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Tuesday, June 12, 2012

SEC Issues “Roadmap” on Phase in of Derivatives Regulation

The SEC has issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement does not estimate when the rules would be put in place, but describes the sequence in which they would take effect.

Title VII of the Dodd-Frank Act establishes a comprehensive framework to regulate over-the-counter derivatives, authorizing the CFTC to regulate “swaps,” and the SEC to regulate “security-based swaps.”

The SEC is requesting public comment on its plan to phase in final rules regulating security-based swaps and security-based swap market participants for 60 days after the date of the policy statement’s publication in the Federal Register.

In addition, the policy statement discusses the timing of the expiration of the temporary relief the SEC previously granted to securities-based swaps market participants. Much of which is due to expire when certain final rules under Title VII become effective.

Read more.


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