Alternative Investment Management Association
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.
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:
Note that CFTC trade execution requirements have now been finalised. The SEC trade execution requirements are still, however, in proposed form.
Swap Transaction Compliance and Implementation Schedule (November 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)
Uncleared swap margin (June 2011)
Phased implementation of Dodd-Frank Act rules (June 2011)
Further Swaps Definitions (February 2011)
Process for Review of Swaps for Mandatory Clearing (December 2010)
Request for comments on agricultural swaps (October 2010)