US regulation of derivatives—one minute guide

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • US regulation of derivatives—one minute guide
  • Division of regulation between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)
  • Regulation of ‘security based swaps’ by the SEC
  • The regulation of ‘swaps’ by the CFTC
  • The SEC
  • The CFTC
  • The NFA and FINRA
  • Dodd-Frank
  • ‘Swap dealers’ and ‘major swap participants’
  • Business conduct requirements
  • More...

US regulation of derivatives—one minute guide

BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions [Archived]—Key issues for derivatives transactions and Brexit—impact on finance transactions [Archived]—Derivatives and debt capital markets transactions—key SIs.

The regulation of financial derivatives and parties which trade in financial derivatives in the US is split between two major regulators and self-regulatory organisations. Their responsibilities have grown organically as a response to major events such as the 1929 Wall Street crash. As such, it can difficult to establish which body is responsible for which types of activity and market participants. Reform of

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