CFTC Publishes Ninth Series of Dodd-Frank Rules

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The Commodity Futures Trading Commission has published its ninth series of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The ninth series of CFTC rule proposals relates to the swap trading relationship documentation requirements for swap dealers (SDs) and major swap participants (MSPs) and the imposition of position limits on certain derivatives (which will be discussed in a forthcoming client advisory).

Swap Trading Relationship Documentation Requirements for Swap Dealers and Major Swap Participants: Section 731 of the Dodd-Frank Act directs the CFTC to “adopt rules governing documentation standards” for SDs and MSPs. Accordingly, the CFTC is proposing rules that would require each SD and MSP, before entering into a swap transaction with a counterparty, to agree in writing to all terms of the trading relationship with the counterparty, and to establish policies and procedures designed to ensure that such a written agreement (the trading relationship documentation) is effected prior to the SD’s or MSP’s entering into a swap with a counterparty. In connection with this proposed requirement, SDs and MSPs would also be obligated to...

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Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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