8.11.2009 The Obama Administration delivered legislative language to Congress focusing on the regulatory reform of over-the-counter (OTC) derivatives. Under the Administration’s legislation, the OTC derivative market will be comprehensively regulated for the first time. The legislation will provide for:
- Regulation and transparency for all OTC derivative transactions;
- Strong prudential and business conduct regulation of all OTC derivative dealers and other major participants in the OTC derivative markets; and
- Improved regulatory and enforcement tools to prevent manipulation, fraud and other abuses in these markets.
With this delivery, the Administration has offered a comprehensive package of financial regulatory reform legislation to Congress. Less than two months since the release of its white paper, “Financial Regulatory Reform: A New Foundation,” on June 17, the Administration reports that it has successfully translated all of its proposals into detailed legislative text.
Click http://www.ustreas.gov/news/index1.html to access the release.