At a public meeting on April 27, the Commodity Futures Trading Commission (CFTC or the Commission) proposed two new rulemakings pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to address: (i) the further definition of certain products regulated by the Commission and the Securities and Exchange Commission (SEC) under Dodd-Frank, including "swap"; and (ii) capital requirements for non-bank swap dealers and major swap participants (SDMSPs).
On April 13, both the Commodity Futures Trading Commission ("CFTC") and Federal Banking Regulators including the Federal Reserve1 proposed rules pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") to establish collateral and margin requirements for Swap Dealers and Major Swap Participants ("SDMSPs") and swap counterparties.
The US Senate on May 20, 2010 voted 59-39 to pass legislation sponsored by Senators Chris Dodd (D-CT) and Blanche Lincoln (D-AR) comprehensively regulating derivatives.
Yesterday President Obama’s administration proposed the Private Fund Investment Advisers Registration Act of 2009 (the "Act") to the U.S. Congress which, if enacted as proposed, would require SEC registration for investment advisers to private funds with assets under management of $30 million or more.
On June 17, 2009, President Obama announced bold and sweeping proposals to revamp oversight of the financial markets not seen since post depression times.