Broker Dealer Regulation

Regulation Topics

Agricultural Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
Agricultural Swaps Regulation Comment Letters White Papers Hearings & Testimony Agricultural Commodities Definition Regulation Swaps Regulation Swaps Definitions Regulation	On August 4, 2011, the CFTC held an open meeting to discuss three final rulemakings under the Dodd-Frank Act. Among the rules approved at the meeting was a final rule regarding agricultural swaps. Summary of the final rule, which will repeal and replace CEA Part 35, generally permitting the transaction of swaps in an agricultural commodity subject to all rules and regulations applicable to any other swap: New Part 35 will permit the transaction of swaps in an agricultural commodity subject to all provisions of the CEA – and any rule, regulation, or order thereunder – applicable to all other swaps. New Part 35 will also explicitly provide that swaps in an agricultural commodity may transact on a swap execution facility (SEF) and/or Designated Contract Market Regulation\|designated contract market]] (DCM) to the same extent that any other swap may transact on a SEF and/or DCM. At the August 4 meeting, the Commission only finalized the agricultural swaps piece of the proposed rules (repealing and replacing Part 35). The commodity options final rule was approved at a CFTC Open Meeting, April 18, 2012. more>	CFTC Final Rule: Agricultural Swaps CFTC Final Rule: Commodity Options Proposed Rule on Agricultural Swaps and Commodity Options Agricultural Commodities Definition Regulation Agricultural Swaps Regulation - ANPRM CFTC Open Meeting, April 18, 2012 CFTC Open Meeting, August 4, 2011 CFTC Open Meeting, July 7, 2011 CFTC Open Meeting, January 20, 2011 CFTC Open Meeting, October 19, 2010	Key dates vary. Click here to view all timelines.

Algorithmic Descriptions
Key Pages	Summary	Related Documents / Meetings	Key Dates
Algorithmic Descriptions Regulation Comment Letters White Papers Hearings & Testimony	On April 7, 2011, the CFTC and the SEC released a joint study on algorithmic derivatives descriptions. After conducting its analysis, which included meetings with industry leaders, regulators, and academics, as well as comments submitted by the public, the staff offered conclusions. more>	Algorithmic Descriptions Regulation - White Paper - CFTC/SEC: Joint Study on the Feasibility of Mandating Algorithmic Descriptions for Derivatives - April 7, 2011	Proposal Date: December 9, 2010 Comment Deadline: December 31, 2010 Study Issued: April 7, 2011

Asian Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
Asian Swaps Regulation Comment Letters White Papers Hearings & Testimony Swaps Regulation	In 2010, Singapore (Singapore Exchange Limited), China (Shanghai Clearing House), and India (Clearing Corporation of India) launched their own central counterparty clearing houses (CCPs) in order to regulate the derivatives market. Japan, Hong Kong, Korea, and Taiwan have created task forces to study setting up CCPs. more>

Asset-Backed Securities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Asset-Backed Securities Regulation Comment Letters White Papers Hearings & Testimony	At an open meeting on January 20, 2011, the SEC finalized rules requiring an issuer of asset-backed securities (ABS) to "perform a review of the assets underlying the ABS and disclose information relating to the review." Rules regarding shelf eligibility conditions for asset-backed securities were re-proposed on July 26, 2011. On October 13, 2010, the SEC adopted an interim final temporary Rule 13Aa-2T concerning the reporting of security-based swap data. Also introduced at this meeting was a new proposed rule to "mitigate conflicts of interest at security-based swap clearing agencies, security-based swap execution facilities, and national security exchanges that post or make available for trading security-based swaps." more>	SEC Final Rule: Disclosure for Asset-Backed Securities Required by Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act SEC Final Rule: Issuer Review of Assets in Offerings of Asset-Backed Securities SEC Interim Final Temporary Rule: Reporting of Security-Based Swap Transaction Data SEC Final Rule: Suspension of the Duty to File Reports for Classes of Asset-Backed Securities Under Section 15(d) of the Securities Exchange Act of 1934 Federal Register: Re-proposal of Shelf Eligibility Conditions for Asset-Backed Securities and Other Additional Requests for Comment Federal Register: Ownership Limitations and Governance Requirements for Security-Based Swap Entities	Key dates vary. Click here to view all timelines.

Banking Supervision
Key Pages	Summary	Related Documents / Meetings	Key Dates
Banking Supervision Regulation Comment Letters White Papers Hearings & Testimony	Subsequent to the financial crisis of 2008, stronger regulations regarding banking supervision have been implemented, or are in the process of implementation, with Dodd-Frank in the U.S., the European Banking Authority the European Securities and Markets Authority in the EU, the Financial Services Authority in the U.K., and international efforts at the Bank for International Settlements (BIS). more>	Financial Stability Oversight Council Vickers Commission Prudential Regulators Covered Swap Entities Regulation - Margin and Capital Requirements Volcker Rule Basel Committee on Banking Supervision Corporate Governance Regulation	Key dates vary. Click here to view all timelines.

Commodity Pool Operator
Key Pages	Summary	Related Documents / Meetings	Key Dates
Commodity Pool Operator Regulation Comment Letters White Papers Hearings & Testimony	Among the provisions of the Dodd-Frank Act are several requirements affecting commodity trading advisors (CTAs), commodity pool operators (CPOs) and investment advisors to private funds. The Securities and Exchange Commission submitted a proposed rule on systemic risk reporting requirements for private fund advisers including hedge funds, CPOs and CTAs in February 2011; the rules became finalized in October 2011. The Commodity Futures Trading Commission participated in the joint rulemaking with the SEC on the reporting requirements, and also proposed its own rules on certain compliance aspects for CPOs and CTAs. These rules were finalized in February 2012. more>	CFTC Final Rule: Registration and Compliance Obligations for Commodity Pool Operators and Commodity Trading Advisors CFTC Final Rule: Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting from the Dodd-Frank Act CFTC Final Rule: Registration and Compliance Obligations for Commodity Pool Operators and Commodity Trading Advisors SEC Final Rule: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF CFTC Proposed Rule: Harmonization of Compliance Obligations for Registered Investment Companies Required to Register as Commodity Pool Operators Private Fund Systemic Risk Reporting Regulation Commodity Trading Advisor Regulation Hedge Fund Regulation Form PF	Final Rule Issue: February 9, 2012 Effective Date: July 2, 2012 Compliance Date: December 2012

