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USA - August 31 2012
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) requires the CFTC and SEC to issue a multitude of rules and regulations to implement the detailed regulatory regime for swaps and security-based swaps outlined by the Dodd-Frank Act.
USA - August 13 2012
Today, the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”, and together with the SEC, the “Commissions”) jointly published final rules further defining the terms “swap,” “security-based swap,” “mixed swap” and “security-based swap agreement” and providing interpretive guidance with respect to particular products (the “Final Product Definitions”).
USA - July 30 2012
On July 19, 2012, the Commodity Futures Trading Commission (“CFTC”) published a final rule (the “Final Rule”) clarifying the end-user exception to the mandatory swap clearing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”).
USA - February 7 2012
On January 9 and 13, 2012, the Commodity Futures Trading Commission (“CFTC”) published final rules regarding real-time reporting and public dissemination, regulatory reporting and recordkeeping requirements of transaction data for non-security-based swaps (“swaps”).
European Union - November 28 2011
On November 15, 2011, the European Parliament adopted a regulation banning any person or legal entity in the European Union (“EU entities”) from entering into “naked,” or uncovered, credit default swaps (“CDS”) on sovereign debt and restricting uncovered short sales on shares and sovereign debt (the “Regulation”) after November 1, 2012.
