04.28.2011
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Updates
Federal Reserve Board Seeks Public Information and Comment on Two Bankruptcy-Related Studies
On Thursday, April 21, 2011, the Federal Reserve Board issued a request for public information and comment on two bankruptcy-related studies that it will conduct pursuant to Section 216 and Section 217 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Board, in consultation with the Administrative Office of the United States Courts, will study the resolution of financial companies under Chapter 7 or Chapter 11 of the United States Bankruptcy Code, and the international coordination of the resolution of systemically important financial companies under the Bankruptcy Code and applicable foreign law.Read the Federal Reserve press release
CFTC Proposes Rules on Swap Data Recordkeeping and Reporting Requirements
On Monday, April 25, 2011, the Commodity Futures Trading Commission (the "CFTC") proposed rules to implement new statutory requirements under Title VII of the Dodd-Frank Act. The proposed rules would establish recordkeeping and reporting requirements for swaps entered into prior to the enactment of the Dodd-Frank Act that are still in effect, and swaps entered into on or after the enactment of the Dodd-Frank Act and prior to the compliance date specified in the CFTC's final swap data reporting rules.
SEC Proposes Amendments to Remove References to Credit Ratings within Agency Rules
On Wednesday, April 27, 2011, the Securities and Exchange Commission (the "SEC") proposed amendments to its rules in connection with the requirements of Section 939A and 939(e) of the Dodd-Frank Act. The proposed amendments would remove references to credit ratings and, where appropriate replace them with alternative criteria.
SEC and CFTC Propose Product Definitions for Swaps
On Wednesday, April 27, 2011, the SEC and CFTC jointly proposed rules pursuant to Title VII of the Dodd-Frank Act. The proposed rules would further define the terms "swap," "security-based swap," and "security-based swap agreement." The SEC and CFTC also proposed rules regarding "mixed swaps" and books for records for "security-based swap agreements."
CFTC Proposed Rules for Certain Swap Dealers and Major Swap Participants
On Thursday, April 28, 2011, the CFTC proposed rules to implement new statutory requirements under Title VII of the Dodd-Frank Act. The proposed rules would implement the new statutory framework of Section 4s(e) of the Commodity Exchange Act, added by Section 731 of the Dodd-Frank Act, which requires the Commission to adopt capital and initial and variation margin requirements for certain swap dealers and major swap participants.
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