Commodity Trading Advisor
Key Pages	Summary	Related Documents / Meetings	Key Dates
Commodity Trading Advisor Regulation Comment Letters White Papers Hearings & Testimony	Among the provisions of the Dodd-Frank Act are several requirements affecting commodity trading advisors (CTAs), commodity pool operators (CPOs) and investment advisors to private funds. The Securities and Exchange Commission submitted a proposed rule on systemic risk reporting requirements for private fund advisers including hedge funds, CPOs and CTAs in February 2011; the rules became finalized in October 2011. The Commodity Futures Trading Commission participated in the joint rulemaking with the SEC on the reporting requirements, and also proposed its own rules on certain compliance aspects for CPOs and CTAs. These rules were finalized in February 2012. more>	[[[SEC Final Rule: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF]] CFTC Final Rule: Amendments to Commodity Pool Operator and Commodity Trading Advisor Regulations Resulting from the Dodd-Frank Act CFTC Final Rule: Registration and Compliance Obligations for Commodity Pool Operators and Commodity Trading Advisors Commodity Trading Advisor Regulation Hedge Fund Regulation Form PF Futures Commission Merchant Regulation	Final Rule Issue: February 9, 2012 Effective Date: July 2, 2012 Compliance Date: December 2012

Cross-Border Activities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Cross-Border Activities Regulation Comment Letters White Papers	Among the provisions of Title VII of the Dodd-Frank Act is a requirement that swaps reforms shall not apply to activities outside the United States unless those activities have “a direct and significant connection with activities in, or effect on, commerce of the United States.” The CFTC is tasked with developing a framework for oversight of the swaps market, and to adapt the Commodity Exchange Act to include swaps oversight. The SEC is tasked with developing a framework for oversight of security-based swaps, and to adapt the SEC regulations to include such oversight. The concern is that swap trading by foreign affiliates of large financial entities pose a systemic risk to the U.S., and thus should be under CFTC jurisdiction. This guidance is meant to be the starting point for discussion with market participants regarding the structure of cross-border jurisdiction. more>	CFTC Proposed Guidance: Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act, June 2012 SEC Proposed Rule: Cross-Border Security-Based Swap Activities Dodd-Frank Act NFA Proposed Rule: Protection of Customer Funds; Amendments to NFA Financial Requirements Section 4, August 2012 OTC Derivatives Regulation IOSCO Swaps Definitions Regulation Mandatory Clearing Regulation Margin requirements for non-centrally-cleared derivatives, second consultative document, February 2013 European Market Infrastructure Regulation	Key dates vary. Click here to view all timelines

Customer Protection
Key Pages	Summary	Related Documents / Meetings	Key Dates
Customer Protection Regulation Comment Letters White Papers Proposal Poses “Monumental” Challenge to FCMs, February 2013 A Layman's Guide to Regulation 1.25	After the financial crisis of 2008 and the passage of the Dodd-Frank Act in 2010, enhancing customer protection has emerged as a major issue. Dodd-Frank contains several provisions intended to restore confidence in the financial markets, including: Corporate governance issues such as Business Conduct Standards and Executive compensation; Anti-manipulation rules; Whistleblower rules; and Investment of Customer Funds. Subsequently, after failures at two futures commission merchants within one year - MF Global and Peregrine Financial - the safety of customer segregated funds has come into question by market participants. The CFTC announced additional customer protection regulations to be forthcoming. more>	CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations CFTC Proposed Rule: Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations Customer Protection Regulation - Study - Analysis of National Futures Association Audits of Peregrine Financial Group, January 29, 2013 NFA Proposed Rule: Protection of Customer Funds; Amendments to NFA Financial Requirements Section 4, August 2012 Derivatives Clearing Organizations Regulation Corporate Governance Regulation CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations CFTC Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management Business Conduct Standards Futures Commission Merchant Regulation	Key dates vary. Click here to view all timelines

Derivatives Clearing Organizations
Key Pages	Summary	Related Documents / Meetings	Key Dates
Derivatives Clearing Organizations Regulation Comment Letters White Papers Hearings & Testimony	The CFTC approved its first set of final DCO rules related to the Dodd-Frank Act at its October 18, 2011 open meeting. The final rules cover these five proposed rules: Requirements for Processing, Clearing, and Transfer of Customer Positions Risk Management Requirements for Derivatives Clearing Organizations General Regulations and Derivatives Clearing Organizations Information Management Requirements for Derivatives Clearing Organizations Financial Resources Requirements for Derivatives Clearing Organizations more>	CFTC Final Rule: Process for Review of Swaps for Mandatory Clearing CFTC Final Rule: Derivatives Clearing Organization General Provisions and Core Principles CFTC Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management CFTC Open Meeting, July 19, 2011 OTC Derivatives Regulation Swap Entities Regulation Review of Swaps for Mandatory Clearing Chart: Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs	Key dates vary. Click here to view all timelines.

Designated Contract Market
Key Pages	Summary	Related Documents / Meetings	Key Dates
Designated Contract Market Regulation Comment Letters White Papers Hearings & Testimony Swaps Definitions Regulation Swap Execution Facilities Regulation	At an open meeting on May 10, 2012, the CFTC finalized rules, guidance and acceptable practices under Dodd-Frank Act that, among other things, amend Section 5 of the Commodity Exchange Act ("CEA") concerning designation and operation of contract markets, and add a new CEA Section 2(h)(8) to include the listing, trading and execution of swaps on designated contract markets. The rules were originally proposed on December 1, 2010. more>	CFTC Final Rule: Provisions Common to Registered Entities CFTC Final Rule: Core Principles and Other Requirements for Designated Contract Markets CFTC Open Meeting, May 10, 2012 CFTC Proposed Rule: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade	Key dates vary. Click here to view all timelines.

Disruptive Trading Practices
Key Pages	Summary	Related Documents / Meetings	Key Dates
Disruptive Trading Practices Regulation Comment Letters White Papers Hearings & Testimony	At an open meeting on February 24, 2011, the CFTC proposed an interpretive order regarding disruptive trading practices. The proposal defines as disruptive any practice that: violates bids or offers; demonstrates intentional or reckless disregard for orderly execution; or is of the character of, or is commonly known to the trade as, “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution). At a May 16, 2013 open meeting, the commission issued interpretive guidance on disruptive trade practices. The guidance summary can be found HERE. more>	CFTC Open Meeting, October 26, 2010 CFTC Open Meeting, February 24, 2011 Federal Register: Proposed Interpretive Order on Disruptive Trading Practices Market Manipulation Regulation	Proposal Date: March 18, 2011 Comment Deadline: May 17, 2011 Final Rule Issue: First Qtr. 2012

