Felix Shipkevich
Felix Shipkevich

Regulatory Roundup

Last summer, the financial sector was in knots over the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The largest financial regulation overhaul since FDR’s New Deal threw market participants into agonies of uncertainty about the future of the industry. One year later, and nearly two months after the mid-July deadline for many Dodd-Frank swaps rule-makings, many unanswered questions persist.

First Published: e-Forex Magazine 45 / Regulatory Roundup / October, 2011

By early June of this year, it was evident that the CFTC would not be able to finalize all the necessary rules before the July deadline. The Commission granted temporary relief to two specific categories of self-effective swaps rules. This extension expires in December, at which time rule-makers will have to re-evaluate the state of rule-making. In the same notice, rule-makers confirmed that any provision of Dodd-Frank requiring a rule-making would not go into effect until such a rule was completed, regardless of any extension.  CFTC However, the CFTC has not been idle. After a long interval between the fall of 2010 and the spring of 2011, when many rules were proposed but none were finalized, this summer saw the passage of a host of new swaps rules. This frenzy of activity has so far yielded more than ten rules, including:  •  Swap Data Repositories: Registration Standards, Duties and Core Principles •  Final Rules for Implementing the Whistleblower Provisions of Section...continued

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