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Schiff Hardin LLP Securities and Futures Regulation Group Legislative Update

Obama Administration's Proposed OTC Derivatives Legislation

On August 11, 2009, the U.S. Treasury Department transmitted to Congress proposed legislation that would adopt sweeping changes to how the markets for over-the-counter ("OTC") derivatives, and the participants in those markets, would be regulated in this country. The proposal contains legislative language to implement the recommendations relating to OTC derivatives that were contained in the Obama Administration's "White Paper" on financial regulatory reform that was issued on June 17, 2009. The draft legislation contains the Obama Administration's proposals for (a) which agencies should regulate OTC derivatives, (b) how the OTC derivatives markets should be regulated, (c) how participants in the OTC derivatives markets should be regulated, and (d) how smaller users of derivatives should be protected.

Schiff Hardin's Securities and Futures Regulation Group has prepared a summary of this 115-page draft bill.

Click here for a printable version of the summary (PDF).

For questions regarding the topics addressed in this Legislative Update, please contact any of the attorneys in Schiff Hardin's Securities and Futures Regulation Group.

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