Swap Entities Regulation - Comment Letters

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
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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

Asset-Backed Securities
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Asset-Backed Securities Regulation Comment Letters White Papers Hearings & Testimony	Asset-backed securities (ABS) are created by buying and bundling loans – such as residential mortgage loans, commercial loans or student loans – and creating securities backed by those assets, which are then sold to investors. During the financial crisis, ABS holders suffered significant losses. The crisis revealed that many investors were not fully aware of the risk in the underlying mortgages within the pools of securitized assets. The Dodd-Frank Act imposed new requirements on ABS, including business conduct standards, credit risk retention and reporting. 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 Fed/OCC/FDIC/FHA/HUD/SEC Joint Proposed Rule: Credit Risk Retention 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
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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 Conduct Authority and Prudential Regulatory 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.

Broker Dealers
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Broker Dealer Regulation Comment Letters, Reporting Comment Letters - Financial Responsibilities Investment Advisers Regulation	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>	SEC Final Rule: Financial Responsibilities for Broker-Dealers SEC Final Rule: Broker-Dealer Reports SEC Proposed Rule: Broker-Dealer Reports SEC Proposed Rule: Improving Systems Compliance and Integrity Customer Protection Regulation	Key dates vary. Click here to view all timelines.

Commodity Pool Operator
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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
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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 Final Guidance: Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act, July 2013 SEC Final Rule: Application of Security-Based Swap Entity Definitions to Cross-Border Activities 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 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
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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; Changes to the way broker-dealers handle customer funds; 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 approved a set of final customer protection rules on October 30, 2013. more>	CFTC Final Rule: Enhancing Protections Afforded Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations CFTC Final Rule: Investment of Customer Funds by Futures Commission Merchants and Derivatives Clearing Organizations NFA Proposed Interpretive Guidance: Internal Controls for Futures Commission Merchants, May 2013 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 the bulk of its final DCO rules related to the Dodd-Frank Act at its October 18, 2011 open meeting: CFTC Final Rule: Derivatives Clearing Organization General Provisions and Core Principles On March 20, 2012, the commission approved a final rule that combined three additional DCO proposals: CFTC Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management Finally, on August 13, 2013, the CFTC proposed rules to establish additional standards for systemically important derivatives clearing organizations (SIDCOs) that are consistent with the Principles for Financial Market Infrastructures (PFMIs) and address all of the remaining gaps between part 39 of the Commission’s regulations and the PFMIs. At this meeting the commission also finalized its rule on systemically important DCOs (SIDCOs) CFTC Proposed Rule: Derivatives Clearing Organizations and International Standards CFTC Final Rule: Enhanced Risk Management Standards for Systemically Important 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 Final Rule: Enhanced Risk Management Standards for Systemically Important Derivatives Clearing Organizations CFTC Proposed Rule: Derivatives Clearing Organizations and International Standards 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
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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
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Disruptive Trading Practices Regulation Comment Letters White Papers Hearings & Testimony	Section 747 of the Dodd-Frank Act specifically prohibits certain disrptive trading practices, which is defined as 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
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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
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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
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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
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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; VIEW FINAL RULE Section 952, which requires disclosure about the role of, and potential conflicts involving, compensation consultants; VIEW FINAL RULE Section 953, which requires disclosure on compensation practices such as pay-for-performance and ratios between CEO and median compensation; VIEW PROPOSED RULE 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. VIEW PROPOSED RULE In 2011 and 2012 the Securities and Exchange Commission (SEC) first proposed and then began finalizing rules related to executive compensation. In the fall of 2013, the commission proposed a rule requiring the disclosure of the ratio CEO pay to that of the median employee. more>	SEC Final Rule: Listing Standards for Public Company Boards and Compensation Advisers Executive Compensation Regulation - Pay Ratio Disclosure 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
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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. Comment letters can be foundHERE. more>	Financial Benchmark Regulation - Paper - Principles for Financial Benchmarks - IOSCO, April 2013 European Commission Proposed Rule: Financial Benchmarks, September 2013 The LIBOR Scandal: Trying to Make Sense So Far - Neal Wolkoff, July 2012 International Organization of Securities Commissions Corporate Governance Regulation Banking Supervision Regulation	First Report Released: January 11, 2013 Consultation Released: April 16, 2013 Comment Deadline: May 16, 2013

