AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

Dodd-Frank Act

On 17 July 2010, US President Obama enacted the Dodd-Frank Act into law. Title VII of the Dodd-Frank Act creates new requirements for the trading, clearing and reporting of the details of swap and security-based-swap contracts.  

Implementation of Title VII is divided among the Commodity Futures Trading Commission (CFTC), which is responsible for the regulation of swaps, and the Securities and Exchange Commission (SEC), which is responsible for the regulation of security-based-swaps. 

Trading

Any derivatives contracts that are approved for clearing or where either party is not an eligible contract participant (in respect of CFTC rulemaking) must also be traded on a registered exchange that has been approved by either CFTC or SEC, as appropriate, unless no such exchange accepts the swap for trading. Under Title VII of the Dodd-Frank Act:

  • security-based swaps should be traded on either a national securities exchange or a security-based swap execution facility.
  • An exchange may be designated as one or more of these under the Dodd-Frank Act by either the CFTC or SEC.

Note that CFTC trade execution requirements have now been finalised. The SEC trade execution requirements are still, however, in proposed form. 


Key legislative documents

Dodd-Frank Wall Street Reform and Consumer Protection Act 2010

CFTC Dodd-Frank Act Final Rules 

SEC Dodd-Frank Act Final Rules


Relevant consultations

CFTC Dodd-Frank Act Proposed Rulemakings and Advance Notices

SEC Dodd-Frank Act Proposed Rulemakings

 

AIMA documents

Submission - Regulation Systems Compliance and Integrity (July 2013)

Swap Transaction Compliance and Implementation Schedule (November 2011)

Customer Clearing Documentation and Timing of Acceptance for Clearing (September 2011)

Study on International Swap Regulation (September 2011)

Review of Swaps for Mandatory Clearing (September 2011)

Uncleared swap margin - further submission (July 2011)

Proposed temporary relief orders (July 2011)

Determination of Foreign Exchange Swaps and Foreign Exchange Forwards under the Commodity Exchange Act (June 2011)

Uncleared swap margin (June 2011)

Phased implementation of Dodd-Frank Act rules (June 2011)

Further Swaps Definitions (February 2011)

Protection of Collateral of Counterparties to Uncleared Swaps (January 2011)

Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies (January 2011)

Process for Review of Swaps for Mandatory Clearing (December 2010)

Request for comments on agricultural swaps (October 2010)

Request for comment on Definitions Contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act – File Number S7-16-10 - Definitions (September 2010)

 

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  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
      5. European Venture Capital Directive
      6. Shareholder Rights Directive
      7. European Long Term Investment Fund Regulation
      8. Loan Origination Funds
      9. Capital Raising
      10. AIFMD-Related Events
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Systemically Important Financial Institutions ('SIFIs')
    6. Remuneration
      1. UK
      2. United States
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    7. Shadow Banking
    8. Volcker Rule
    9. Other
    10. Systemic Risk Reporting
    11. Dealing Commision
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  3. Markets Regulation
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      2. EU Bank Structural Reforms
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      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
    7. Resolution of Financial Institutions
      1. Europe
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  4. Tax Affairs
    1. Automatic Exchange of Information (AEOI)
      1. FATCA
      2. EU - AEFI
      3. OECD - Global Standard on AEFI
    2. Australia - Investment Manager Regime (IMR)
    3. Base Erosion - Profit Shifting (BEPS)
    4. FAIFs and FINROFs
    5. FIN 48 and IAS 12
    6. Financial Transaction Tax (FTT)
    7. UK Investment Management Exemption (IME)
    8. UK Offshore Funds Regime
    9. Other
  5. Search
  6. Resources
    1. Guidance Notes
    2. Jurisdictional Guides
    3. Noticeboard
      1. AIFMD
      2. BEPS
      3. CFTC Registration and Exemptions
      4. Dealing Commission
      5. Derivatives
      6. FATCA
      7. FTT
      8. High Frequency Trading
      9. MiFID / MiFIR
      10. Other Hot Asset Management Topics
      11. Other Hot Markets Topics
      12. Position Limits
      13. UK Partnership Tax Review
      14. Trading
      15. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
    6. Webinar Programme
    7. Regulatory Compliance Association
      1. About the Regulatory Compliance Association
      2. RCA Curricula and initiatives for alternative investment firms
      3. Meet the regulators and Sr. Fellows