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The margin requirements for Credit Default Swaps are summarized in The Guide to Broker-Dealer Regulation, Margin Chapter. This proposal would extend the current regime under FINRA Rule 4240 (although that is of limited significance as firms do not ordinarily book CDS into registered broker-dealers and this will all eventually be redone when the SEC's rules implementing Dodd-Frank come into effect. View release in full here (links externally to FINRA website).

SEC Trading Division Director, Robert Cook testified before the Senate Committee on Agriculture, Nutrition and Forestry, regarding the impact of Dodd-Frank. Director Cook stated that the SEC was now at work on the "last of the core elements" of its planned regulation of swap dealers: the rules related to financial responsibility. He also noted that the SEC was taking a very careful approach to the cross-border application of Title VII and, in this regard, the SEC was "continuing to consider" the approach taken by the CFTC, but had not made a definitive decision as to its own alternatives. View

CFTC Chairman Gary Gensler testified before the US Senate committee on Agriculture concerning swaps, LIBOR and the Peregrine Financial Group affair. Chairman Gensler repeated his standard message concerning the regulation of swaps under Dodd-Frank, transparency reforms, progress on central clearing for the swaps market, regulating swaps dealers, market integrity and implementing reforms on the cross-border swaps market. Chairman Gensler also reviewed the CFTC's settlement with Barclays on LIBOR. On the topic of the failure of Peregrine Financial Group, Chairman Gensler made clear that any

Proposed Rule Change to Extend the Implementation of FINRA Rule 4240 (Margin Requirements for Credit Default Swaps). View rule change in full here(links externally to FINRA website).

The CFTC published for public comment this proposed interpretive guidance and policy statement regarding the cross-border application of the swaps provisions of the Commodity Exchange Act (CEA) that were enacted by Title VII of the Dodd-Frank Act. Specifically, this proposed interpretive guidance and policy statement describes the following: (i) the general manner in which the Commission will consider whether a person's swap dealing activities or swap positions may require registration as a swap dealer or major swap participant, respectively, and the application of the related requirements