The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) plan to start a 2-day public meeting on the schedule for implementing new swaps rules May 2.

The Dodd-Frank Wall Street Reform and Consumer Protection Act has created a new system for regulating swaps and given the SEC and the CFTC joint responsibility for implementing it.

Participants in the swaps rules discussion will talk about how the agencies should proceed Dodd-Frank compassonce work on final swaps rules is completed, officials say.

Scott O’Malia, a CFTC commissioner, took the unusual step of adding a concurring statement to the Federal Register notice announcing the event.

O’Malia says the CFTC should create a process that will give the public a formal chance to comment before it and the SEC begins considering final rules.

“Once we receive and review comments, a final rulemaking and implementation schedule should be published in the Federal Register,” O’Malia says. “This level of transparency will give the market a clear picture of how the [CFTC] intends to proceed, and how we can be held accountable as we undertake this massive regulatory overhaul. It will also provide the market with certainty market participants need to make the critical investment decisions necessary to be in compliance with the rules upon implementation.”

- Allison Bell

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