Flash Crash
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Flash Crash Regulation Comment Letters White Papers Hearings & Testimony	In one of the most gut-wrenching hours in Wall Street history, the Dow Jones Industrial Average (DJIA) plunged almost 1,000 points in early afternoon trade on May 6, 2010 before recovering to close down 348.This move represented the biggest one-day point decline on an intraday basis in Dow Jones history. The drop became known in the industry as the "flash crash" of May 6. A subsequent report pointed to a large order in the S&P 500 futures as the trigger, but that the move was exacerbated by fears about the European debt crisis. After the flash crash" the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues was formed in order to address market structure and regulatory issues that may contribute to volatility. On February 18, 2011, the committee issued its recommendations regarding a regulatory response to the flash crash. In response to the recommendations, the two regulators have finalized several rules: SEC Final Rule: Risk Management Controls for Brokers or Dealers with Market Access, November 2010; SEC Final Rule: Consolidated Audit Trail, August 2012; CFTC Final Rule: Customer Clearing Documentation, Timing of Acceptance for Clearing, and Clearing Member Risk Management, April 2012; and CFTC Interpretive Guidance: Disruptive Trading Practices, May 2013. Also, in March 2013, the SEC issued its proposed rule, Regulation SCI, Systems Compliance and Integrity, under which self-regulatory organizations, certain alternative trading systems, plan processors, and certain exempt clearing agencies would be required to carefully design, develop, test, maintain, and surveil systems that are integral to their operations. On September 9, 2013, the CFTC issued a concept release on risk controls and system safeguards for automated trading environments. The release offers a snapshot of the automated trading environment, and presents a system that would involve: pre-trade risk controls; post trade reports and other measures; system safeguards related to the design, testing and supervision of automated trading systems (ATSs); and additional protections designed to promote safe and orderly markets. more>	SEC Proposed Rule: Improving Systems Compliance and Integrity Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues High Frequency Trading Regulation SEC Final Rule: Risk Management Controls for Brokers or Dealers with Market Access CFTC Concept Release: Risk Controls and System Safeguards for Automated Trading SEC Final Rule: Risk Management Controls for Brokers or Dealers with Market Access	Key dates vary. Click here to view all timelines.

Futures Commission Merchant
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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. 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. Also, the CFTC has approved certain customer protection rules pertaining to FCMs. For a summary of these rules, click HERE. 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 NFA Proposed Interpretive Guidance: Internal Controls for Futures Commission Merchants, May 2013 Designated Contract Market Regulation	Key dates vary. Click here to view all timelines

FX Swaps
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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
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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
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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
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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>	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: Investment Adviser Performance Compensation SEC Final Rule: Political Contributions by Certain Investment Advisers: Ban on Third-Party Solicitation; Extension of Compliance Date Hedge Fund Regulation - Investment Adviser Reporting	Key dates vary. Click here to view all timelines.

Mandatory Clearing
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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 CFTC Final Rule: Clearing Exemption for Certain Swaps Entered Into by Cooperatives 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
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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 include the setting of margin and capital requirements. Entities under the jurisdiction of a prudential regulator such as the FDIC are required to follow its rules. All other swaps are under the jurisdiction of the CFTC, with the exception of security-based swaps, which fall under SEC jurisdiction. 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
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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
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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. Though the commission initially filed an appeal of the ruling, it opted instead to withdraw the appeal and redraft a proposed rule, which was approved on November 5, 2013. The proposal entered the Federal Register on December 12, 2013, but the comment period has been reopened three times in 2014. more>	CFTC Final Rule: Position Limits for Futures and Swaps CFTC Proposed Rule: Aggregation of Positions Position Limits Regulation - Court Decision CFTC Proposed Rule: Position Limits for Derivatives, November 2013 CFTC Final Rule: Large Trader Reporting Position Limits Regulation - Aggregation - Comment Letters	Interim and Final Rule: November 18, 2011 Comment Deadline: January 17, 2012 Effective Date: January 17, 2012 Vacated by Court Order September 28, 2012 Re-proposed Rule November 5, 2013

