to confirmation
- What key aspects and controls for documentation should you keep in mind?
- Review of systems, processes and organizational models for documentation units
- Confirmation best practices to reduce operational risk
- Role of trade affirmation
- Electronic confirmation
- Master confirmation agreements
- Overview of industry targets
- Update on fed letter commitments and its impact on canadian counterparties
- Market solutions including central clearing, electronic novation and portfolio compression
- Review of confirmation targets and timelines
- Strategies for reducing risks liability by following effective due diligence requirements
- What key aspects of documentation should you keep in mind?
- Identifying the movement towards electronic confirmation
- ISDA®’s FPML and SWIFT
- How does it work?
- What happens when there is no perfect trade match and discrepancies arise?
- Gaining insights into the cross market monitoring between the underlying and future options
4:30 Co-Chairs’ Closing Remarks
Conference Concludes
Conference Details
