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Obama Administration Proffers Comprehensive Derivatives Bill -- CFTC Urges Tighter Rules by Daniel Waldman
Arnold & Porter LLP - Washington Office
Andrew J. Shipe
Arnold & Porter LLP - Washington Office
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October 8, 2009
Previously published on September 2009
A new phase in the battle over derivatives regulation has opened with delivery of the Obama administration's proposed legislation to Congress. The Over-the-Counter Derivatives Markets Act of 2009 (Proposed Bill) is an ambitious proposal that would subject over-the-counter (OTC) derivatives and their users to comprehensive regulations, affecting banks, broker-dealers, hedge funds, industrial firms, international financial services providers, and many others. In an unexpected development that illustrates the scope of debate over the bill, US Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler urged tighter regulation than that proposed by the US Department of the Treasury in a letter submitted to the leadership of the US House of Representatives and US Senate. www.arnoldporter.com
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