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 June 2012, the CFTC had finalized four 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, and Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps. 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>	OCC Guidance: Transition Period for Swap "Pushout" Provision - January 2013 Federal Reserve Final Rule: Prohibition Against Federal Assistance to Swaps Entities (Regulation KK) Financial Stability Oversight Council Lincoln Amendment CFTC Final Rule: Provisions Common to Registered Entities Governance Requirements OTC Derivatives Regulation	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 is "made available to trade" 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.

Click to View All "Made Available to Trade" Determinations

Swaps Made Available to Trade

The CFTC made its first determinations on January 16, 2014, making February 15, 2014 the date at which the first swaps will be subject to the execution requirements. Subsequent determinations were made on January 26 and 28. For more information on rulemakings related to swap execution facilities, click here.


Fixed-to-Floating Interest Rate Swap, USD
Mandatory Execution Begins	Feb. 15, 2014	Feb. 15, 2014	Feb. 21, 2014
Floating Rate Indexes	USD LIBOR (3,6 Mo.)	USD LIBOR (3,6 Mo.)	USD LIBOR
Trade Start Type	Spot Starting (T+2)	IMM Start Date (next two quarterly IMM start dates)	IMM Start Date (next two quarterly IMM start dates)
Optionality	No	No	No
Fixed Leg Specs	Semi-annual, Annual pmt 30/360, Actual/360 day count	Semi-annual, Annual pmt 30/360, Actual/360 day count	Semi-annual pmt 30/360 day count
Floating Leg Specs	Quarterly reset (3 Mo LIBOR), semi-annual reset (3 or6 Mo LIBOR) Actual/360 day count	Quarterly reset (3 Mo LIBOR), semi-annual reset (3 or6 Mo LIBOR) Actual/360 day count	Quarterly, semi-annual reset Actual/360 day count
Dual Currencies	No	No	No
Notional	Fixed Notional	Fixed Notional	Fixed Notional
Fixed Rate	Par	Par	Standard Coupon
Tenors	2, 3, 4, 5, 6, 7, 10, 12, 15, 20, 30 years	2, 3, 4, 5, 6, 7, 10, 12, 15, 20, 30 years	1, 2, 3, 4, 5, 7, 10, 15, 20, 30 years
Holiday Calendar	NY/London	NY/London	NY/London


Fixed-to-Floating Interest Rate Swap, Non-USD
Mandatory Execution Begins	Feb. 26, 2014	Feb. 15, 2014
Floating Rate Indexes	Sterling (GBP) (3, 6 Mo.)	EURIBOR (Euro)
Trade Start Type	Spot Starting (T+0)	Spot Starting (T+2)
Optionality	No	No
Fixed Leg Specs	Quarterly, Semi-annual pmt Actual/365 day count	Semi-annual, Annual pmt 30/360, Actual/360 day count
Floating Leg Specs	Quarterly reset (3 Mo. GBP LIBOR, semi-annual reset (6 Mo. GBP LIBOR) Actual/365 day count	Quarterly reset (3 Mo. EURIBOR), semi-annual reset (6 Mo. EURIBOR) Actual/360 day count
Dual Currencies	No	No
Notional	Fixed Notional	Fixed Notional
Fixed Rate	Par	Par
Tenors	2, 3, 4, 5, 6, 7, 10, 15, 20, 30 years	2, 3, 4, 5, 6, 7, 10, 15, 20, 30 years
Holiday Calendar	London	TARGET


