Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Sunday, August 15, 2010

SEC and CFTC Schedule Roundtable on Swaps

The SEC and CFTC staffs will hold a public roundtable on August 20 to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps.  The roundtable will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Agenda for the Joint CFTC-SEC Public Roundtable Discussion

 Panel One — Types of Conflicts

Securities Clearing Agencies and Derivatives Clearing Organizations
Access to clearing
Determination of swaps eligible for clearing
Risk management
Security-Based Swap Execution Facilities and Swap Execution Facilities
Access to trading
Determination of swaps eligible for trading
Potential for competition with respect to the same swap
Designated Contract Markets and National Securities Exchanges
Listing of swaps
Comparison with conflicts of interest for Swap Execution Facilities and Security-Based Swap Execution Facilities: similarities and differences 
 Panel Two — Possible Methods for Remediating Conflicts

Ownership and voting limits
Structural governance arrangements
Independent or public director requirements for Board and Board committees
Consideration of market participant views: Derivatives Clearing Organizations and Designated Contract Markets
Fair representation requirement in the Securities Exchange Act
Other governance matters (e.g., transparency)
Substantive requirements
Membership standards
Impartial access requirements
Appropriateness of applying the same methods to each type of entity

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