OTC Regulations: An Overview of the Financial Markets Act, Dodd Frank and EMIR


Audience: This course suits people in the legal and compliance teams as well as the operational teams (middle office) and front office who need to understand the new regulatory environment and how it will impact OTC derivatives and how they will be traded with their EU and US counterparts.

  • Why reducing systemic risk is important and how that can be achieved

  • An overview of the key components of the Financial Markets Act, Dodd Frank and EMIR regulations

  • Counterparty classification and definitions under the FMA, Dodd Frank and EMIR:

    • FMA – what an ODP, Counterparty and Client are

    • EMIR – Counterparty classification (FC, NFC+, NFC-), and requirements under EMIR for FC, NFC+ and NFC-

    • Dodd Frank – what a ‘US Person’ is; what elements of Dodd Frank will apply (specifically to SA Counterparties); what a Swap Dealer, Foreign Branch, Conduit Affiliate and Guaranteed Affiliate under Dodd Frank are 

  • Transaction level requirements and entity level requirements

  • What does substituted compliance mean and how does it operate under the FMA, EMIR and Dodd Frank?

  • What are the extraterritorial aspects of each of the regulatory regimes? What is a Third Country Entity?

  • End-User Exceptions 

  • Trade reporting: what it is, and what is required under the FMA, EMIR and Dodd Frank?

  • Collateral and Margin Rules: what is VM and IM and what does each regulatory regime require from a collateral perspective? Who is in-scope and who / what is exempt?

  • Central Clearing: an introduction to the concept and what each regulatory regime prescribes

  • The ISDA® protocols for regulatory compliance – when to use these and which are relevant for an SA Counterparty:

    • The Cross-border Swaps Representation Letter

    • EMIR NFC Representation Protocol, and the Portfolio Reconciliation Dispute Resolution and Disclosure Protocol

    • The EMIR Counterparty Classification Tool on ISDA® Amend

    • Summary of the various D-F Protocols and their relevance to SA Counterparties

    • The FATCA Protocol

    • The Universal Stay Protocol (including US Resolution Stay and the EU BRRD)

  • Issues and challenges with the new global regulatory environment


Outcomes: Delegates will gain a solid understanding of what regulatory changes will impact on the processes and documentation of OTC derivatives going forward. This is particularly useful as it gives delegates a South African focus on the global regulatory regimes and how these international regulations impact an SA counterpart.

Duration: 8 hours 


Cost: R9 000 pp (excl. VAT)



Online or In-person

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Modern Work Space


For a minimum of 5 delegates

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Da Vinci (Jhb) | Cellars-Hohenort (CT)

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A very informative presentation updating us on the changes to very complex legislation. Well done DeriviDoc!  

Roger Fuller Good, Head of Sales and Structuring, Nedbank

I would recommend Melissa’s training on Markets legislation as she has extensive knowledge and understanding of the context and is an excellent presenter.  

Sivakalay Pillay, VP, ABSA Capital

Excellent culmination of domestic and international information and impacts – important for a global economy.  

Kelly Robinson, Manager of

Strate Collateral