Schiff Hardin LLP Client Alert:
Proposed Rulemaking for Derivatives Under the
The Dodd-Frank Act makes sweeping changes in the operations of the United States markets for over-the-counter ("OTC") derivatives and provides for elaborate regulation of participants in those markets. The CFTC and the SEC have proposed a series of new rules to implement the Dodd-Frank Act. The proposed new rules are of great importance to all who use OTC derivatives. They will determine whether a person's derivatives transactions must be cleared, traded on an exchange, and subjected to new margin requirements. They also will determine who must register with, and be regulated by, the CFTC and/or the SEC as a "major swap participant" or as a "swap dealer."
Because so much of the impact of the Dodd-Frank Act will depend on how the implementing rules are drafted by the CFTC, SEC and other federal regulators, it behooves all persons who engage in OTC derivatives transactions to keep informed about these rules as they are proposed. If such persons have a strong interest in particular areas, they should consider submitting written comments on the proposed rules to ensure that their views are known to the regulators.
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