Dodd-Frank Act
Key Pages	Summary	Related Documents / Meetings	Key Dates
Dodd-Frank Act Comment Letters White Papers Hearings & Testimony	The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), named after Senate Banking Committee Chairman Chris Dodd and Chairman of the House Financial Services Committee Barney Frank, was signed into law by President Barack Obama on July 21, 2010. more>	Goldman Sachs Global Markets Institute: Effective Regulation, Parts 1-5 SEC: Organizational Study and Reform CFTC Office of the Inspector General - Dodd-Frank Cost-benefit Analyses - April 15, 2011 FSOC - White Papers	Proposal Date: December 2, 2009 Passed U.S. House of Representatives: December 11, 2009 Passed U.S. Senate: May 20, 2010 Final Law: July 21, 2010

End-User Exception to Mandatory Clearing
Key Pages	Summary	Related Documents / Meetings	Key Dates
End-User Exception to Mandatory Clearing Comment Letters White Papers Hearings & Testimony Interpretive Guidance on Product Definitions - Summary Table	The Dodd-Frank Act requires, among other things, that the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), create and implement rules regarding mandatory clearing of swaps transactions. A major topic of contention has been whether end-users should be granted an exception to the Dodd-Frank requirement for mandatory clearing of swap transactions. At its July 10, 2012 open meeting the CFTC approved a final rulemaking that implements an exception to the clearing requirement for non-financial entities and small financial institutions that use swaps to hedge or mitigate commercial risk ("commercial end-users"). more>	Swaps Review Regulation CFTC Final Rule: End-User Exception to the Clearing Requirement for Swaps SEC Proposed Rule on End-User Exception SEC Open Meeting, December 15, 2010 CFTC Open Meeting, December 9, 2010	Key dates vary. Click here to view all timelines.

European Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
European Swaps Regulation Comment Letters White Papers Hearings & Testimony Swaps Regulation	The major institutions in charge of designing and implementing swaps regulation in Europe are the Financial Services Authority (FSA), International Organization of Securities Commissions (IOSCO), Futures and Options Association (FOA), the European Commission, and the European Securities and Markets Authority (ESMA). more>	European Credit Default Swap Regulation FSA (UK) European Securities and Markets Authority Swaps Regulation - White Paper - European Central Bank - Credit Default Swaps and Counterparty Risk - August 2009 Corporate Governance Regulation European Securities Regulation - UCITS - July 9, 2009

Executive Compensation
Key Pages	Summary	Related Documents / Meetings	Key Dates
Executive Compensation Regulation Comment Letters White Papers Hearings & Testimony	Title IX of the Dodd-Frank Act aims to update and enhance investor protection and improve protections in U.S. securities markets. Among its provisions are five sections related to executive compensation: Section 951, which requires advisory votes of shareholders about executive compensation and golden parachutes; Section 952, which requires disclosure about the role of, and potential conflicts involving, compensation consultants; Section 953, which requires disclosure on compensation practices such as pay-for-performance and ratios between CEO and median compensation; Section 954, which aims to require compensation claw-back policies; and Section 955, which requires disclosure about whether company directors are permitted to hedge decreases in market value of the company's stock. In 2011 and 2012 the Securities and Exchange Commission (SEC) first proposed and then began finalizing rules related to executive compensation. more>	SEC Open Meeting, January 25, 2011 SEC Open Meeting, March 2, 2011 SEC Open Meeting, March 30, 2011 Shareholder Approval of Executive Compensation and Golden Parachute Compensation Listing Standards for Compensation Committees Incentive-Based Compensation Arrangements	Key dates vary. Click here to view all timelines.

Financial Benchmarks
Key Pages	Summary	Related Documents / Meetings	Key Dates
Financial Benchmark Regulation Comment Letters White Papers Hearings & Testimony	Discussions surrounding possible changes in the regulation of financial benchmarks such as the London Interbank Offered Rate (LIBOR) began in 2012, in the wake of an ongoing scandal involving widespread manipulation of rate submissions by participant banks. While the initial round of fines assessed by regulators such as the CFTC and U.K. Financial Services Authority against Barclays, UBS and the Royal bank of Scotland concentrated on manipulation of LIBOR, the scandal has since widened to include other financial benchmarks such as Euribor, Yen Libor and Swiss Libor. In January 2013, the International Organization of Securities Commissions (IOSCO) published a consultation report and request for comment on financial benchmarks. The report, which included 41 questions upon which market participants are invited to comment, is IOSCO's first step in the setting of policy guidance and principles for benchmarks. On April 16, 2013, IOSCO released its draft Principles for Financial Benchmarks. The deadline for public comment is May 16, 2013. more>	The LIBOR Scandal: Trying to Make Sense So Far - Neal Wolkoff, July 2012 International Organization of Securities Commissions Corporate Governance Regulation Banking Supervision Regulation Commodity Futures Trading Commission Financial Benchmark Regulation - Paper - Principles for Financial Benchmarks - IOSCO, April 2013	First Report Released: January 11, 2013 Consultation Released: April 16, 2013 Comment Deadline: May 16, 2013

Futures Commission Merchant
Key Pages	Summary	Related Documents / Meetings	Key Dates
Futures Commission Merchant Regulation Comment Letters White Papers Hearings & Testimony A Layman's Guide to Regulation 1.25	In accordance with Title VII of the Dodd-Frank Act, the CFTC has issued several rulemakings and proposed rule changes affecting or involving activities of futures commission merchants (FCMs). A final rule regarding the investment of customer funds was approved at the commission's December 5, 2011 open meeting. Additionally, at its January 11, 2012 open meeting, the CFTC approved its final rules on the protection of cleared swaps customer collateral in the case of a broker bankruptcy. At its February 23, 2012 open meeting, the CFTC approved its final rules on certain internal business conduct standards for swap dealers, major swap participants and futures commission merchants. These rules include conflicts of interest and compliance responsibilities. Finally, at its March 20, 2012 open meeting, the CFTC approved a final rulemaking covering clearing member risk management, clearing documentation and timing of acceptance for clearing, and allocation of bunched orders. more>	CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations CFTC Final Rule: Designation of Chief Compliance Officer and Preparation of Annual Compliance Report CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations CFTC Final Rule: Protection of Cleared Swaps Customer Contracts and Collateral; Conforming Amendments to the Commodity Broker Bankruptcy Provisions CFTC Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management Conflicts of Interest Designated Contract Market Regulation	Key dates vary. Click here to view all timelines

