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Alternative Market Briefing

US regulators issue new rules on risk, foreign regulator obligations

Tuesday, October 23, 2012

Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) today issued final rules in an effort to continue the implementation of the Dodd-Frank Act. The SEC adopted a rule that establishes standards for how registered clearing agencies should manage their risks and run their operations, and the CFTC ssued final Interpretative Guidance to, under certain circumstances, exempt foreign regulators from the indemnification and confidentiality provisions in Dodd-Frank.

The Dodd Frank Act provides the SEC with additional authority to establish standards for clearing agencies, including for those clearing agencies that clear security-based swaps. The new rule would require registered clearing agencies that provide central counterparty services to set standards for measurement and management of credit exposures, margin requirements, financial resources and margin model validation. The rule also sets recordkeeping and financial disclosure requirements for all registered clearing agencies as well as several new operational standards for these entities.

The new guidance from the CFTC exempts foreign swap data repositories from complying with confidentiality and indemnification provisions of the Commodity Exchange Act (CEA) if those requirements fall outside of the requirements of their local jurisdictions. Foreign swap data repositorie......................

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