View source for CFTC Open Meeting, December 1, 2010

{{Timeline-Core Principles and Other Requirements for Designated Contract Markets}}
{{Timeline-Derivative Clearing Organization Definitions, Procedures and Core Principles}}
{{Timeline-Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs}}
{{Timeline-Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants}}
{{Timeline-Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant”}}
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<div class="item">[[Swaps Regulation]]</div>
<div class="item">[[Swap Execution Facilities Regulation]]</div>
<div class="item">[[Swaps Definitions Regulation]]</div>
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<div class="item">[[Derivatives Clearing Organizations Regulation]]</div>
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<div class="item">[http://www.marketswiki.com/mwiki/DCM Designated Contract Market]</div>
<div class="item">[http://www.marketswiki.com/mwiki/DCO Derivatives Clearing Organization]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Gary_Gensler Gary Gensler]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Jill_Sommers Jill Sommers]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Michael_Dunn Michael Dunn]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Scott_O%27Malia Scott O'Malia]</div>
<div class="item">[http://www.marketswiki.com/mwiki/Dodd-Frank_Act Dodd-Frank Act]</div>
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The Commodity Futures Trading Commission (CFTC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:<ref>{{cite web|url=http://www.cftc.gov/PressRoom/Events/opaevent_cftcdoddfrank120110.html|name=Open Meeting on Sixth Series of Proposed Rules under the Dodd-Frank Act|org=CFTC|date=February 16, 2011}}</ref>

* Core principles and other requirements for designated contract markets;
* General regulations for derivatives clearing organizations;
* Information management requirements for derivatives clearing organizations;
* Reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants; and
* Further definition of “swap dealer,” “security-based swap dealer,” “major swap participant” and “eligible contract participant.

'''Archived webcast:'''
*[http://www.capitolconnection.net/capcon/cftc/120110/wmarchive.htm Windows Media Player format]
*[http://www.capitolconnection.net/capcon/cftc/120110/rmarchive.htm Real Player format]

=== Meeting Summary ===

===Related Documents===
'''Core Principles and Other Requirements for Designated Contract Markets'''
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   default [[Designated Contract Market Regulation - Comment Letters]]
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| <div style="margin:0 5px 0 0;"><imagemap>
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   default [[Federal Register: Core Principles and Other Requirements for Designated Contracts Markets]]
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'''Derivative Clearing Organization Definitions, Procedures and Core Principles'''
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   default [[Federal Register: General Regulations and Derivatives Clearing Organizations]]
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'''Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs'''
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   default [[Derivatives Clearing Organizations Regulation - Information Management Requirements - Comment Letters]]
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| <div style="margin:0 5px 0 0;"><imagemap>
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   default [[Federal Register: Information Management Requirements for Derivatives Clearing Organizations]]
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*[[Chart: Reporting, Recordkeeping, Public Information and Information Sharing Requirements for DCOs]]

'''Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants'''
{|style="border-collapse: collapse; border-width: 0px;"
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   default [[Swap Dealers and Major Swap Participants Regulation - Reporting and Recordkeeping - Comment Letters]]
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| <div style="margin:0 5px 0 0;"><imagemap>
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   default [[Federal Register: Reporting, Recordkeeping, and Daily Trading Records Requirements for Swap Dealers and Major Swap Participants|Link to Proposed Rule]]
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'''Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant”'''
{|style="border-collapse: collapse; border-width: 0px;"
|-
| <div style="margin:0 5px 0 0;"><imagemap>
   Image:read_comment_letters.png
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   default [[Swaps Definitions Regulation - Comment Letters]]
</imagemap></div>
| <div style="margin:0 5px 0 0;"><imagemap>
   Image:read_proposed_rule.png
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   default [[Federal Register: Further Definition of “Swap Dealer,” “Security-Based Dealer,” “Major Swap Participant,” “Major Security-Based Swap Participant” and “Eligible Contract Participant”]]
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|}

===Speakers===

'''Chairman Gary Gensler; whose statements include:'''
*Support for the proposed rule on legal and compliance matters for clearinghouses, which would revise procedures for derivatives clearing organization (DCO) applications, clarify procedures for the transfer of a DCO registration and add requirements for approval of DCO rules for portfolio margining of futures and securities in a futures account.
*Support for the proposed rulemaking concerning information management, recordkeeping and reporting requirements for derivatives clearing organizations.
*Support for the proposed rulemaking to update our rules and guidance with regard to designated contract markets (DCMs).
*Support for the proposed rule regarding reporting, recordkeeping and daily trading records for swap dealers and major swap participants.
*Support for the joint proposed rule with the Securities and Exchange Commission on entity definitions.

'''Commissioner Scott O’Malia; whose statements include:'''
*Concerns that many end users will be unintentionally swept up in the "Swap Dealers and Major Swap Participants" definition and be subject to significantly higher costs to hedge their commercial risk.
*Comments on reporting, recordkeeping and daily trading records requirements for swap dealers and major swap participants.
*Comments on core principles and other requirements for designated contract markets (DCMs).

'''Commissioner Bart Chilton; whose statements include:'''
*The need for clarity in the definition of "Swap Dealers and Major Swap Participants".

'''Commissioner Jill E. Sommers; whose statements include:'''
*Principles-based regulation has worked very well in our industry and our industry has flourished because of it; regulating it would be a mistake.
*Concern that the definition of swap dealer is too broad and will likely capture entities that do not functionally operate as dealers, and concern regarding the proposed regulations which state that a person who is swap dealer or major swap participant for any swap or activity, shall be deemed a swap dealer or major swap participant for all swaps it enters into.

==References==
<references/>

[[Category:CFTC Open Meetings]]
[[Category:Swaps]]
[[Category:Swaps Definitions]]
[[Category:Swap Execution Facilities]]
[[Category:Designated Contract Market]]
[[Category:Derivatives Clearing Organizations]]
[[Category:Registered Swap Entities]]