SEC Issues "Roadmap" On Phase-In Of Derivatives Regulation

Laurie Green is a Partner in our Ft Lauderdale office, Michael Taylor a Partner in our Portland office and Danielle Price a Partner in our Miami office.

On June 11, 2012, the SEC issued a policy statement regarding over-the-counter derivatives rules to be adopted under Title VII of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank"). Under Dodd-Frank, the Commodity Futures Trading Commission (CFTC) is authorized to regulate "swaps," while the SEC is authorized to regulate "security-based swaps" ("SB swaps").

The SEC's June 11 statement describes the order in which the SEC expects new derivatives market rules to take effect and is open for public comment for 60 days. The statement incorporates comments received during a two-day joint public roundtable held by the staffs of the SEC and the CFTC on May 2-3, 2011, and comment letters received by the SEC and CFTC regarding specific rules proposed under and orders issued in connection