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What the New U.S. Swap Rules Mean for End Users of Swaps

Product Code - LGA156
Speaker(s): Hans Montag, Baker & McKenzie LLP; John McDonald, Baker & McKenzie LLP
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The new U.S. swap rules implemented as a result of the Dodd-Frank legislation constitute a seismic shift in the regulation of the financial industry and have broad implications on how derivatives can be used. While most provisions are directed at swap dealers and major swap participants, some rules affect companies that don't deal in or speculate with swaps but rather use swaps to hedge risks arising from their business operations. Some provisions are specifically directed at such end users.

End users will also enjoy more protections in their interactions with swap dealers but will have to make certain elections where they have to weigh the pros and cons of their choices.

Overall, swaps have moved into the spotlight for regulators and market participants alike, and it is crucial for any user of swaps to have a good basic understanding of the new regulatory environment that affects the entire market place.

Educational Objectives:

• Gain an overview of the new regulatory regime and how it impacts end users of swaps.
• Learn about the steps that end users need to take under the new rules.
• Get insight about how to protect interests when interacting with swap dealers.
• Understand the differing objectives of (and occasional tension between) the legal, tax and accounting rules for swaps.

Who would benefit most from attending this program?

Legal and compliance professionals acting on behalf of corporations and other end users of swaps; in-house counsel; those involved with securities, banking, and financial interests.

Program Level: Basic

Credit Available: CLE. For more information, please click on the “CLE Credit” tab.

Hans Montag, Baker & McKenzie LLP; John McDonald, Baker & McKenzie LLP

Hans Montag, Baker & McKenzie LLP

Hans Montag is a partner at Baker and McKenzie LLP, where he has specialized his practice in the structured finance and derivatives area for almost two decades. He focuses in particular on advising legal and treasury departments of large domestic and multinational companies on securitization and derivatives.

Mr. Montag earned a J.D. from New York University School of Law and also earned law degrees from the University of Cologne School of Law in Germany. He is admitted to practice in the State of New York and Germany.

John McDonald, Baker & McKenzie LLP

John McDonald is a partner at Baker & McKenzie LLP and has practiced in the international tax area for many years. He has experience in planning and defending large cross-border transactions and has worked on a number of large-scale cross-border mergers and acquisitions, spin-off and joint venture transactions.

Mr. McDonald earned a J.D. from Northwestern University School of Law and a B.S. in accounting from Marquette University. He also has passed the Certified Public Accountants exam. 

This program’s CLE-credit eligibility varies by state. Bloomberg BNA is an accredited provider in the states of New York, California, Pennsylvania, Texas and Virginia, and most other jurisdictions grant CLE credit on a per-program basis. At this time, Bloomberg BNA does not apply directly to the states of Florida, Rhode Island, Montana and Hawaii although credit is usually available for attorneys who wish to apply individually. Additionally, the following states currently do not grant credit for Bloomberg BNA OnDemand programming: Arkansas, Ohio, Nebraska, and Delaware. All requests are subject to approval once the live webinar has taken place or the customer has viewed the OnDemand version. Please contact the Bloomberg BNA accreditations desk if you have specific questions that have not been addressed.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditation Coordinator.

Hardship Policy
Bloomberg BNA offers a hardship policy for attorneys earning less than $50,000 per year. If an attorney wishes to take advantage of this option, he or she must contact Bloomberg BNA directly. For attorneys who are unemployed or earning less than $35,000 per year, a full discount off the price of the program will be awarded upon written proof of hardship. Attorneys earning between $35,000 and $50,000 per year will receive a 50% discount off the price of the program. Any attorney working in the public service sector also qualifies for a special price. If you have further questions regarding the hardship policy or seek additional information, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditations Coordinator, or email us at

For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at