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| CFTC Advances Derivatives Reform |
by Glen Shapiro, LawAndTax-News.com, New York
Thursday, September 09, 2010
The United States’ Commodity Futures Trading Commission (CFTC) has announced
that it will begin publishing a list of all meetings that it has with outside
organizations regarding the implementation of the Dodd-Frank Wall Street Reform
and Consumer Protection Act.
The Wall Street Reform Act requires over-the-counter (OTC) derivatives dealers
to be strongly regulated for the first time, particularly with regard to capital
and margin requirements. OTC derivatives will be required to be traded on open
platforms and be submitted for clearing to central counterparties. The CFTC,
to which was given this regulatory responsibility, has recognized that a significant
number of rules will need to be written and implemented.
CFTC Chairman, Gary Gensler, has confirmed that “we have organized around
30 areas where we believe rules will be necessary. Some of these areas will
require only one rule, while others may require more. We will be required to
complete these rules generally in 360 days, though we will be required to complete
some of them in 90, 180 or 270 days.”
He also recently confirmed that “the CFTC is committed to promoting both
market and agency transparency. As we implement the Dodd-Frank Act, we will
make meetings that we have with outside organizations regarding the rule-writing
process public. We also will continue publishing materials provided to the CFTC
by outside organizations.”
Interested parties are being encouraged to provide input on the rule-writing
process and, since mid-July when the Act was passed, the CFTC has held meetings
with a wide range of Wall Street institutions and hedge funds that participate
in the OTC derivatives market, including industrial groups, such as the major oil groups,
that use derivatives in their businesses, and financial market associations,
state regulators and exchanges.
The matters under discussion have included technical matters, such as the definitions
to be used within the rules, registration requirements, record-keeping and core
rulemaking, interpretation and guidance, while other market participants have
spoken of their own views concerning the breadth of regulation required.
The CFTC has also been asked, for example, how it would address transitioning
to the new rules once they have been developed, and how it was coordinating
with foreign regulators to ensure consistency. Gensler has noted that the Act
provided for a minimum 60-day transition period, and that CFTC negotiators were
putting an emphasis on international harmonization.
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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