FX Swaps
Key Pages	Summary	Related Documents / Meetings	Key Dates
FX Swaps Regulation Comment Letters White Papers Hearings & Testimony	The Dodd-Frank Act requires most swaps to be traded on an exchange or on a similar system and then guaranteed by a clearinghouse, where the parties would be required to post collateral. However, the act allows the Secretary of the Treasury to make a final determination as to whether foreign exchange transactions should be granted an exemption from the Dodd-Frank definition of swaps. On November 16, 2012, the U.S. Department of the Treasury issued it final determination that effectively exempts FX swaps and forwards from mandatory derivatives requirements, including central clearing and exchange trading. more>	Off-Exchange Forex Regulation	Proposal Date: October 28, 2010 Comment Deadline: November 29, 2010 Proposed Determination: April 29, 2011 Final Rule Issue: November 16, 2012

Hedge Funds
Key Pages	Summary	Related Documents / Meetings	Key Dates
Hedge Fund Regulation Comment Letters White Papers Hearings & Testimony Investment Advisers Regulation Private Fund Systemic Risk Reporting Regulation Commodity Pool Operator Regulation Family Office Definition	As mandated by Title IV of the Dodd-Frank Act, the SEC and CFTC have been tasked with creating a framework for the registration and systemic risk mitigation of hedge funds and other private funds. Additionally, the SEC is charged with rulemaking authority for Investment Advisers, and exemption thresholds for family offices, accredited investors, and venture capital funds. Information from systemically significant private funds will be shared with regulators, and the Financial Stability Oversight Council (FSOC). As of December 2011, five rulemakings have been finalized, including: Implementing Amendments to the Investment Advisers Act - Hedge Fund Registration, Registration and Reporting Exemptions, SEC final rule on private fund systemic risk reporting, and Family Offices Net Worth Standard for Accredited Investors more>	SEC Final Rule: Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers SEC Final Rule: Rules Implementing Amendments to the Investment Advisers Act of 1940 SEC Final Rule: Family Offices SEC Final Rule: Net Worth Standard for Accredited Investors SEC Final Rule: Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF SEC Open Meeting, June 22, 2011 SEC Open Meeting, October 26, 2011 Form PF	Key dates vary. Click here to view all timelines.

High Frequency Trading
Key Pages	Summary	Related Documents / Meetings	Key Dates
High Frequency Trading Regulation Comment Letters White Papers Hearings & Testimony	In the wake of the "Flash Crash" of May 6, 2010, the SEC and CFTC formed a joint committee to study emerging regulatory issues. Its conclusions and recommendations, which were released on February 18, 2011, included several areas addressing HFT, including: the implementation of minimum quoting requirements by market makers; restrictions on co-location and direct access; liquidity rules such as penalties for rapid order cancellation; and a request for further study and potential regulatory changes. more>	CFTC Open Meeting, October 26, 2010 CFTC Open Meeting, February 24, 2011 Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues - White Paper - Recommendations Regarding Regulatory Response to the Market Events of May 6, 2010 - February 18, 2011 Disruptive Trading Practices Regulation	Proposal Date: March 18, 2011 Comment Deadline: May 17, 2011 Final Rule Issue: First Qtr. 2012

Investment Advisers
Key Pages	Summary	Related Documents / Meetings	Key Dates
Investment Advisers Regulation Comment Letters White Papers Hearings & Testimony	The SEC meeting on June 22, 2011 finalized rules concerning amendments to the Investment Advisers Act of 1940, as well as registration exemptions for reporting by certain investment advisers. An SEC notice concerning investment adviser performance compensation regulation was published on May 10, 2011. The comment deadline for this proposal is July 11, 2011. more>		Key dates vary. Click here to view all timelines.

Mandatory Clearing
Key Pages	Summary	Related Documents / Meetings	Key Dates
Mandatory Clearing Regulation Comment Letters White Papers Hearings & Testimony Swaps Regulation - End-User Exception to Mandatory Clearing	One of the provisions of the Dodd-Frank Act is an amendment to the Commodity Exchange Act that would prohibit swap transactions unless it were submitted to a Derivatives Clearing Organization (DCO) for clearing, or if the swap met one of the requirements for exemption. In separate meetings, the SEC and CFTC issued final rules regarding the process for review of swaps for mandatory clearing. more>	CFTC Final Rule: Process for Review of Swaps for Mandatory Clearing SEC Final Rule: Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing CFTC Final Determination: Clearing Requirement for Credit Default Swaps and Interest Rate Swaps CFTC Final Rule: Inter-Affiliate Clearing Exemption Swap Transaction Regulation - Clearing Requirement - Comment Letters Swaps Regulation - End-User Exception to Mandatory Clearing Swaps Definitions Regulation - Interpretive Guidance on Product Definitions - Summary Table	Key dates vary. Click here to view all timelines.

Margin and Capital Requirements
Key Pages	Summary	Related Documents / Meetings	Key Dates
Margin and Capital Requirements Regulation Covered Swap Entities Regulation - Margin and Capital Requirements Swap Dealers and Major Swap Participants Regulation CFTC Proposed Rule: Margin for Uncleared Swaps SEC Proposed Rule: Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants	One of the mandates of Title I of the Dodd-Frank Act is that the appropriate regulators develop a framework for swap dealers and major swap participants, which would include the setting of margin and capital requirements. Entities under the jurisdiction of a prudential regulator such as the FDIC would follow its rules. All other swaps would be under the jurisdiction of the CFTC and SEC. For more information, see the summary table of swaps definitions. more>	Prudential Regulators Covered Swap Entities Regulation - Comment Letters Swap Dealers and Major Swap Participants Regulation - Capital Requirements - Comment Letters Swap Dealers and Major Swap Participants Regulation - Margin Requirements for Uncleared Swaps - Comment Letters Federal Register: Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants Capital Requirements of Swap Dealers and Major Swap Participants	Key dates vary. Click here to view all timelines

Market Manipulation
Key Pages	Summary	Related Documents / Meetings	Key Dates
Market Manipulation Regulation Comment Letters White Papers Hearings & Testimony Disruptive Trading Practices Regulation	Section 753 of the Dodd-Frank Act gives the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) the authority to monitor and enforce "manipulative and deceptive" practices in the swaps, security-based swaps, and commodities markets. The rules are intended to mirror the SEC's Rule 10b-5, a powerful regulation used to combat fraud and manipulation in securities markets. more>	CFTC Final Rule: Anti-Manipulation and Anti-Fraud High Frequency Trading Regulation CFTC Open Meeting, October 26, 2010 CFTC Open Meeting, July 7, 2011 SEC Open Meeting, November 3, 2010	Proposal Date: March 18, 2011 Final Rule Issued: July 14, 2011 Effective Date August 15, 2011

OTC Derivatives
Key Pages	Summary	Related Documents / Meetings	Key Dates
OTC Derivatives Regulation Comment Letters White Papers Hearings & Testimony	OTC derivatives are instruments traded in venues other than on organized exchanges, or designated contract markets. Subsequent to financial crises, which many say were exacerbated by the "opacity" of the unregulated OTC markets, regulators in the United States and abroad have begun enacting and implementing rules concerning OTC derivatives. Most notably, these regulations include the Dodd-Frank Act in the U.S., Markets in Financial Instruments Directive (MiFID) and EMIR in Europe, and international efforts such as Basel III. more>	CFTC Final Rule: Process for Review of Swaps for Mandatory Clearing CFTC Final Rule: Derivatives Clearing Organization General Provisions and Core Principles CFTC Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management Chart: Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs Dodd-Frank Act Swap Entities Regulation Basel III Bank for International Settlements	Key dates vary. Click here to view all timelines.