Untranched Credit Default Swap Indices
Mandatory Execution Begins	Feb. 26, 2014	Feb. 26, 2014
Reference Entities	Corporate	Corporate
Region	North America	Europe
Indices	CDX.NA.IG (North American Investment Grade CDS)) CDX.NA.HY (North American High Grade CDS)	iTraxx Europe (125 Most Actively Traded Names) iTraxx Europe Crossover (Sub-investment Grade)
Tenor	CDX.NA.IG 5Y CDX.NA.HY 5Y	iTraxx Europe 5Y iTraxx Europe Crossover 5Y
Applicable Series	At any time, the then-current on-the-run series and the preceding series that was replaced by the current one

more>

CFTC Final Rule: Core Principles and Other Requirements for Swap Execution Facilities

CFTC Open Meeting, May 16, 2013

CFTC Final Rule: Process for a Designated Contract Market or Swap Execution Facility to Make a Swap Available to Trade

CFTC Final Rule: Block Trades

Federal Register: Core Principles and Other Requirements for Swap Execution Facilities

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 December 10, 2013, the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission (CFTC) released its final rules to implement Section 619 of the Dodd-Frank Act, the so-called "Volcker Rule," which will 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 details which entities will be subject to the prohibitions, and explains the types of financial transactions that will be exempt from the bans. The Dodd-Frank Act mandated that the rule become effective on July 21, 2012, followed by a two-year compliance transition. However, a delay in the release of the rule has pushed the effective date to April 1, 2014 and banking entities will have until July 21, 2015 to come into compliance - three years after the date mandated by Dodd-Frank. Banks with $50 billion or more in trading assets will be required to report certain metrics to regulators beginning in July 2014. more>	Volcker Rule - Joint Agencies Final Rule, December 2013 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	Final Rule Released: December 10, 2013 Effective Date: April 1, 2014 Compliance Date: July 21, 2015

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, DCO,DCM,SEF Conflicts of Interest Mitigation**
Proposal Date	Comment Deadline	Final Rule Proposal
October 18, 2010	June 3, 2011	First Qtr. 2012

**Dodd-Frank Timeline, DCO,DCM, SEF Governance Standards, Additional Requirements**
Proposal Date	Comment Deadline	Final Rule Issue
January 6, 2011	June 3, 2011	TBA

**Dodd-Frank Timeline-Provisions Common to Registered Entities**
Proposal Date	Final Rule Issue	Effective/Compliance Date
November 2, 2010	July 27, 2011	September 26, 2011

**Dodd-Frank Timeline, Requirements for Processing, Clearing, and Transfer of Customer Positions**
Proposal Date	Final Rule Issue	Effective Date
December 13, 2010	October 18, 2011	January 9, 2012

**Dodd-Frank Timeline, Proposed Rule on Registration of Intermediaries**
Proposal Date	Final Rule Issue	Effective Date
March 9, 2011	August 28, 2012	October 29, 2012

**Dodd-Frank Timeline, Clearing Agency Standards for Operation and Governance, SEC**
Proposal Date	Final Rule Issue	Effective Date	Reopened Comment Period Deadline
March 16, 2011	November 2, 2012	January 2, 2013	July 22, 2013

**Dodd-Frank Timeline, Ownership Limitations and Governance Requirements for SBS Entities, SEC**
Proposal Date	Comment Deadline	Reopened Comment Period Deadline
October 26, 2010	April 29, 2011	July 22, 2013

CFTC Open Meeting, October 1, 2010

CFTC Open Meeting, October 26, 2010

CFTC Open Meeting, December 9, 2010

CFTC Open Meeting, February 24, 2011

SEC Open Meeting, October 13, 2010

SEC Open Meeting, March 2, 2011

Swap Execution Facilities Regulation

Swap Entities Regulation

Derivatives Clearing Organizations Regulation

Commodity Futures Trading Commission

U.S. Securities and Exchange Commission

Derivatives Clearing Organization

Swap Execution Facility

This page contains comment letters submitted to the CFTC and SEC regarding proposed rulemakings concerning swap entities such as derivatives clearing organizations (DCOs), designated contract markets (DCMs), and swap execution facilities (SEFs).

Comment letters related to rulemakings pertaining to a single type of entity can be found under the entity's comment page:

Rules pertaining to multiple entities can be found below.

