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January 06, 2011

CFTC Dodd-Frank Rulemaking The CFTC proposes certain substantive requirements on the resolution of conflicts of interest, in order to further implement core principles applicable to derivatives clearing organizations, designated contract markets, and swap execution facilities. Such substantive requirements address reporting, transparency in decision making, and limitations on use or disclosure of non-public information, among other things. For DCOs and DCMs, the Commission also proposes regulations to implement core principles concerning governance fitness standards and the composition of

January 12, 2011 Multiple trade associations sent a letter to respond to the letter submitted by the DOJ staff on December 28, 2010 to the CFTC regarding the Proposed Rules. The letter proposes that Dodd-Frank's mandatory clearing and execution requirements accentuate the importance of competition and innovation among and by DCOs, DCMs, and SEFs and that the views expressed by DOJ staff appear to represent a significant departure from the DOJ's experience and writings on this subject and ignore the DOJ's antitrust analysis of the structural restraints on competition that are endemic to a

January 13, 2011

News Article The CFTC delayed a vote on rules that would limit bank ownership and control of clearinghouses and trading systems in the swaps market. The CFTC in October released a proposal for capping the ownership stakes that Wall Street banks and other swaps dealers can hold in clearinghouses, exchanges and so-called swap- execution facilities. The agency, required by Dodd-Frank to hold a final vote by mid-January, proposed a 20 percent cap on the ownership stake for any member of an exchange or swap-execution facility. The proposal didn't include a limit on overall stakes. The U.S. Justice

March 03, 2011

SEC Release 34-64017 March 3, 2011 The SEC published for comment a proposal under Dodd-Frank regarding registration of clearing agencies and the operation and governance of clearing agencies. Among other things, the proposed rules would require clearing agencies to (i) maintain risk management standards; (ii) have safeguards for protecting confidential information; (iii) identify and address conflicts of interest; (iv) designate a chief compliance officer; and (v) disseminate pricing and valuation information if they perform central counterparty services for security-based swaps. In addition

March 03, 2011

Financial Services Authority March 2, 2011 The FSA has published a letter summarising the key points discussed during a series of seminars on governance, hosted by the FSA's Retail Firms Division (RFD) during October/November 2010. The three key areas of discussion were: Board effectiveness; non-executive directors; and risk appetite