Off-Exchange Forex
Key Pages	Summary	Related Documents / Meetings	Key Dates
Off-Exchange Forex Regulation Comment Letters White Papers Hearings & Testimony Futures Commission Merchant Regulation	On September 10, 2010, the CFTC approved its final rules regarding off-exchange retail foreign exchange transactions. Although the rulemaking pre-dated the Dodd-Frank Act, once the Act was signed in July 2010, the commission's forex rules, along with the forex rules of other regulatory authorities, became a part of Dodd-Frank. Under Dodd-Frank, the CFTC will have jurisdiction over retail foreign exchange transactions, except in the case of entities which fall under the authority of one of the following regulatory agencies ("Prudential Regulators"): Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Fed); Federal Deposit Insurance Corporation (FDIC); Farm Credit Administration (FCA); and Federal Housing Finance Agency (FHFA) The Act requires that such rules include appropriate requirements with respect to disclosure, record keeping, capital and margin, reporting, business conduct, documentation, and any other standards or requirements as Federal regulatory agencies shall determine to be necessary. more>	FX Swaps Regulation	Key dates vary. Click here to view all timelines.

Orderly Liquidation Authority
Key Pages	Summary	Related Documents / Meetings	Key Dates
Orderly Liquidation Authority Regulation Comment Letters White Papers Hearings & Testimony	In accordance with Title II of the Dodd-Frank Act, the FDIC is required to establish rules regarding the orderly liquidation in case of a default of a "covered financial company," which is defined as financial company that poses significant risk to the financial stability of the United States. The Act outlines the process for the orderly liquidation of such a covered financial company following the FDIC’s appointment as receiver and provides for additional implementation of the orderly liquidation authority (OLA) by rulemaking. more>	CFTC Open Meeting, January 13, 2011 CFTC Open Meeting, January 20, 2011 FSOC Proposed Rule: Assessment of Fees on Large Bank Holding Companies and Nonbank Financial Companies Supervised by the Federal Reserve Board to Cover the Expenses of the Financial Research Fund Federal Register: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants FDIC Final Rule: Certain Orderly Liquidation Authority Provisions under Dodd-Frank Act FDIC Proposed Rule: Calculation of Maximum Obligation Limitation	Key Dates vary. Click here to view all timelines

Position Limits
Key Pages	Summary	Related Documents / Meetings	Key Dates
Position Limits Regulation Comment Letters White Papers Hearings & Testimony	Position limits are intended to protect futures markets from excessive speculation that could cause unreasonable or unwarranted price fluctuations and are sometimes referred to as "speculative position limits", or "speculative limits". The Commodity Exchange Act (CEA) authorized the CFTC to impose limits on the size of speculative positions in futures markets. The CFTC issued its final rules on position limits in October 2011. Compliance for spot month positions was to become effective on October 12, 2012, but in September 2012, a U.S. District Court vacated the rule and remanded it back to the CFTC. more>	CFTC Final Rule: Position Limits for Futures and Swaps CFTC Open Meeting, December 16, 2010 CFTC Open Meeting, January 13, 2011 CFTC Open Meeting, October 18, 2011 Federal Register: Position Limits for Derivatives CFTC Final Rule: Large Trader Reporting Federal Register: Position Reports for Physical Commodity Swaps	Interim and Final Rule: November 18, 2011 Comment Deadline: January 17, 2012 Effective Date: January 17, 2012

Swap Data
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Data Regulation Comment Letters White Papers Hearings & Testimony	Among the mandates of the Dodd-Frank Act are requirements that regulatory agencies such as the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) create a framework for the transmission, submission, and storage of swap data. As of December 20, 2011, the CFTC had finalized three swap data rulemakings - Registration and Regulation of Swap Data Repositories, Swap Data Recordkeeping and Reporting Requirements and Real-Time Public Reporting of Swap Transaction Data. The SEC has issued two rule proposals regarding the security-based swap data repositories (SDRs) and the reporting and dissemination of swap data through Regulation SBSR. Neither rulemaking has been finalized. more>	CFTC Final Rule: Registration and Regulation of Swap Data Repositories CFTC Open Meeting, December 20, 2011 CFTC Open Meeting, August 4, 2011 Swap Execution Facilities Regulation CFTC Final Rule: Real-Time Public Reporting of Swap Transaction Data CFTC Final Rule: Swap Data Recordkeeping and Reporting Requirements CFTC Proposed Interpretive Statement: Swap Data Repository Confidentiality and Indemnification	Key dates vary. Click here to view all timelines.

Swap Dealers and Major Swap Participants
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Dealers and Major Swap Participants Regulation Comment Letters White Papers Hearings & Testimony	The Commodity Futures Trading Commission CFTC has issued numerous rulemakings under Dodd-Frank regarding swap dealers and major swap participants (SD/MSPs) at several meetings between 2010 and 2012. The issues discussed were: duties; registration; conflicts of interest; required compliance policies; reporting and recordkeeping; further defining “swap dealer,” “major swap participant” and “eligible contract participant”; business conduct standards, confirmation; confirmation, reconciliation and compression; swap trading relationship documentation; orderly liquidation termination; and margin requirements for uncleared swaps. The Securities and Exchange Commission (SEC) has also issued several rulemakings regarding security-based swap dealers and major swap participants (SB-SD/MSPs). Topics for which rules have been proposed but not finalized include business conduct standards, registration, and swap entity definitions (joint rule with CFTC). The final rulemaking on swap entity definitions, also issued jointly between the CFTC and SEC, was issued on April 18, 2012. In late 2011, the CFTC began issuing final rules pertaining to SD/MSPs. As of September 2012, the CFTC had finalized all rules except those pertaining to uncleared swaps, margin and capital requirements. Aside from the definitions rules, which were approved jointly with the CFTC, the SEC has not finalized any rules. Topics for which a final rulemaking has been issued can be found in the alert box at the top of the page. Summaries and links can also be found below. For a comprehensive timeline of swap regulation, visit the Topics Related to Swaps Regulation page. more>	CFTC Open Meeting, November 10, 2010 CFTC Open Meeting, December 1, 2010 CFTC Open Meeting, December 9, 2010 CFTC Open Meeting, December 16, 2010 CFTC Open Meeting, January 13, 2011 CFTC Open Meeting, January 20, 2011 CFTC Office of the Inspector General - Dodd-Frank Cost-benefit Analyses - April 15, 2011 Definitions of Swap-Related Terms Registered Swap Entities	Key dates vary. Click here to view all timelines.