1 Requirements for DCMs, DCOs, and SEFs Regarding the Mitigation of Conflicts of Interest, from CFTC Open Meeting, October 1, 2010
2 Provisions Common to Registered Entities, from CFTC Open Meeting, October 26, 2010
3 Governance Requirements for DCOs, DCMs, and SEFs; Additional Requirements Regarding the Mitigation of Conflicts of Interest, from the CFTC Open Meeting, December 9, 2010
4 Requirements for Processing, Clearing, and Transfer of Customer Positions, from the CFTC Open Meeting, February 24, 2011
5 Proposed Rule on Registration of Intermediaries, from the CFTC Open Meeting, February 24, 2011
6 CFTC Proposed Rule on Customer Clearing Documentation and Timing of Acceptance for Clearing, from the July 19, 2011 Open Meeting
7 Clearing Agency Standards for Operation and Governance, from SEC Open Meeting, March 2, 2011
8 Ownership Limitations and Governance Requirements for SBS Entities Regarding the Mitigation of Conflicts of Interest, from SEC Open Meeting, October 13, 2010
9 References

Requirements for DCMs, DCOs, and SEFs Regarding the Mitigation of Conflicts of Interest, from CFTC Open Meeting, October 1, 2010

In this proposed rule, three areas of decision making in which the governing body of a DCO may encounter conflicts of interest are identified:

whether a swap contract is capable of being cleared;
the minimum criteria that an entity must meet in order to become a swap clearing member; or
whether a particular entity satisfies such criteria.

For DCMs and SEFs, areas of potential conflict of interest were identified as issues regarding "balancing the advancement of commercial interests and the fulfillment of self-regulatory responsibilities, including with respect to determinations on access." To mitigate potential conflicts of interest, the commission proposed:

structural governance requirements specifying the composition of Boards of Directors, risk management and regulatory oversight committees; and
ownership and voting rights specifying an that an individual member may not own more than 20% of ownership or voting equity.

Provisions Common to Registered Entities, from CFTC Open Meeting, October 26, 2010

The proposed rule implements changes to "Part 40" as directed by the Dodd-Frank Act. These changes include:

new entities created by Dodd-Frank, namely swap execution facilities and swap data repositories;
a streamlining of the comment periods, review periods, and implementation dates for rule changes;
a requirement that "systemically important" derivatives clearing organizations (SIDCOs)provide the CFTC with advance notice of rule changes; and
a prohibition on the listing, trading, or clearing of certain "excluded commodities" or contracts based upon unlawful activities.

Governance Requirements for DCOs, DCMs, and SEFs; Additional Requirements Regarding the Mitigation of Conflicts of Interest, from the CFTC Open Meeting, December 9, 2010

Under the proposed rule, the Commission would proposes the following regulations:

Each DCO must report to the Commission when its board rejects a recommendation from or supersedes an action of the Risk Management Committee.
Each DCM or SEF must report to the Commission when its board rejects a recommendation from or supersedes an action of the Regulatory Oversight Committee or the Membership or Participation Committee.
Each DCO, DCM, or SEF must implement programs and monitor existing and potential conflicts of interest.
Each DCO, DCM, or SEF must prescribe limits on the use or disclosure of non-public information by owners, members of the board, members of any committee, officers or other employees and make certain information on governance arrangements available to the public.

Requirements for Processing, Clearing, and Transfer of Customer Positions, from the CFTC Open Meeting, February 24, 2011

In this proposed rule, the functions and objectives of Derivatives Clearing Organizations (DCOs), including Core Principle F (Treatment of Funds) are further clarified. In addition, the proposed rule specifies:

If a swap is subject to mandatory clearing,the swap dealer or major swap participant must submit the swap for clearing no later than the close of the business day.
If the swap is not subject to mandatory clearing, it must, if cleared, be submitted no later than the business day following the swap transaction.
Swap Execution Facilities (SEFs) and Designated Contract Markets (DCMs), must submit swaps immediately upon execution.

