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Wednesday, March 21, 2012

International Implications of the Dodd-Frank Act

The director of the Office of International Affairs at the SEC, Ethiopis Tafara, spoke today at the House Financial Services hearing on the topic of indemnification of security-based swap data repositories.

The Dodd-Frank Act established a reporting requirement for OTC transactions, requiring security-based swaps – the type of swaps regulated by the SEC – must be reported to a trade repository that is registered with the SEC and complies with a set of duties and core principles established by the Dodd-Frank Act and SEC rules.

In addition the Dodd-Frank Act added a provision which would require anybody seeking to obtain security-based data to provide indemnification to the security-based swap data repository and the SEC.

Tafara stated:
The indemnification requirement presents a barrier to U.S. and foreign governmental entities’ ability to obtain data from a security-based swap data repository.

Given the limitation that the indemnification requirement would place on regulators’ access to data held by a SEC-registered security-based swap data repository, foreign regulators, through formal and informal contact, have voiced strong concerns about the requirement to SEC Commissioners and staff, and have urged the SEC to find a way to exempt them from the indemnification requirement.

The Dodd-Frank Act requires the SEC, among other regulators, to conduct a substantial number of rulemakings that, directly or indirectly, may have international implications.
Read Ethiopis Tafara’s full testimony.
Read more about the House Financial Services hearing.

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