Derivatives regulations under Dodd-Frank – impact on end-users
F. Caruzzo J.D. LL.M. and M.A. Weiss J.D.*
Introduction
October 2012 marked the beginning of mandatory compliance
with the new derivatives regulations under the Dodd-
Frank Wall Street Reform and Consumer Protection Act
(‘Dodd-Frank’), more than two years after the enactment
of the law. Regulators, predominantly the Commodities Futures
Trading Commission (the ‘CFTC’), have now finalized
a sufficient number of key implementing regulations to
bring the derivatives market under their oversight.
While the new regime primarily impacts dealers and very
large market participants,1 derivatives
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end-users – including,
in certain instances, non-U.S. end-users – will also be affected
by Dodd-Frank. This article is therefore particularly relevant
for compliance and legal professionals of investment
funds, financial institutions, asset managers, corporations
and other derivatives market participants who use swaps and
other derivatives instruments for investment or hedging purposes
and either trade with U.S. counterparties or have activities
in the U.S.
At the beginning of 2013, among other things, all swaps will
be required to be reported to swap data repositories, certain
standardized swaps will have to be cleared through clearinghouses
(unless an exception is available) and end-users
will need to have updated their trading facilities so that their
dealer counterparties can comply with business conduct
rules and other regulatory requirements.
This article provides an overview of the main considerations
end-users need to be aware of under Dodd-Frank.2 In particular,
we address issues related to clearing and applicable
clearing exemptions, reporting and recordkeeping, swap
trading documentation, margin and collateral for uncleared
swaps, and various industry initiatives related to these issues.
We also highlight actions that end-users should take
or consider taking and the timing implications for those actions
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