The Securities and Exchange Commission (SEC) issued on Monday a policy statement describing the order in which the agency expects new rules regulating the derivatives market would take effect, and is requesting public comment on the statement.
The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Title VII of the Dodd-Frank Act establishes a comprehensive framework to regulate over-the-counter derivatives, authorizing the Commodity Futures Trading Commission (CFTC) to regulate “swaps,” and the SEC to regulate “security-based swaps.”
SEC Chairwoman Mary Schapiro said that “The policy statement seeks to provide a ‘roadmap’ to market participants and the public on how we expect to implement the various regulatory requirements for this market.”