Financial Crisis Alert: SEC Chairman Cox Calls for Credit Default Swaps Regulation

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On October 8, 2008, Securities and Exchange Commission (SEC) Chairman Christopher Cox provided new details regarding his call for Congress to enact legislation imposing new regulations on the credit default swaps (CDS) market.1 Chairman Cox had previously called for regulatory scrutiny of the CDS market on at least two recent occasions: in his testimony before Congress2 on September 23, 2008; and in his announcement ending the Consolidated Supervised Entities Program3 on September 26, 2008. In the latter announcement, he commented that ?voluntary regulation does not work,? and noted that the $60 trillion CDS market is not regulated by any agency of government and no one ?has authority even to require minimum disclosure.?

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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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