Swap Entities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Entities Regulation Comment Letters White Papers Hearings & Testimony Swap Execution Facilities Regulation Derivatives Clearing Organizations Regulation Designated Contract Market Regulation Covered Swap Entities Regulation - Margin and Capital Requirements	Swaps regulation is part of the Dodd-Frank Act and has fallen under the jurisdiction of various regulatory agencies such as the CFTC and the SEC. Other agencies are also addressing swap execution facilities such as the Financial Services Authority (FSA) and European Commission. Among the proposed rules and rule changes, many are written to specifically address a certain type of swap entity, such as a swap execution facility (SEF), designated contract market (DCM), derivatives clearing organization (DCO) or swap data repository (SDR). more>	SEC Open Meeting, October 13, 2010 CFTC Open Meeting, December 9, 2010 CFTC Open Meeting, April 27, 2011 CFTC Open Meeting, July 19, 2011 CFTC Final Rule: Provisions Common to Registered Entities Governance Requirements Federal Register: Clearing Agency Standards for Operation and Governance	Key dates vary. Click here to view all timelines.

Swap Execution Facilities
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swap Execution Facilities Regulation Comment Letters White Papers Hearings & Testimony	Swap execution facilities (SEFs) were given life by the Dodd-Frank Act, which requires over-the counter (OTC) swaps to be cleared and traded on this new type of regulated platform. Any swap that clears must trade on designated contract market or a SEF. The CFTC has been given the responsibility to monitor swap execution facilities; the SEC has jurisdiction over security-based SEFs. The CFTC finalized several execution rules at its May 16, 2013 open meeting, including SEF Core Principles, the "made available to trade" provision and block trade rules. more>	Federal Register: Core Principles and Other Requirements for Swap Execution Facilities CFTC Open Meeting, December 9, 2010 CFTC Open Meeting, December 16, 2010 CFTC Open Meeting, December 5, 2011 CFTC Proposed Rule: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade Swap Execution Facilities - A Comparison of CFTC and SEC Rule Proposals Registered Swap Entities	Key dates vary. Click here to view all timelines.

Swaps Definitions
Key Pages	Summary	Related Documents / Meetings	Key Dates
Swaps Definitions Regulation Comment Letters White Papers Hearings & Testimony	In accordance with the Dodd-Frank Act, the CFTC and the SEC, in consultation with the Board of Governors of the Federal Reserve System, have proposed rules and interpretative guidance under the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant." Under Dodd-Frank, the SEC will have jurisdiction over "security-based" swaps, and the CFTC will have jurisdiction over all other swaps, except for a category known as "mixed swaps" which may have both security-based and non-security-based components. For mixed swaps, the two agencies will have joint oversight responsibilities. Swaps definitions fall into two categories. "Entity definitions" detail which firms and individuals fall are considered to be subject to dealer and swap participant rules. "Product definitions" detail the types of transactions that are considered to be swaps, security-based swaps, and mixed swaps, and also which products may be exempt from agency oversight. more>	CFTC/SEC Joint Final Rule on Swap Entity Definitions CFTC/SEC Joint Final Rule on Swap Product Definitions CFTC Open Meeting, July 10, 2012 CFTC Open Meeting, April 18, 2012 SEC Open Meeting, April 18, 2012 Swaps Definitions Regulation - Interpretive Guidance on Product Definitions - Summary Table Swaps Definitions Regulation - Stable Value Contracts	Proposal Date: December 22, 2010 Comment Deadline: February 22, 2011 Final Rule Issue: April 2012

Volcker Rule
Key Pages	Summary	Related Documents / Meetings	Key Dates
Volcker Rule Comment Letters Financial Stability Oversight Council	On October 12, 2011, the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency issued its proposed regulation to implement Section 619 of the Dodd-Frank Act, the so-called "Volcker Rule," which would prohibit banking entities from engaging in proprietary trading of derivatives and limit the ownership or sponsorship of hedge funds and other private funds to three percent of Tier 1 capital. The document proposes which entities will be subject to the prohibitions, and explains the types of financial transactions that will be exempt from the bans. The proposal seeks comment from the public and market participants on 394 questions on such topics as definitions of banking entities, exemptions, types of activities covered under the rule, and compliance considerations. The deadline for public comment was originally set for January 13, 2012, but on December 23, 2011, the House Financial Services Committee requested a 30-day extension to February 13, 2012. The Dodd-Frank Act mandates that the rule become effective on July 21, 2012, followed by a two-year compliance transition. more>	SEC Open Meeting, October 12, 2011 Commentary: Getting Serious About the Volcker Rule, February 2012 Commentary: Mining the Volcker Rule Hearing for Nuggets, January 2012 CFTC Proposed Rule: Regarding Prohibitions and Restrictions on Proprietary Trading (Volcker Rule) FSOC - White Paper - Study & Recommendations Regarding Concentration Limits on Large Financial Companies - January 2011 Dodd-Frank Act - White Paper - J.P.Morgan Cazenove: Regulatory Arbitrage series: OW European over US IBs	Proposal Date: October 12, 2011 Comment Deadline: February 13, 2012 Final Rule Issue: July 2012

Whistleblower Provisions
Key Pages	Summary	Related Documents / Meetings	Key Dates
Whistleblower Provisions Regulation Comment Letters White Papers Hearings & Testimony	At an open meeting on August 4, 2011, the CFTC approved its final rule on its whistleblower program. The rule maintains the “discretionary power” of the Commission with regard to the amount awarded to informants. At an open meeting on May 25, 2011, the SEC issued its final rule under which the whistleblower, in order to be eligible, must "voluntarily provide the SEC with original information that leads to the successful enforcement by the SEC of a federal court or administrative action in which the SEC obtains monetary sanctions totaling more than $1 million.” more>	CFTC Open Meeting, August 4, 2011 SEC Open Meeting, May 25, 2011 CFTC Final Rule: Whistleblower Incentives and Protection SEC Final Rule: Securities Whistleblower Incentives and Protections Whistleblower Provisions Regulation Proposed Rules - CFTC and SEC Shareholder Approval of Executive Compensation and Golden Parachute Compensation	Key dates vary. Click here to view all timelines.

