- CFTC, SEC to embark on unprecedented rulemaking effort to implement market reforms
Earlier this week President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”). As has been well publicized, the Act contains extensive reforms impacting the United States financial sector and will impose a new comprehensive regulatory regime on the OTC derivatives markets. Most provisions of the Act applicable to derivatives (Title VII) become effective 360 days after the date of the Act’s enactment.
This Client Alert provides a brief overview of the most significant new requirements applicable to the OTC derivatives markets and highlights those areas where significant regulatory rulemaking and determinations are necessary before the extent and precise details of these new requirements are clear.