DerivAlert Blog

SEC Chairman Schapiro Testifies Before Senate Agricultural Committee About Title VII Of Dodd-Frank Act

U.S. Securities and Exchange Commission Chairman Mary L. Schapiro spoke recently before the U. S. Senate Committee on Agriculture, Nutrition and Forestry about the implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title VII is the part of the Dodd-Frank Act that primarily relates to the regulation of OTC derivatives and mandates that the SEC, among other regulators, conduct a substantial number of rulemakings and studies about the market and its activities.

Some of the topics covered by Schapiro include:

• Short background on the OTC Derivatives marketplace and the Dodd-Frank Act
• An overview of the implementation process, including the public consultation process and the importance of coordination with the CFTC and other regulators
• The rulemaking process, covering actions already taken, upcoming actions and the anticipated completion of the rulemaking
• The impact of rulemaking on existing markets

Schapiro's testimony follows the recent testimony of CFTC Chairman Gary Gensler before the House Committee on Agriculture, along with industry leaders from Tradeweb, CME Group and ISDA, among others.