- Dodd Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) is a federal statute that was signed into law by President Obama on July, 21 2010. It provides for the overhaul of the U.S. financial system and is intended to address the causes of the 2008 financial crisis, which nearly devastated the U.S. economy. Title VII of the Dodd-Frank Act modifies both the Securities and Exchange Act of 1934 as well as the Commodity Exchange Act and created a new, comprehensive regulatory framework for the interest rate and credit default swaps market.
The goals of the new regulatory framework are to reduce risk, increase transparency and promote market integrity in the financial system. These goals are to be accomplished by (a) establishing a system for the registration and regulation of swap dealers and major swap participants, (b) creating execution and clearing requirements on standardized derivative products, (c) imposing robust and real time reporting requirements, and (d) enhanced regulatory oversight of the swaps market.
Dodd Frank Act http://www.cftc.gov/LawRegulation/DoddFrankAct/index.htm
Securities and Exchange Commission www.sec.gov
Commodities Futures Trading Commission www.cftc.gov