Financial Industry Resource Center

House Financial Services Committee Approves Derivatives Regulation

The House Financial Services Committee approved today legislation to regulate over-the-counter ("OTC") derivatives.  Included in OTC derivatives are swaps which, under the legislation, will now mostly be traded on exchanges and certain swap participants will be required to register with the applicable governing commission.  Additionally, the legislation lays out a parallel track regulatory framework with joint rulemaking authority residing in the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).  Should the SEC and CFTC be unable to issue joint rules within 180 days, the Treasury Department will have the ability to issue final rules. 

For more details click here for the House Financial Services Committee's press release, and click here for the mark-up and recorded vote tally. 

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