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Dodd-Frank Rulemaking

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Photo showing CFTC Commissioners Michael Dunn and Jill Sommers in a discussion with CFTC Chairman Gary Gensler. Photo by Clark Day Photography.

The CFTC released on July 21, 2010, the list of 30 areas of rulemaking to implement the Wall Street Reform and Consumer Protection Act. Some of these areas will require only one rule, while others may require more. The CFTC is required to complete these rules generally in 360 days from enactment, though some are required to be completed within 90, 180 or 270 days.

The Commission has begun preparing for the task of writing rules for the swaps marketplace by identifying 30 topic areas where it determined rulemaking to be necessary. Teams of staff within the agency have been assigned to each rulemaking area and will see the process through, from analyzing the statute’s requirements, to broad consultation, to recommending proposed rulemakings to publishing final rules.

The rulemaking areas have been divided into eight groups: Comprehensive Regulation of Swap Dealers & Major Swap Participants; Clearing; Trading; Data; Particular Products; Enforcement; Position Limits; and Other Titles.

The Commission is requesting input from the public on each of the rulemaking areas. Instructions for submitting views can be accessed on the individual rule-writing pages on the CFTC’s Web site at: http://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/index.htm.

Comprehensive Regulation of Swap Dealers & Major Swap Participants:


  1. Registration
  2. Definitions, such as Swap Dealer, Major Swap Participant, Security-Based Swap Dealer and Major Security-Based Swap Participant, to be written jointly with SEC
  3. Business Conduct Standards with Counterparties
  4. Internal Business Conduct Standards
  5. Capital & Margin for Non-banks
  6. Segregation and Bankruptcy for both Cleared and Uncleared Swaps


Clearing:



  1. DCO Core Principle Rulemaking, Interpretation & Guidance
  2. Process for Review of Swaps for Mandatory Clearing
  3. Governance & Possible Limits on Ownership & Control
  4. Systemically Important DCO Rules Authorized Under Title VIII
  5. End-user Exception


Trading:



  1. DCM Core Principle Rulemaking, Interpretation & Guidance
  2. SEF Registration Requirements and Core Principle Rulemaking, Interpretation & Guidance
  3. New Registration Requirements for Foreign Boards of Trade
  4. Rule Certification & Approval Procedures (applicable to DCMs, DCOs, SEFs)


Data:



  1. Swap Data Repositories Registration Standards and Core Principle Rulemaking, Interpretation and Guidance
  2. Data Record-keeping and Reporting Requirements
  3. Real-Time Reporting


Particular Products:



  1. Agricultural Swaps
  2. Foreign Currency (Retail Off-Exchange)
  3. Joint Rules with SEC, such as “Swap” and “Security-Based Swap”
  4. Portfolio Margining Procedures


Enforcement:



  1. Anti-Manipulation
  2. Disruptive Trading Practices
  3. Whistleblowers


Position Limits:



  1. Position Limits, including Large Trader Reporting, Bona Fide Hedging Definition and Aggregate Limits


Other Titles:



  1. Investment Adviser Reporting
  2. Volcker Rule
  3. Reliance on Credit Ratings
  4. Fair Credit Reporting Act and Disclosure of Nonpublic Personal Information

 

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