Issue of Rules and Interpretations on Key Terms for Regulation of Derivatives
客戶 / 法律通訊
8 August 2012
The US Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have issued joint rules and interpretations clarifying the scope of key definitions of certain derivatives products, as required under Title VII of the Dodd-Frank Act. These definitions are required to be finalised in order for the full implementation of the Dodd-Frank regulatory regime relating to the over-the-counter swaps markets to proceed.
The issue of these definitional rules is a significant milestone in the establishment of the Dodd-Frank regulatory regime for derivatives, as the dates for compliance with many other rules under the Dodd-Frank regime are dependent on the date of adoption of these definitional rules.
The definitional rules become effective 60 days after their publication in the US Federal Register. The date of publication is not certain, but it is expected to occur shortly.