Organizations

Bank for International Settlements (BIS)
Key Pages	Summary	Related Documents	Meetings
Bank for International Settlements Banking Supervision Regulation Banking Supervision Regulation - White Papers OTC Derivatives Regulation	The Bank for International Settlements (BIS) is an international organization, established in 1930, that fosters the cooperation of central banks and international financial institutions. While headquartered in Basel, Switzerland, the BIS has two representative offices in the Hong Kong and Mexico City. The BIS assists central banks and other official monetary institutions in the management of their foreign exchange and gold reserves. more>	High Frequency Trading Regulation - White Paper - Bank for International Settlements - High-frequency trading in the foreign exchange market, September 2011 Corporate Governance Regulation - Paper - Bank for International Settlements - The Governance of Financial Regulation:Reform Lessons fron the Recent Crisis - November 2010 OTC Derivatives Regulation - White Paper - Bank for International Settlements - Collateral requirements for mandatory central clearing of over-the-counter derivatives - March, 2012 Payment and Settlement Systems Regulation - White Paper - Principles for Financial Market Infrastructures - CPSS/IOSCO, April 2012

European Securities and Markets Authority (ESMA)
Key Pages	Summary	Related Documents	Meetings
ESMA	The European Securities and Markets Authority (ESMA) is an independent European Union regulatory agency that oversees European securities trading across all of the EU member states. ESMA is a part of the European System of Financial Supervision, which consists of the European Systemic Risk Board (ESRB) and the three European Supervisory Authorities: ESMA based in Paris, the European Banking Authority (EBA) based in London and the European Insurance and Occupational Pensions Authority (EIOPA) based in Frankfurt. ESMA works closely with the EBA, the ESRB and the EIOPA in order to ensure unity among securities regulators and across various financial sectors. ESMA was established on January 1, 2011 as part of a new regulatory framework adopted by the EU in the wake of the financial crisis and has replaced the Committee of European Securities Regulators (CESR). Steven Maijoor is the current chairman of ESMA. The executive director is Verena Ross and the vice president is Carlos Tavares. more>	Regulation Establishing ESMA

Federal Deposit Insurance Corporation (FDIC)
Key Pages	Summary	Related Documents	Meetings
FDIC Orderly Liquidation Authority Regulation	The Federal Deposit Insurance Corporation (FDIC) was created by Congress though the Glass-Steagall Act in 1933 in response the frequent bank failures of the 1920s and early 1930s. As an independent agency, the FDIC is charged with maintaining stability in the U.S. financial system by insuring deposits, supervising financial institutions and managing receiverships. Additionally, one of the provisions of the Dodd-Frank Act required the FDIC to establish rules regarding the orderly liquidation of any systemically important financial company encountering a default. more>	Orderly Liquidation Authority Regulation - Comment Letters Federal Register: Orderly Liquidation Termination Provision in Swap Trading Relationship Documentation for Swap Dealers and Major Swap Participants Off-Exchange Forex Regulation Off-Exchange Forex Regulation - Comment Letters Swap Dealers and Major Swap Participants Regulation - Swap Trading Relationship Documentation Requirements - Comment Letters

Financial Stability Oversight Council (FSOC)
Key Pages	Summary	Related Documents	Meetings
FSOC FSOC White Papers	As established under Title I of the Dodd-Frank Act, the Financial Stability Oversight Council (FSOC) provides, for the first time, comprehensive monitoring to ensure the stability of our nation's financial system. It was passed by the House Financial Services Committee on December 2, 2009 to put an end to “too big to fail” financial firms. It was created as a nine-member council, led by the Treasury secretary, to look out for systemic risks. The FSOC will subject to Fed oversight any nonbank financial companies whose financial distress would pose risks to the financial stability of the United States.more>	Macroeconomic Effects of Risk Retention Requirements Study & Recommendations Regarding Concentration Limits on Large Financial Companies Study & Recommendations on Prohibitions on Proprietary Trading & Certain Relationships with Hedge Funds & Private Equity Funds FSOC 2011 Annual Report	October 1, 2010 November 23, 2010 January 18, 2011 May 24, 2011 March 17, 2011 July 18, 2011 April 3, 2012 July 18, 2012 - Annual Report

Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues
Key Pages	Summary	Related Documents	Meetings
Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues SEC CFTC	The Advisory Committee on Emerging Regulatory Issues was created on May 11, 2010, five days after the so-called "flash crash" on May 6, 2010, when a single trader mistakenly entered a "sell" order of CME Group's e-Mini S&P 500 futures worth $4.1 billion. The order triggered a frenzy of high frequency trading activity that briefly saw the Dow Jones Industrial Average break 700 points in a matter of minutes. While the market stabilized quickly once the error was discovered, the incident highlighted the potential liquidity problems associated with high speed trading. more>	White Papers Recommendations Regarding Regulatory Response to the Market Events of May 6, 2010	May 24, 2010 June 22, 2010 August 11, 2010 November 5, 2010 February 18, 2011

U.K. Financial Services Authority (FSA)
Key Pages	Summary	Related Documents	Meetings
FSA	The Financial Services Authority (FSA) was an independent non-governmental body that regulates the financial services industry in the UK. Established by Gordon Brown in 1997 when the Labour party came into power, the FSA was granted statutory powers by the Financial Services and Markets Act of 2000. After the FSA "failed to sound the alarm as the financial system went wrong" in 2008-2010, the U.K. made plans for the transfer of regulatory oversight from the FSA to the Bank of England. more>

U.S. Consumer Financial Protection Bureau (CFPB)
Key Pages	Summary	Related Documents	Meetings
CFPB Dodd-Frank Act	Established by Title X of the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) will conduct rule-making and enforcement of consumer financial protection laws, promote financial education and monitor financial markets that affect consumers. Many parts of the Dodd-Frank Act relating to the CFPB are planned to go into effect on July 21, 2011. Treasury Secretary Timothy Geithner is charged with creating the CFPB. On September 17, 2010, Elizabeth Warren was named Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. On July 17, 2011, Richard Cordray was nominated as Director of the CFPB, having formerly served as head of the enforcement division at the agency. more>	Video Overview Proposed Organizational Structure

U.S. Commodity Futures Trading Commission (CFTC)
Key Pages	Summary	Related Documents	Meetings
CFTC Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues	The mission of the Commodity Futures Trading Commission (CFTC) is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and options markets. more>		October 1, 2010 October 1, 2010 October 19, 2010 October 26, 2010 November 10, 2010 November 19, 2010 December 1, 2010 December 9, 2010 December 16, 2010 January 13, 2011 January 20, 2011 January 26, 2011 February 24, 2011 April 12, 2011 April 27, 2011 June 14, 2011 July 7, 2011 July 19, 2011 August 4, 2011 September 8, 2011 October 18, 2011 December 5, 2011 December 20, 2011 January 11, 2012 February 23, 2012 March 20, 2012 April 18, 2012 May 10, 2012