Proposed Rule on Registration of Intermediaries, from the CFTC Open Meeting, February 24, 2011

The Dodd-Frank Act has abolished the market category "Derivatives Transaction Execution Facility" (DTEF) and has created a new entity, the Swap Execution Facility (SEF). The act also mandates the identification of swap dealers and major swap participants. To clarify and harmonize regulations regarding SEFs and SD/MSPs, this proposal:

deletes all references to DTEFs;
add references to Swap Execution Facility, Swap Dealer, and Major Swap Participant where appropriate;
expands existing exemptions to include foreign-domiciled and other foreign intermediaries that execute transactions on SEFs; and
harmonizes language to improve the consistency of the definitions, and outdated items were modernized to reflect current registration practices.^[1]

CFTC Proposed Rule on Customer Clearing Documentation and Timing of Acceptance for Clearing, from the July 19, 2011 Open Meeting

Customer Clearing Documentation and Timing of Acceptance for Clearing

Under this proposal, certain swap entities - futures commission merchants, swap dealers and major swap participants - would be prohibited from entering into an arrangement with their customers that would disclose the identity of a customer’s original executing counterparty. The entities would be prohibited from:

limiting the number of counterparties with whom a customer may enter into a trade;
restricting the size of the position a customer may take with any individual counterparty, apart from an overall credit limit for all positions held by the customer;
impairing a customer’s access to execution of a trade on terms that have a reasonable relationship to the best terms available; and
preventing compliance with specified time frames for acceptance of trades into clearing.

Clearing Agency Standards for Operation and Governance, from SEC Open Meeting, March 2, 2011

Under the proposed rule, clearing agencies would be required to:

"maintain certain standards with respect to risk management and operations;
have adequate safeguards and procedures to protect the confidentiality of trading information;
have procedures that identify and address conflicts of interest;
require minimum governance standards for their boards of directors;
designate a chief compliance officer; and
disseminate pricing and valuation information if they perform central counterparty services for security-based swaps."

Ownership Limitations and Governance Requirements for SBS Entities Regarding the Mitigation of Conflicts of Interest, from SEC Open Meeting, October 13, 2010

The ownership limitations proposal would set one of the following alternatives for SBS clearing agencies:

"Restrict an individual clearing agency participant from beneficially owning or voting more than 20 percent of any voting interest in the security-based swap clearing agency;
Restrict clearing agency participants from beneficially owning or voting more than 40 percent of any voting interest in the security-based swap clearing agency in the aggregate with any other clearing agency participants;
The board of directors and any committee that has authority to act on behalf of the board be composed of 35 percent of independent directors;
The nominating committee be composed of a majority of independent directors;"

or

"Restrict an individual clearing agency participant from beneficially owning or voting more than 5 percent of any voting interest in the security-based swap clearing agency;
The board of directors and any committee that has authority to act on behalf of the board be composed of a majority of independent directors;
The nominating committee be composed solely of independent directors.

References

↑ Open Meeting on Twelfth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 26, 2011.

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[1] Open Meeting on Twelfth Series of Proposed Rules under the Dodd-Frank Act. CFTC. Retrieved on February 26, 2011.

[1]

Swap Entities Regulation - Comment Letters

Contents

Requirements for DCMs, DCOs, and SEFs Regarding the Mitigation of Conflicts of Interest, from CFTC Open Meeting, October 1, 2010

Provisions Common to Registered Entities, from CFTC Open Meeting, October 26, 2010

Governance Requirements for DCOs, DCMs, and SEFs; Additional Requirements Regarding the Mitigation of Conflicts of Interest, from the CFTC Open Meeting, December 9, 2010

Requirements for Processing, Clearing, and Transfer of Customer Positions, from the CFTC Open Meeting, February 24, 2011

Proposed Rule on Registration of Intermediaries, from the CFTC Open Meeting, February 24, 2011

CFTC Proposed Rule on Customer Clearing Documentation and Timing of Acceptance for Clearing, from the July 19, 2011 Open Meeting

Clearing Agency Standards for Operation and Governance, from SEC Open Meeting, March 2, 2011

Ownership Limitations and Governance Requirements for SBS Entities Regarding the Mitigation of Conflicts of Interest, from SEC Open Meeting, October 13, 2010

References

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