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August 1: CFTC/SEC Roundtable to Discuss International Impact of Dodd-Frank Title VII Implementation

The CFTC and the SEC will hold a joint public roundtable on August 1, 2011, from 9:00 am to 4:00 pm EST, to discuss international issues related to the implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Members of the public can join the staffs at the CFTC Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC. The discussion will provide seating on a first-come, first-served basis. Others may listen by telephone and should be prepared to provide their first name, last name and affiliation.

Listening information:

  • US toll-free: (866) 844-9416
  • International toll: (203) 369-5026
  • Passcode: 4316057


9:00 a.m. - 9:30 a.m.

Introduction and Opening Remarks by CFTC and SEC Staff

9:30 a.m.-11:00 a.m.

  I. Cross-border Transactions

  • Application of requirements to foreign and domestic entities
  • Reporting requirements
  • Mandatory clearing and trading requirements

11:00 a.m.-11:15 a.m.


11:15 a.m.-1:00 p.m.

 II. Global Entities

  • Registration as a swap or security-based swap dealer or major swap or security-based swap participant
  • Substantive requirements
  • Regulation of transactions versus regulation of entities
  • Effect of international regulatory differences on global entities

1:00 a.m.-2:15 p.m.


2:15 p.m.-4:00 p.m.

 Session III. Market Infrastructure

  • Registration of clearing agencies, trade data repositories, execution facilities and exchanges
  • Substantive requirements
  • Effect of international regulatory differences on market infrastructure

Members of the public wishing to submit their views on the topics addressed at the roundtable may do so in a number of ways, which can be found here.

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SEC Proposes Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants

On June 29 in Washington D.C., the SEC announced proposed rules that would impose certain business conduct standards upon security-based swap dealers and participants when those parties engage in security-based swap transactions.

The proposed rules would require security-based swap dealers and major security-based swap participants to communicate in a fair and balanced manner and make certain disclosures of issues such as conflicts of interest and material incentives to potential counterparties. Additional requirements would be imposed for dealings with special entities, which include municipalities, pension plans, endowments and similar entities.

The new proposed rules stem from Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorizes the Commission to implement a comprehensive framework for regulating the OTC swaps markets.

Public comments on the proposed rules should be received by August 29, 2011.

To learn more about Business Conduct Standards, please visit the fact sheet located here.

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May 2-3: CFTC & SEC to Hold Roundtable on Dodd-Frank Implementation

In light of the heightened focus of market participants and legislators on the implementation of the Dodd-Frank Act, the CFTC and SEC are hosting a public roundtable on May 2-3 in Washington to discuss the schedule for implementing final rules for swaps and security-based swaps under Dodd-Frank. This has been a contentious issue lately and was the topic of much discussion during a recent Senate Banking Committee hearing on Title VII – the portion of the legislation that deals with rulemaking for the OTC derivatives market.

The roundtable will hear commentary on whether to phase in regulations based on the type of asset or market participant, whether market infrastructures are equipped to handle implementation, and a variety of other factors. The roundtable will also include discussion on:

Compliance dates for new rules for existing trading platforms and clearinghouses and the registration and compliance with rules for new platforms, such as swap and security-based swap execution facilities, and data repositories for swaps and security-based swaps;

  • Compliance dates for new requirements for dealers and major participants in swaps and security-based swaps;
  • Implementation of clearing mandates;
  • Compliance dates for financial entities such as hedge funds, asset managers, insurance companies and pension funds subject to a clearing mandate and other requirements; and
  • Considerations with regard to non-financial end users.

The roundtable will be held from 9:30 am to 4:00 pm both days in the Conference Center at the CFTC’s Headquarters in Washington, DC. Public comment files have been set up to receive input on the effective dates and phased implementation for compliance with final rules. Members of the public can comment by visiting the CFTC’s website, the SEC’s website, or via email at (all emails must reference the file number 4-625 in the subject field).

Additionally, a copy of the CFTC’s press release announcing the roundtable is available here.

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