U.S. Securities and Exchange Commission (SEC)
Key Pages	Summary	Related Documents	Meetings
SEC Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues	The U.S. Securities and Exchange Commission (SEC) is the U.S. regulatory agency charged with the oversight of securities markets and market participants in the U.S. Its mission is to protect investors, to maintain fair, orderly, and efficient markets, and to facilitate capital formation. Mary L. Schapiro is the current chairman of the SEC. more>	Organizational Study and Reform	October 13, 2010 November 3, 2010 November 19, 2010 December 3, 2010 December 15, 2010 January 20, 2011 January 25, 2011 February 2, 2011 February 9, 2011 March 2, 2011 March 30, 2011 April 27, 2011 May 18, 2011 May 25, 2011 June 15, 2011 June 22, 2011 June 29, 2011

**Dodd-Frank Timeline, Risk Management Controls for Brokers or Dealers with Market Access, SEC**
Final Rule Issue	Effective Date	Compliance Date
June 30, 2011	June 30, 2011	November 30, 2011

**Dodd-Frank Timeline, Broker-Dealer Reports, SEC**
Proposal Date	Comment Deadline	Final Rule Issue
June 27, 2011	August 26, 2011	Second Qtr 2012

**Timeline, Financial Responsibility Rules for Broker Dealers**
Proposal Date	Re-proposal Date	Comment Deadline
March 9, 2007	May 9, 2012	June 8, 2012

SEC Open Meeting, June 15, 2011

Broker Dealer Regulation - Reporting Requirements - Comment Letters

Investment Advisers and Broker-Dealers Regulation

U.S. Securities and Exchange Commission

Dodd-Frank Act

Investment adviser

Broker-dealer

Among the mandates of the Dodd-Frank Act are requirements that the Securities and Exchange Commission create and revise certain rulemakings related to registered broker-dealers.

On November 3, 2010, the issued final rules regarding risk management controls for brokers or dealers with market access,specifically the implementation of risk management controls and supervisory procedures for those with direct trading access and prohibiting "unfiltered" or "naked" sponsored access to exchanges or alternative trading systems (ATSs).^[1] Final rules were added to the Federal Register on November 15, 2010.

On June 27, 2011, the SEC extended the compliance date for regulation regarding risk management controls for brokers or dealers with market access under Dodd-Frank from July 14, 2011 to November 30, 2011.^[2]

Broker-Dealer Reports

On June 15, 2011, the SEC introduced a proposal to strengthen the audits of broker-dealers and monitor the way broker-dealers handle their customers’ securities and cash.^[3] The proposed rule is designed to strengthen audits of broker-dealers who may or may not maintain custody of customers' securities and cash. The proposed rule would create new requirements for broker-dealers falling under both categories, including quarterly reports used by examiners to create custody profiles for these advisers.

Financial Responsibilities for Broker Dealers

On March 19, 2007, the commission proposed several changes to the Securities and Exchange Act that would enhance net capital, customer protection, books and records, and notification rules for broker-dealers. The original deadline for public comment was May 18, 2007. However, the commission did not finalize its rulemakings at the time. Subsequent to the financial crisis of 2008 and the passage of Dodd-Frank in 2010, the commission has decided that a re-proposal and request for additional comment is appropriate at this time.

On May 9, 2012, the SEC introduced into the Federal Register a proposed rule and comment request regarding amendments to its net capital, customer protection, books and records, and notification rules for broker-dealers under the Securities Exchange Act of 1934 (‘‘Exchange Act’’).^[4] The proposed rule amendments are designed to update the financial responsibility rules for broker-dealers and make certain technical amendments.

White Papers Addressing Broker Dealer Regulation

In January 2011, the SEC staff released a study, mandated by Dodd-Frank, that addresses the effectiveness of existing regulatory standards for investment advice and recommendations to retail customers, and whether there regulatory gaps, shortcomings, or overlaps in these standards. The study outlined the SEC staff findings and made recommendations for potential new rulemaking and guidance for registered broker-dealers and investment advisers.

References

↑ Press Release - SEC Adopts New Rule Preventing Unfiltered Market Access. SEC. Retrieved on November 3, 2010.
↑ Risk Management Controls for Brokers or Dealers with Market Access. SEC. Retrieved on June 27, 2011.
↑ SEC Proposes Ways to Strengthen Audits and Reporting of Broker-Dealers to Protect Customer Assets. SEC. Retrieved on June 15, 2011.
↑ SEC Reopens Comment Period for Proposed Amendments to Its Net Capital, Customer Protection, Books and Records, and Notification Rules for Broker-Dealers. SEC. Retrieved on May 14, 2012.

[edit] MarketsReformWiki Sponsors

ADM Investor Services	MarketAxess	IMC Financial Markets	GFI Group
McGladrey

[0] Press Release - SEC Adopts New Rule Preventing Unfiltered Market Access. SEC. Retrieved on November 3, 2010.

[1] Risk Management Controls for Brokers or Dealers with Market Access. SEC. Retrieved on June 27, 2011.

[2] SEC Proposes Ways to Strengthen Audits and Reporting of Broker-Dealers to Protect Customer Assets. SEC. Retrieved on June 15, 2011.

[3] SEC Reopens Comment Period for Proposed Amendments to Its Net Capital, Customer Protection, Books and Records, and Notification Rules for Broker-Dealers. SEC. Retrieved on May 14, 2012.

[1]

[2]

[3]

[4]

Broker Dealer Regulation

Contents

SEC Final Rule: Risk Management Controls for Brokers or Dealers with Market Access

Broker-Dealer Reports

Financial Responsibilities for Broker Dealers

White Papers Addressing Broker Dealer Regulation

References

[edit] MarketsReformWiki Sponsors

Personal tools

Namespaces

Variants

Views

Actions

Search

Navigation

Special Pages

Toolbox

John Lothian News

Broker Dealer Regulation

Contents

SEC Final Rule: Risk Management Controls for Brokers or Dealers with Market Access

Broker-Dealer Reports

Financial Responsibilities for Broker Dealers

White Papers Addressing Broker Dealer Regulation

References

[edit] MarketsReformWiki Sponsors

Personal tools

Namespaces

Variants

Views

Actions

Search

Navigation

Special Pages

Toolbox

John Lothian News

Share